How to Qualify For a Bad Credit Boat Loan


For many who are residing in coastal areas, getting a boat may just be as important as getting a house or getting a car. This is especially true for people whose livelihood are dependent on commercial boating activities like fishing or boat tour businesses.

However, the suffering economy has left many in dire straits financially. Those with less-than-acceptable credit ratings will need a bad credit boat loan facility to realize their requirements for a boat.

Most people do not need a boat, and as such applying for a loan is more of a luxury than a necessity. That is of course a matter of personal preference and boat vendors wouldn't mind for as long as they close the sale.

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If you have assets you can hold out as collateral, then securing a loan would not be too difficult. Although take note that some experts would say that the boat should be its own collateral in the first place. If you can't put up properties for a secured loan, then an unsecured loan will be your next option. This would require that your credit rating is in good order.

If the latter option is not a possibility due to delayed credit payments or other factors, sub-prime lending firms that specialize in bad credit loans can help in most cases.

Qualifications for a bad credit boat loan

When you apply for a bad credit boat loan, most banking institutions will consider your debt-to-income ratio. This ratio is the percent of your income that is used to pay-off your current debts. This would include credit cards, mortgages, loans and other financial obligations.

For the sake of illustrating the point, assume your monthly income is $1,000 and the amount spent in repaying debt is $500. Your debt-to-income ratio is at 50%, which means you are spending half your income to pay-off debt. A conventional loan will require that you have a debt-to-income ratio of at most 40%.

Of course, you have to be wary of creditors who seem too eager to approve your boat loan even when you have bad credit. Some companies offering bad credit loan packages may have clauses stipulating higher interest rates, hidden charges and fees and a whole lot of other stuff that would have you sinking in more debt instead of you enjoying your purchased boat.

Be sure to shop around for good companies offering bad credit boat loan services. Make a side-by-side comparison of their interest rates, as well as their terms and conditions before signing on the dotted line. Your bad credit boat loan should help you realize your dream of having your own boat, and not put you in a financial nightmare.


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