When applying for a loan, the lender will obtain your credit bureau report from one or more of the three reporting agencies: Equifax, Experian, or Transunion. Your FICO score will usually play a big role in determining whether or not you are approved for a loan, and in some instances, what your rate will be. The lender will review the following items:

  • The length of your credit experience
  • If you have paid your creditors on time
  • If you have had any liens, judgments, repossessions, or bankruptcy
  • The highest installment loan you’ve had in the past
  • Any boat loans you’ve previously had for total amount and if paid on time
  • Outstanding balance(s) on credit cards
  • Percentage of credit card line of credit available versus amount used
  • Number of recent credit inquiries
  • Your FICO score

Each marine lender evaluates these items using their own guidelines, and many use their own scoring model to evaluate loan applications. Most lenders will not extend credit for a boat loan to an individual who has a history of bankruptcy or repossession.

To obtain a copy of your credit report visit Transunion, Experian, or Equifax. In some cases your credit report may be free. To understand your score and how your credit report information contributes to the score, we recommend This web site will sell you a copy of your credit report and has tools that allow you to complete “what if” scenarios to see how actions such as applying for a loan or paying off your credit cards will affect your score.

Please note that each time you apply for a loan, the inquiry from the lender will appear on your credit report. Too many inquiries on your report can have a negative affect on your FICO score and/or the lender’s own scoring model.

When applying for a boat loan, be sure to shop around and apply at the marine loan provider where you feel most confident.

myFICO is allied with Equifax and Transunion.

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