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Can I Use A Personal Loan To Purchase A Small Boat Or Jet Ski?

Can I Use A Personal Loan To Purchase A Small Boat Or Jet Ski? | Financial Information | Tiger Finance

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If you’re looking at a small boat or a jet ski, you might be wondering if you can use a personal loan to purchase one. Generally speaking, you can use a personal loan almost any way you’d like to. However, a personal loan would mean that your loan would be unsecured, which could be risky if you cannot meet your repayments.

You may find that a specialised boat loan would have better loan terms, and may suit you better. If you have a bad credit score or bad credit history, a specialist lender and loan may also help you to get approved quickly and easily.

Read on below to find out more about using a personal loan to buy a small boat or jet ski.

Couple settled into their loan | Financial Information | Tiger Finance

Can I use a personal loan to purchase a boat or jet ski?

Using a personal loan to purchase a jet ski or a boat is possible, although it would probably mean that the loan is an unsecured one. Generally, personal loans can be used for almost any purpose, however, personal loans are usually not secured by collateral. 

Having a specialised secured boat loan might see you get better loan terms, depending on your lender. Having the boat used as security means that your loan is a lot less risky for your lender, and may mean that you are offered far better terms, and potentially, a better interest rate.

You may also find a private lender a good option for a boat loan. Often, private lenders have access to loans that traditional lenders may not, including loans for people with bad credit. You may find that a private lender can get your loan settled faster, and have an easier overall application process compared to a bank.

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.

Man having fun on his purchased jet ski | Financial Information | Tiger Finance

What should I think about?

Finding the right boat is important, and so is finding the right loan to make it happen. When you’re looking at loans, it might be helpful to consider:

  • The interest rate You may find that interest rates vary from lender to lender. However, the type of boat loan you apply for can also affect your interest rate.
  • The repayments – You may find that some loans offer fixed repayments, while others do not. This will depend on whether or not your loan is variable, or non-variable.
  • Your loan limit – The limit of your boat loan may also vary depending on your lender. You might find it helpful to have a rough idea of how much money you will need to borrow to make sure you get the best loan possible.
  • The type of loan – Generally, boat loans can be either secured or unsecured. Depending on your circumstances, either one might suit you best. Also, the length of your loan may differ depending on your loan type, so you might find it helpful to take that into account too.

Where does Tiger Finance come in?

If you’re looking for a fast and easy small boat or jet ski loan, look no further than Tiger Finance. We have helped countless Australians with both good and bad credit ratings to be funded for their dream boat.

With Tiger Finance, 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. 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. It’s never been easier to get approved. 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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