What are the requirements for a boat loan?

If you’re searching for what the requirements for a boat loan are, you’ve come to the right place. Depending on your lender, they may have different criteria of what they need to see. What you need to supply may also depend on what kind of boat loan you apply for, whether it be a secured boat loan, a chattel mortgage or another type altogether.

Generally, though, you will usually need to prove your identity, income, and employment when applying for a boat loan. However, you may also need to provide other documentation if your lender requests so.

Read on below to find out more about the requirements for a boat loan.

What are the requirements for a boat loan?

Different lenders may have different requirements when it comes to applying for a boat loan. Generally, a lender will want to see proof of your identity, and proof of your residence. This could be in the form of your licence, and an official document with your address printed clearly. You will probably also need to show proof of income, such as some payslips or bank statements to show that you will be able to make your repayments.

If you have other loans or credit cards your lender will generally want details of these too. Loans and credit card repayments could affect your repayments depending on your income, so it’s important to make sure these details are correct.

What kind of boat loan can I apply for?

There are many different small boat loans available. While every lender may not offer all of these loans, some boat finance options may include:

Secured and unsecured loans – Generally, the most common type of boat loan is a secured loan. The interest rates on secured boat loans are usually fixed, which means that your repayment amounts will stay the same throughout the term of your loan. Usually, the boat being purchased often becomes security for the loan. If for some reason, you fail to repay the loan, your lender can sell the secured boat to recover the unpaid funds. Unsecured loans can be risky for lenders because generally, no security asset is provided by the borrower.

Finance lease – In a financial lease, the lender generally purchases a boat on your behalf and then proceeds to lease it back to you. Lease repayments are required, and when the lease ends, you may have the option to pay out the remaining value to purchase the boat yourself.

Specialist bad credit loans –Bad credit small boat loans are designed for people who have struggled financially in the past. Intended to help people with bad credit, anyone who has any type of bad credit can generally apply for a bad credit small boat loan. Bad credit small boat loans differ from standard loans in that they are targeted to help those who have experienced bad credit or bankruptcy. Those who have experienced these financial troubles can often find it difficult to be approved for a loan and may find a bad credit small boat loan helpful.

Low doc small boat loans – A low doc small boat loan is a type of loan that can be taken out with less documentation than a full documentation loan. Low doc small boat loans are commonly used by self-employed borrowers or anyone who might find it difficult to provide the ordinary amount of documentation.

It’s best to check with your lender about which type of small boat loans they offer when applying.

Where does Tiger Finance come in?

Tiger Finance has helped countless Australians with both good and bad credit ratings to be funded for their dream boat.

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

We are 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.