Lenders look at your whole file, not your income alone. Your debt-to-income ratio (what you already pay each month against what you earn) matters a great deal, and so do your down payment, your credit history and the boat itself. A lower income with low existing debt and a solid down payment is a very different file from a high income carrying a lot of payments.
Things that help: buying a lower-priced boat, putting more down, and, where a lender allows it, adding a co-borrower with stronger income. We don’t predict whether a lender will approve and we don’t quote a ratio cut-off; the lender decides after reviewing the application. We work with lenders across the credit spectrum and review the options for your situation, subject to each lender’s requirements and approval.
Financing the purchase? See how boat and RV loans work in Arizona, including which lenders fit by the unit’s age and price.
