Boat Finance

If you have not much of a credit history, you’re self-employed, or you have bad credit, you may think that getting a boat is totally out of the question.

However, you’ll be pleasantly surprised to find that we can help you to get affordable boat finance so you can explore the ocean, river and lakes to your hearts content.

Boat Finance For New, Used or Private Sale Boats

At Loans for People With Bad Credit, we’ll arrange boat loans that you didn’t imagine were possible.

From sailing boats, to ski boats, fishing boats or houseboats, you can get a loan for the boat that you need to live the lifestyle that you desire.

You can buy your boat in any way you choose, whether its from a marine store, or a private seller.

How Does Boat Finance Work?

Usually the boat finance will be secured against the boat you buy. This means that if you can’t meet your repayments, the lender will repossess the boat and sell it on to recover the money that they lent you.

When you apply for a boat loan, the exact terms of the loan will depend on the type of boat that you buy, and how long you intend to keep it for.

Usually its a good idea to pay back the boat loan as quickly as you can and be debt free again. This looks great to the lenders, and will help to improve your credit rating as you show that you are committed to meeting your financial commitments on time every time, the next time you need to borrow money for any reason.

While it may mean the responsibility of a higher monthly repayment, it means you’ll pay less in interest, and you’ll be debt free sooner, allowing you to use your money for other things.

Getting a Boat Loan PreApproval

Our experience has taught us that it really is a good idea to get your boat loan preapproved before you go to buy the boat that you’re considering. It gives you the advantage over someone without the money ready once you find the perfect boat, and you can move to purchase right away.

To get your preapproval you’ll need your financial details, including:

• have you ever filed for bankruptcy?
• Do you own a home?
• What is your income?
• How long have you lived at your current address?
• Do you have a credit card, and what is its balance and limit?
• How long have you been employed in your current job?

With this information, you’ll have an approval organised within a short time, and you’ll be much closer to getting your own boat out on the water!

Ready for more information on Boat Finance with bad credit?

To find out how much you can borrow for a new boat, fill out our quick quote form and we’ll be in touch.