Bad Credit Boat Loans
Bad credit can happen to anyone. Whether you forgot to pay off your credit card, missed some repayments, or simply don’t have a credit history – our Easy Boat Loan brokers understand the challenges that can arise when you need to borrow again.
Low rate marine finance
No impact on credit score
Worried About Your Bad Credit Score? Easy Can Help
While many brokerages don’t believe in second chances, our expert brokers believe eligible individuals should be able to access the funding they need, regardless of their credit history. Which is why we offer a range of bad credit financing products for buyers looking to obtain a new boat.
Typically when trying to acquire a boat loan with bad credit, borrowers will be faced with higher interest rates, limited loan options, much stricter approval criteria, higher down payments, co-signer requirements, and limited loan amounts. However, when borrowers engage Easy Boat Loans to harness financing for their vessel, they receive extremely competitive interest rates and terms with flexible repayment options for bad credit situations.
If you’ve been shopping the market and can’t find a deal that works for you, talk to one of our highly experienced financial consultants. Our credit-challenged boat financing options are available to eligible people with all kinds of credit histories. We’re able to offer such fantastic rates and terms thanks to our extensive list of over 80+ banks and lenders.
Expert Assistance in Securing a Bad Credit Boat Loan
When you come to Easy Boat Loans for your bad credit boat loan, you widen your opportunity to harness a competitive interest rate and flexible loan term than if you were to shop around yourself. This is due to bad credit borrowers being considered much higher risk to lenders, leading to advantageous rates and terms being removed from the table.
By engaging our expert brokers who have long standing and well established connections within the lending industry, as well as the experience to know what offers are possible, you’ll be more likely to walk away with financing that works for you. Let us work out which financiers are willing to lend to you, and which one has the lowest rate and best loan term.
Save yourself the headache of shopping around, and potentially damaging your credit score even more, by coming directly to Easy. Call our office, or connect with us online, to be matched with your very own dedicated broker.
How to Increase Your Credit Score For Better Boat Finance
Bad credit is something to avoid, but if you do have bad credit, it’s not the worst thing in the world. Why? Because you can fix it.
There are a number of ways to become a better borrowing candidate and secure better rates and terms on your new boat loan. Even after you have secured the initial financing. By paying off old debt, applying for short-term loans (and repaying them on time), understanding the factors bringing your credit score down, and paying all bills on time every time, you can substantially increase your score.
If you’re applying for a boat loan now, or in the near future, our marine finance specialists highly recommend boosting your chances of approval by gaining control of a number of factors. Ensure your income is steady; choose the right loan for you; apply for the right loan amount; and only apply for short loan terms. Borrowers can also choose to make a larger down payment, provide more documentation, and add a co-signer to increase their chances of their boat loan application being approved.
Our 25+ years of experience in the lending industry has lent us some keen knowledge. Generally when a co-signer is added to an application with a less-than-ideal credit score, lenders feel more confident in approving the loan. A co-signer can also often help a borrower qualify for a larger amount of money, reduced interest rates and improved terms.
Get Approved Quicker With Our Bad Credit Boat Loans
As with all loans, bad credit boat financing requires applicants to meet a number of criteria first. When you first get in touch with us, your dedicated broker will be able to do a quick assessment to determine if a loan is possible for your specific financial situation and objectives.
Many buyers who approach us are embarrassed about their bad credit history. However, with 1 in 5 people in Australia having experienced it, it’s much more common than you think. Very simple things can contribute to a bad credit score, however, that doesn’t mean you shouldn’t try to keep it as high as possible.
Borrowers looking to secure a boat loan need to know their credit score. Australia has three credit rating agencies – Experian, Equifax, and illion – who have a rating scale of either 0-1000 or 0-1200. Basically, the higher your number is within the rating scale, the safer you are considered as a borrower and the more likely you will be to obtain highly advantageous interest rates, terms, and flexible repayments.
Generally, ‘good’ credit scores are required to qualify for a loan in Australia. However, Easy believes in second chances and is willing to work hard to get you the best deal possible on your bad credit boat loan.
When you reach out to us for bad credit boat financing, you’ll see why we are an enviable force on the lending market. Call us, and you’ll be matched with one of our marine finance specialists who will assess your situation and help you complete an application. After providing us with the necessary documents and information, sit back while we find the best rate and term for your circumstances. After approval, receive comprehensive support and advice right through to settlement.
Easy Boat Loans’ Guide to Accessing Your Credit Score
When applying for any boat loan, it’s important to know your credit score. When you contact Easy Boat Loans, we can determine your credit score and whether our broker’s will be able to find a marine loan that matches your circumstances.
Individuals are entitled to receive a number of free copies of their credit report every 3 months.
The Federal Government MoneySmart website provides information on where to access a free copy of your credit report as well as contact details for several credit reporting agencies
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