Though boat loans are available quite easily, the chances of getting one are even higher if you don’t have other loans to pay off. Lenders may be a little hesitant to grant a boat loan to a person who already has a mortgage, a car loan and a personal loan. This is because the loan applicant would already have a high monthly outgo on account of the current loan payments. The lender may feel that one more loan may add to his burden and he may find it difficult to pay the new loan promptly.
On the other hand, if the borrower only has a mortgage, the lender may feel that a home is a sign that he is stable and therefore may be inclined to grant him the boat loan. Also, the loans which are already taken by the applicant are not the only consideration for granting a loan.
The lender of a boat loan would want to know the amount of monthly income of the loan applicant and whether this income is regular. So he would also want to know the name of employer and the time he has spent in the current job. A stable job and a decent income would indicate that the borrower is likely to be prompt in his loan payments and so the lender is more likely to grant the request.
Generally, a lender of any kind of loan would want to know the credit score of the loan applicant. A low credit score would mean that he has not been regular in his loan and bill payments. So the boat loan request would either be rejected or a loan carrying a high interest rate would be approved.
One fact that should be noted is that boat loans are generally taken by people who are wealthy and for whom making loan payments is not a big deal, unless their financial situation turns really bad.