How can I get approved for a yacht loan?
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If you’re looking to get approved for a yacht or a sailboat loan, look no further. Understanding how to get approved for a yacht loan is important when gathering information for your application. Supplying your lender with all of the documents they need at the beginning of the application process will make it easier for you to be approved, as will discussing and understanding your loan options.
Read on below to find out more about how to get approved for a yacht loan.
How can I get approved for a yacht loan?
Getting approved for a yacht loan does not have to be a difficult process. Knowing the different types of loans that you can apply for, and what you will need to provide your lender with should make the whole process significantly easier.
The most common type of loan you’ll come across once you start to compare yacht loans is a secured loan, which usually requires your yacht to be used as collateral. Generally, this means that your lender can repossess your boat to cover the remaining costs if you ever default on your loan.
An unsecured yacht loan means that your yacht is not used as security, although, this loan may come with different loan terms depending on your lender.
Supplying your lender with the correct documents will generally make your application process easier. Your lender may need to see:
- Your current income – These could include your payslips, or bank statements to show that you currently have a steady income. This is so your lender can understand how much you can afford to repay, and how often you can afford to repay it. If you are submitting a joint application with a spouse, your lender may ask for the combined income of both applicants.
- List of assets – Your lender may wish to see details of any assets that you have, including a vehicle or if you own your own home.
- A list of any debts – You may also need to provide details of any debts that you have, such as other loans or credit cards in your name.
- Overall expenses – Your lender will usually need to know the details of your other expenses, such as rent and utilities, as part of your application. These regular payments could potentially impact your ability to repay your loan, so you should provide your lender with details of them.
- Credit history – Most lenders will check both your credit record and credit score to understand your financial history. A lender may check for any previous loans you have defaulted on, or any missed payments you have listed. Depending on your lender, having a default may impact your loan application.
Different lenders may have different criteria lists that they follow and may need to see different documents. It might be best to check with your lender ahead of time to find out what you will need to supply them with to avoid delays with your loan.
Where does Tiger Finance come in?
Regardless of your credit score, Tiger Finance can have you approved for a loan easily. Our same-day approvals and low-interest loans mean that we can find you a flexible loan. We have helped countless Australians with both good and bad credit ratings to be funded for their dream yacht.
We can help to get you a loan in four easy steps. 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. It’s never been easier to get approved for that dream yacht or sailboat.
How we can help
Our loan experts can make the entire process simple and pain-free. If you’re ready to sail away in your new sailboat or yacht, call one of our loan specialists today for your free consultation.
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