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Bad Credit Boat Loans

Bad credit boat loans are a quick way to put yourself in that boat you’ve always wanted. Boats are considered luxury items and boating is a leisure past time for the most part, but that doesn’t mean you have to have stellar credit, a long credit history, or a huge amount of income to get your feet wet. Repossessed boats are everywhere, especially in today’s credit market, where almost no one has the kind of FICO score they once had. You may be surprised that boat dealers are just as willing as auto dealers to get you to sign on the dotted line.

If you have bad credit history but still want to own your own boat, you’ll need to acquire a no credit check boat loan. One solid reason to take on such a loan is to build or rebuild credit. When you get into a loan situation, and make regular payments and fulfill your contract, your credit score will shoot through the roof.

As a matter of fact, credit counselors will often suggest a mortgage, car loan, or other major loan in order to build a better history. Even if you have very little ready cash, you can qualify to own your own boat. Often your work history, income, and other assets are enough to secure your new boat loan. If you are thinking of buying a watercraft, but don’t have the cash, do not be discouraged.

No Credit Check Boat Loans

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Boats provide a unique form of recreation and a lifestyle that many people wants. The advantage of the no credit check boat loan is obvious — there is no need for the lender to check the credit history of the borrower. This means that the most important part of making your boat loan is to choose the right lender.

“Right lender” means a lender who offers you a decent interest rate even in the face of your situation. There are plenty of lenders out there waiting to prey on people like you, who have no history or a poor score. You can identify these lenders easily — their interest rates are through the roof, and they often tack on all sorts of unnecessary “extra” fees, or even “insurance” policies on the loan.

Avoid these lenders at all costs. You would be better off not owning a boat at all, rather than get into a seriously bad lending situation.

If you search across the internet, you will find many lenders who are providing boat loans with relatively easy terms and conditions. As with any financial contract, it is vital to read the terms and the conditions of the selected lender quite carefully — read the “fine print”. Often, you can find a boat loan online, even some with decent interest rates and no extra fees. These are the ultimate in convenience — you can apply in your underwear from the comfort of your home. The only across the board requirement for loans of this nature is that you have gainful employment, and that you are at least 18 years of age. After the processing of your loan application, the cash will be in your bank account within just a few days, and you’ll be on the road looking for the perfect boat.

Other standard requirements for this kind of lending — you must have an active checking account that is at least six months old. For most lenders, your work income must be equal to or more than $1,000 per month. If all the requirements are met, the cash will soon be in your pocket, and you’ll have yourself a nice little boat loan.

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As for the interest rate on your loan — this number will be different from lender to lender and from customer to customer. Depending on the lender and your financial situation, the terms and amount of your boat loan will fluctuate greatly. Look for an interest rate between 16% and 30%. That might sound crazy-high, but it’s the price of doing business when your FICO score isn’t what you want it to be.

Any more than that, and it is likely that you are being ripped off — besides, you’ll be paying so much more for your boat than is necessary that you may as well not own a boat at all. After all, it is hard to have a good time on a boat when you can’t afford to fill it with fuel, or pop any steaks on the grill.

High Interest Rates

As mentioned before, there are those lenders that will accept your application but may charge you a much higher interest rate than you can afford. Some may even have you pay unnecessary processing fees and other hidden fees — they do this so they can supplement their income, or to ‘secure’ your loan. They will use a portion of what they lend you to recoup expenses should you be unable to pay your loan off. To avoid paying high interest rates, you must shop around and compare the interest rates of different lenders. Remember that the repayment process for any loan is extremely long term — so don’t take a short view and assume you can afford the loan just because your monthly payment is low. A loan for a water vehicle can range anywhere from one year up to twenty five years or more.

Securing a boat loan can have a positive impact on your credit score. You may find that buying a water vehicle not only provides you with the boating lifestyle you’ve been dreaming of, but actually improves your credit to a point that in the future you may not need this kind of loan, and can enjoy better interest rates on everything from houses to cars. Just remember to make every monthly payment, and even send a bit more money to the lender when you can. Paying on time, and paying extra, could give you bargaining room in the future to ask the lender for a better interest rate. Taking on a boat loan without a credit check should be seen as a positive financial tactic used to build or restore a credit rating, and not just an easy way to get yourself out on the lake.

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