Boat financing with bad credit, or sometimes known as sub prime? If you have always wanted to sail the sea, or drift down a river on your own boat, you just might get that chance. Boat loans are available to most people, even those with a bad credit history.
You have likely thought that owning your own boat was a dream that was simply out of your reach, but this is not true at all, as you can get boat loans rates that are affordable for almost everyone.
There are several different types of boat loans available; these loans will help you buy a commercial fishing boat, as well as a recreational boat through boat yacht loans.
If you are considering a boat purchase and are wondering how you can get boat loans to help make your dream come true, you will want to find out all you can about this type of financing before you commit to buy.
There are basically two types of boat loans, an unsecured loan, and a secured loan. To get a secured boat loan you will have to have some type of collateral to put up in order to secure the loan; the collateral that most finance companies want would be assets such as a house or a car. The advantage of getting these secured boat loans is that the interest rates are often lower than if you were to get an unsecured loan.
With unsecured boat loans you will not need to have any type of collateral in order to secure the loan. The unsecured loan will come at a higher interest rate. You can get guaranteed boat loans for amounts ranging from £1,000 and £15,000, but the actual amount of money that you qualify for will depend on your income, credit history, as well as if you have any collateral.
Regardless of if you have good credit or collateral, you will still be able to get financing for boat loans, but as stated above, the interest rate may be a little higher. Getting cheap boat loans is as simple as comparing finance companies and picking the one that will offer you the cheapest rates and most flexible terms.
Due to the fact that there is so much competition in the lending industry, these finance companies are competing to get customers, and this is good news for you if you are looking for boat finance with bad credit score.