Written by Lots of people run into problems with credit. Life doesn’t always go to plan, and when that happens, your finances are usually one of the first things to suffer. A less-than-perfect credit score doesn’t mean your chances of a loan are dead in the water, though. Bad credit boat loans are a convenient way to access a boat and rebuild your credit reputation while you repay.
Who can a bad credit boat loan help?
Many Australian borrowers experience issues connected with credit at some stage in their life, and it can narrow down your finance options, but it’s by no means the end of the world. Specialist financiers offer a range of products that can help you buy the things you need or want, and they’ll consider applicants with a broad selection of past credit problems:
- If you’ve been declared bankrupt but have now been discharged
- If you have defaults on your credit file, like missed or late credit card payments or unpaid utility bills
- If you’ve been released from a Part IX Debt Agreement
- If you’re new to borrowing and have no credit history
How to qualify for a bad credit loan and improve your score
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All your bad credit boat loan questions answered
Boat loans are secured finance. That means the lender uses the vessel as collateral, which means the fixed interest rate doesn’t get too high because the loan provider’s risk is lower. You pick a term between one and five years and then make regular payments of equal value until the agreement ends and you own the boat.
Having a deposit will be advantageous for bad credit borrowers because it demonstrates to lenders that you’ve planned ahead and are more likely to pay off the loan on time; however, it’s not always necessary. Some lenders will ask if you’ve got equity in a property, although the loan gets secured against your boat, not your house.
Yes – self-employed workers with bad credit are still able to be approved for boat loans. While it may be slightly more difficult to prove your income, our team of brokers can help find the right loan for you.
With bad credit boat loans, you can buy anything you can afford. Whether that’s a prestige cruiser, a speed boat, or a fishing boat, bad credit boat loans are a viable way to get back on the water. You can even use one to buy a jet ski.
Yes – you aren't limited by the seller of the boat, provided the boat is in good enough condition to be able to be used as security for your loan.
Depending on your lender, yes – some lenders will allow you to make extra repayments free of charge to contribute to your boat loan, which can save you on interest in the long term.
Types of leisure loan
Helpful guides on leisure loans
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