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Bad Credit Boat Loans

April 14, 2012 | Comments: 0 | Views: 331

If you want a particular type of loan that you can use to purchase a boat but you have bad credit there are many things to think about. This simply means that you can still obtain a loan for a boat but there are a number of processes that you need to do before getting what you need. A couple of the things you can do include obtaining a secured loan or have a good-sized down payment.

Getting a boat loan is usually hard to get compared to those that are used in financing a car or a motorcycle since it really depends on the type of boat you want to buy. Some banks will be picky on what boat they will allow you to purchase. They might approve you for a boat loan under certain specifications of the boat such as the year, miles, and more. However, you can still secure a boat loan despite of your bad credit by doing the following.

1. Provide a higher down payment

Providing a sizable down payment is a good way to show a bank you are serious about making a purchase. They would surely make them think that you would surely be a good creditor or customer since you did great in looking for the down payment needed for the loan. If there is a boat you want to buy it is a good idea to go in with a good down payment. When you have at least 10% of a down payment this is usually sufficient enough for a bank. Some people who have been financed with bad credit on boat loans have had credit scores under 500 and still qualified with a down payment.

2. Make the loan secured

A secured loan is another option when you want to obtain boat loans. If you have enough assets you can give the bank titles to things you own for a loan for a boat. In this case, the bank won't even run your credit and know that your credit is bad. You can tell them you don't want them to run your credit and they won't if you have securities to secure the loan.

Try to provide an appropriate collateral since this will assure the loan provider that you will not run from your financial obligation in the event that they approve your application. If you are fortunate enough, the lender might also reduce the interest rate tied to the loan since this could be considered as a secured type of financing.

Mike McTigue is an Automotive Journalist and former Car Dealer with a unique insight into the auto financing industry, and special financing.

Looking to buy a new or used car? Learn more about Special Auto Financing from the experts, and get a car loan today!

Source: EzineArticles
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