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School of Finance: A Lesson in Poor Credit Boat Loans

Poor Credit Boat Loans

If you have credit issues, you may sometimes feel like you’re living against the tide. But many people overcome credit challenges by arranging their boat loan through the right channels.

In the finance industry ‘poor credit’ or ‘bad credit’ can include a range of circumstances including:

  • Bad credit history based on previous loan defaults and other issues
  • Insufficient credit history, ie you may not have previously borrowed money and hence not established a strong credit report
  • Not having all or some of the documentation usually requested for loan applications

Boat loans are available for people with a bad credit history, no documentation and other credit issues and even if you have already been turned down for a loan.

If you’re in this situation, here are some guidelines to assist you in being offered an attractive boat loan quote.

Poor Credit Boat Loan Application Process

When applying for a boat loan with poor credit from a bank or finance company, you need to understand the process involved.

Many don’t offer specific marine loan products so you would be placed in another more generic category, possibly a personal loan. Most loans of this nature are secured loans and you may require a major asset such as property.

Banks and finance companies have set guidelines for loan applications. They are very large companies and require such a structure to operate.

If you don’t meet these guidelines, and poor credit issues usually don’t fit their matrix, your loan would not be approved.

Finance brokers offer a viable alternative for poor credit boat loans.

Brokers with specialist marine finance experience have a wide range of boat loan products at their disposal and can select the most appropriate to suit your application.

They have greater flexibility in regards to poor credit boat loans in structuring the application for approval of an attractive quote.

No Documentation Boat Loans

If you’re credit issue relates to not having all the documentation required by the bank or a finance company for a boat loan, a broker may be in a position to assist you.

Brokers can source no doc boat loans. You only need provide an ABN and income declaration.

Credit issues don’t have to sink your boating dreams!

There is no obligation involved in having an initial discussion with a finance broker. They are dealing with people in similar circumstances for all types of loans on a regular basis and will welcome your contact.