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Can I get a boat loan with bad credit?

Can I Get A Boat Loan With Bad Credit? | Financial Information | Tiger Finance

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Have you always wanted to own your own boat, but your credit score has gotten in the way? It’s still possible. Some specialist lenders offer loans such as low doc loans and bad credit loans. These types of loans make it easier for those with less than great credit scores to get funding easily.

Read on below to find out more about boat loans bad bad credit.

Can I get a boat loan with bad credit?

If you have bad credit but are looking for a boat loan, you may be able to qualify for either a bad credit loan or a low doc loan. There could be other loans that are right for you also, depending on your lender and what they can offer.

  • Low doc boat loan – Low doc boat loans are usually used for business owners who cannot provide business financial statements and tax returns for the previous two years, or much proof of income. However, they can also be used for anyone who is struggling with the document checklist supplied by their lender. However, low doc boat loans do not necessarily mean you have to provide less evidence of your income. Low doc boat loans usually require you to provide alternative evidence of your income. 

A low doc boat loan can prove beneficial if you are having trouble proving your income. A traditional boat loan often requires an extensive amount of paperwork before approval is possible, including income verification and financial statements. This is also on top of the regular personal documents needed in order to apply for a loan. Low doc boat loans can make the process less complicated.

  • Bad Credit Boat Loans – Bad credit loans are loans usually sought out by borrowers who have a bad credit history. This can be caused by a variety of factors, including overdue bills or defaulting on a previous loan payment. By having a poor credit history, lenders are usually reluctant to lend to you and may perceive you as a high risk. Bad credit loans boat loans are usually short term and fixed-rate, giving the borrower an opportunity to repair their credit history.

Depending on your lender, you may be eligible for different types of loans. It’s always best to check with your lender in relation to what type of loan you can get.

What kind of lender do I need?

If you do have a below-average credit history, and you have been rejected by the banks, you may find that a private lender will do business with you. One of the main benefits of a private loan is that your credit rating may not matter as much to a private lender as it would to a bank.

There are many benefits to choosing a boat loan through a private lender. Generally, private lenders are able to provide much more competitive rates than lenders such as banks can. In some cases, lending criteria with private lenders are less rigid. So, if your credit rating isn’t the best, a private lender might be able to give you a better boat loan than a bank traditionally could.

There are many benefits to using a private lender, such as:

  • Quicker settlement – If you happen to be in need of a boat loan quickly, the approval process for private lending is usually faster, and can involve less paperwork than getting a boat loan through a bank.
  • Specialised loans – Private lenders are often able to cater to those who need a wider range of loans, while also having far less strict lending in comparison to traditional funding. This may be ideal for those seeking short term finance.
  • Credit history – Having a good credit history may not be necessary in order to gain approval from a private lender. Many people seeking finance have previously been rejected by banks for having a lower credit score.
  • Easy approval: If you cannot prove your income via the traditional methods that are needed by banks, a private lender may be able to offer you an easy solution.

Where does Tiger Finance come in?

We have helped countless Australians with both good and bad credit ratings to be funded for their dream boat. The lending criteria from other lenders can be far too strict when you have bad credit.

When you call us, you will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved. You won’t find an easier way to get approved for a boat loan.

How we can help

Tiger Finance is here to help you to get your dream boat regardless of your credit score. We can make the process simple and pain-free. With our quick application process, we can have you approved on the same day that you apply if you’re able to meet our criteria. Our loan specialists will make the entire process stress-free.

If you’re ready to sail away, call us today for your free initial consultation with one of our loan specialists.

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