Bad Credit Boat Loans

Let us help you find the best bad credit boat loans from selected lenders to finance your watercraft purchase or maintenance. Getting boat loans for bad credit does not only help you get that boat you’ve always wanted, it can also help you improve your credit score. See typical boat loan rates and apply here now.

After the recent financial crisis, described as the worst since the great depression of the 1930s, banks and lenders have tightened their lending rules.

It would seem impossible to get boat loans now, especially if your credit score and rating is not so good.

Well, the truth is that banks and financial institutions are still giving loans, even if your credit report is less than ideal. They need the interest on these loans to survive and remain in business. What you might have to contend with though, is having to look very hard around to get one, and be prepared to pay a little more premium in interest to your lender.

If you credit score is less than 620, it is less than ideal. The average credit score is anywhere from 620 to 679.

A Bad credit score is anything between 500 and 579. Most bad credit boat loan lenders would be looking for a score anywhere between 500 and 620. Even if you have a "miserable" credit score, you can still approach a lender and request that your particular situation be looked into. If you are not sure of what your credit score is, you can request it for free here now.

We bring you a selected few credible and trusted loan lenders  with responsible lending practices and who follow the highest industry standards.

You would be sure to get instant quotes for reasonable rate bad credit boat loans. In addition to providers of bad credit loans recommended here, try looking in boat publications, the local phone book, and online for institutions that will assist in financing your boat.Before you apply, here is a list of  typical boat loan rates available from a number of lenders. You could get you better rates from providers recommended.

Typical Rates For Boat Loans

Before actually going out to get a loan for a personal water craft, a good starting point will be to know what is available out there.

Rates do vary from time to time, but as a general guide, these are what boat loan rates looks like at the moment for fixed rate loans.

Fixed Rate Boat Loans (USA):

Fixed Rate Boat Loans (USA):

Loan Amount Rate Down Payment Term
$100,000 & Over 5.99% -6.25% 15%/20% 20 Years
$50,000 - $99,999 6.37% - 6.50% 15%/10% 15/20 Years
$25,000 - $49,999 7.13% - 7.37% 0%/ 10% 15 Years
$15,000 - $24,999 8.74% - 9.99% 0% to 10% 12 Years
$10,000 - $14,999 8.74% - 9.99% 0% to 10% 10 Years

Rates you will get could vary. Since interest rate went down recently, the best boat loan rates out there could be much less than what is in this table. Get a personalized boat loan calculator amortization schedule from your lender and seek to get the best rates possible.

Bad Credit Boat Loans : Things To Consider

Anyone could make errors of judgment with their financial affair and find themselves with a bad credit. It could even result from ill health or some unforeseen events or job loss.  

Bad credit boat loans can actually help to bring about positive change on your credit report. When your credit report becomes negative, the only way to change it is by creating a positive credit history to slowly raise your credit score and show creditworthiness.

If a particular bank won’t do business with you, perhaps a specialty boat lender will. If your credit is less than stellar but you are willing to work hard and make your payments on time, a boat financing company might loan you the money to buy the boat that you want. High-risk financing companies that diligently report to credit bureaus are a good bet for people who want to correct their negative report.

You might have to make a sizeable down payment or pay a higher-than-average interest rate, but you will have gained a couple of positive effects as a result:

  • You'll have your boat.
  • You will slowly repair your credit rating.
  • This might as well help boost your confidence that things can improve.

It's not a good idea to attempt to obtain a bad credit boat loan if you are unemployed at this moment A boat is a luxury item and an expensive hobby. If you are on your feet financially but just have a poor credit history due to past mistakes, you might be able to afford a watercraft. When determining your boat budget, take into account the amount of money you believe you can budget for a payment and consider the cost of:

  1. Fuel for your boat.
  2. Accessories you will need, such as paddles, life jackets, first-aid kit, and other essentials to have on board.
  3. The cost of boat maintenance as well as money for boat repairs that might come along unexpectedly.
  4. Boat insurance is a must have and will likely be a requirement based on your boat loan.
  5. Storage or docking fees will be additional unless you have your own carport.

Other things to consider when looking to get a boat loan would include:

  • The overall cost of the boat.
  • How much you can truly afford to pay back monthly.
  • How much down payment you are willing to make. Most lenders would want you to have at least 10% of the total cost for your proposed boat as down payment. Obviously, the more you pay down for your boat, the more likely your approval would be and the lesser interest rate you would pay.
  • The age of the boat. Most lenders would be looking to finance a boat not older than 15 years old.
  • How long do you want to pay back the over - 10 or 20 years?
  • Would you want a fixed monthly payment to help with budgeting or would want a variable rate re-payment to give room for lower initial repayment should interest rate continue to be on the low side?
  • Would the lender allow you to take the boat out of your local or regional waters?
  • What is is in the small print of the loan agreement and
  • What happens if you decide to pay off your loan quicker than agreed?

Boat Loan Providers

Yes. You can get long term boat loans for not so perfect credit. Since you are looking for sound and ethical boat loan provider that caters for all types of credits, the following are our top picks:

If you have determined that you can afford a boat and want to use a bad credit boat loan to help you fix your credit, you can take this as an opportunity to own a boat and help correct your finances. Look at the bright side and get back in the sun!


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