Bad Credit Boat Loans
Don’t be left high and dry by poor credit history. We can help you set sail with flexible loans on boats and marine vessels. Get a quote today.
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Don’t be left high and dry by poor credit history. We can help you set sail with flexible loans on boats and marine vessels. Get a quote today.
Cruising the ocean in a yacht or a speedboat can be the ultimate combination of luxury and leisure, but if a poor credit history has left you feeling beached, we can help put you out to sea in a new boat.
Our experienced consultants hook you up with a lender who best suits your financial situation, giving you the best chance at approval on a boat loan.
We can get you approved and funded in as few as two days, so apply with us today and set sail sooner.
Whether you’re in a big city or a regional town on the coast, our online processes mean you can apply wherever you live.
Testing the waters and asking us for a free quote doesn’t hurt your credit score, so you won’t have to worry.
Our experienced consultants know how to get you the best chance of approval after more than a decade in the industry.
Forget hefty deposits: you can finance the entire value of your vessel or watercraft with a loan.
Locking in your interest rate ensures your repayments stay the same over your term, making budgeting easier.
Buying new or used from private sellers or dealers expands your choice when looking for a boat of your own.
You can set up weekly, fortnightly or monthly payments to fall in line with your pay cycle and ensure you don’t fall behind.
You can get bad credit financing on a speed boat, sailing yacht, a dinghy with an outboard motor, a fishing boat or even a jet ski.
Don’t feel like you’ve been run ashore by a former bankruptcy: our lenders give you a second chance at financing.
Click ‘apply now’ on our website to start a formal application or ask for a quote. If you just want a quote, a consultant will phone you to discuss your options.
Once you apply, your consultant uses our high-tech software to match you to a lender who’ll give you the best shot at finance approval.
After locking in a lender, the consultant completes your application. You’ll be asked for supporting documents, so keep close to the phone.
Your consultant informs you of your approval and emails you a loan agreement from your lender to sign so your funds can be released.
Before you dive in and buy a new boat, there are some ongoing costs worth thinking about. Consider some of the following factors before launching your boat loan application:
Your repayments
Ensuring your repayments are manageable is vital to keeping your head above water. Your consultant will assess your borrowing capacity against your income and expenses to make sure you can make these payments on time and with ease.
Maintenance
Owning a boat will require you to pay for its upkeep, with annual services costing up to $400 a year. However, this will depend on the size of the vessel, how old it is and where it is stored. Washing your boat or outboard motor with fresh water can reduce corrosion and fouling, saving you money on repairs.
Berthing and mooring
Parking your vessel comes at a cost depending on where you’re berthing it, whether it’s private or public and the size of your boat. The berth can cost thousands of dollars depending on the spot you want.
Insurance for your vessel
Comprehensive insurance is mandatory on all vessels bought under finance. It covers you if you run into someone else’s boat or sustain damage while out on the water. It’ll also cover you for theft, fire or storms and floods. Insurance costs depend on several variables, such as the model of the vessel, its size, age and location.
Cost of essentials
You’ll need to fit your personal watercraft with safety equipment including flares, life jackets, fire extinguishers, oars and ropes. Owning a trailer to transport your vehicle is another necessity.
Fuel
How much you pay for fuel comes down to how you use your boat. If you own a speedboat and regularly use it to cruise up and down the river on weekends, your costs will be higher than someone who drops anchor in the sea a few hundred metres from their mooring spot.
Compile your key supporting documents, including copies of your driver’s licence, bank statements and payslips before you apply. This reduces time spent searching for them when your consultant needs them for your application.
Clear some of your debts and defaults. The fewer outstanding loans and debts you have, the sooner you’ll reach approval. Even entering into payment arrangements with creditors will show a lender you’re serious about correcting your past missteps.
Have a steady job. This will firm up your application because you have security over your income. Even if you’re working casually, showing you’ve worked consistent hours with the same company for a long period is a good sign of stability.
Make a down payment on your loan. This also proves to a lender that you have reasonable financial management skills and are less likely to encounter issues making payments, as well as reduce the level of risk they take on.