Bad Credit Boat Loans

How to qualify for a bad credit loan and improve your score​

• Check your report​

  Lenders check your report to assess the level of past problems you’ve experienced. A surprising number of credit reports contain errors, such as forgetting to record payments and remove entries once debts have been settled. You can check your report for free once a year and every time you’ve been refused credit, so you should contact any organisations responsible for incorrect information.

• Budget carefully​

  Lenders also base decisions on your ability to repay the loan. Only borrow what you need to reduce repayment amounts. The simplest way to do that is to set a budget and then stick to it. Take all your outgoing expenses into account and allow some room for the unexpected. You can use Savvy’s boat loan calculator to get a better idea about costs.

• Use direct debit​

  Lenders will let you set up direct debits for loan payments, so it removes the need to remember each month, and you’re less likely to miss a payment. You can also apply that advice to utility and mobile phone bills. Keep that credit report clear of late payments and defaults, and watch your credit score rise.

• Ditch some debt​

  Bad credit boat loan providers check how much existing debt you’re in, and that influences how much they’re prepared to lend. Most of us keep credit cards we don’t need, and you may even have an overdraft you could easily pay off if you put your mind to it. The fewer credit products you have, the more borrowing power you get – plus it also reduces the possibility you’ll have trouble with repayments down the line.

• Avoid repeat applications​

  Don’t compare loans and providers using applications. Applying for too many credit products is bad for your borrowing prospects. That’s because every time a lender makes an enquiry about your credit report, it leaves an impression all loan providers can see. It’s better to apply for a single loan through Savvy than it is to use applications to shop for finance.

• Make repayments​

  Making sure you qualify for that boat loan and then keeping up with repayments will greatly improve your creditworthiness. Every time you pay off credit on time that improves your credit score. Having a loan isn’t a bad thing, and it’s a practical way to pay for major purchases that thousands of Aussies use every day.

How to apply for your boat loan with Savvy

1. Fill out our simple online application form

   Start by telling us about what boat you’re after and some information about yourself, like your employment, income, credit score and more.

2. Supply any required documents

   In some cases, if we need more information to verify parts of your application (such as your income), we may ask for a few more documents. You can submit these through our portal.

3. Speak about your finance options with us

   From there, your consultant will compare the best offers available for your profile. We’ll give you a call and, if you’re happy with the top choice, we can take the next step.

4. Have your formal application prepared and receive approval

   Your consultant will put together your application to meet your lender’s specifications and submit it to them. Approval can come as soon as one business day after.

5. Signed, sealed and your boat delivered

   After approval, we’ll send you all the forms to sign, which you can do electronically via our portal. We’ll handle the settlement of the boat and, once that’s done, it’s all yours!

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