Are you having a difficult time finding boat financing with bad credit?
At Southeast Financial we offer a boat loan program for people who have experienced poor credit issues. Discover how you can qualify for this program and how to improve your chances of getting a boat loan in the following sections.
How Can I Qualify For This Program?
Learn more about what you’ll need to qualify for a boat loan with less than ideal credit in the section below.
- Must provide proof of income
- Recreational use only
- Prior bankruptcies are okay, but they must be discharged and have no multiple fillings
- Must have prior positive installment loan history
- Must have stable employment
- Minimum FICO score 550 typically
What Might Disqualify Me?
The items in the following list could negatively impact your ability to get approved for a boat loan:
- High debt ratio
- Multiple bankruptcies
- Unverifiable income
- Limited installment history
How Can I Improve My Chances of Getting Approved for a Boat Loan?
Getting the financing you need for a new or used boat can be difficult if you have bad credit but Southeast Financial is here to help. By taking advantage of the strategies outlined below you can greatly improve your odds of getting approved for the loan you need.
- Show Credit Progress: By identifying what caused your credit score to drop, and working to fix the issues, you can demonstrate to your lender that you’re making progress.
- Increased Income: If your personal or household income has recently gone up then you may be able to qualify for the loan you want — even with a low credit score.
- Reduce Expenses: The more debt you have the more likely you are to be disqualified for a loan. If you are able to pay down some of your debt this can improve how likely you are to repay in the eyes of lenders.
- A Larger Down Payment: The larger the down payment you offer, the more likely you are to be approved for a boat loan. Put down 20 percent or more to qualify for boat loans for poor credit.
- Find a Deal: Since your boat serves as the security to back any loan you receive, getting to know the boat market well enough to find a good deal will increase your likelihood of getting the financing you need.
It may take some time for your credit rating to improve but you could significantly improve your chances of getting approved and securing a lower interest rate for your loan if you follow the steps above.
Boat Loans and Boat Financing– Southeast Financial
Southeast Financial is the leader in Boat Financing nationwide. We finance new and used boats with extended loan terms which mean lower monthly payments for you. Our new and used boat loans are available in all 50 states.
Southeast Financial Offers Financing For :
HORSE TRAILERS LOANS
Frequently Asked Questions (FAQ):
Can I finance a boat with bad credit?
Yes, you can finance a boat with bad credit. Southeast Financial is proud to offer bad credit boat loans for those who may not qualify with other lenders. We base our qualifications on several factors and do not have a minimum credit score requirement. We work hard to offer a loan approval that works for your budget, even if you have bad credit.
Can I get a boat loan with bad credit?
Yes, you can get a bad credit boat loan. While other lenders have a minimum credit score requirement of 720, Southeast Financial does not have minimum credit score requirements. Instead, we consider qualifications on a wide range of factors, including how much you want to borrow and what you are buying.
What is the minimum credit score for a boat loan?
Unlike many other lenders, Southeast Financial does not have minimum credit score requirements. We offer bad credit boat financing and base applications on many factors, including where you live, how much you want to borrow, and what you are buying.
How do you get approved for a boat loan?
To get approved for a boat loan, you first need to fill out Southeast Financial’s online application to get an exact quote and credit decision. If you are approved, you have 30 days to decide if you would like to take the loan.
How long can you finance a used boat for?
Repayment terms vary depending on the size and cost of the boat. Southeast Financial offers financing repayment terms of up to 20 years. We also offer extended warranties for those who need it.
What is the minimum credit score for a boat loan?
Southeast Financial does not have minimum credit score requirements. You can even get a boat loan with bad credit. Applicants are evaluated based on factors like location, borrowing amount, and what they are buying.
How do I pre-qualify for a boat loan?
Southeast Financial is proud to offer quick loan approval — not just pre-approval. To apply for a loan, you must be at least 18 years old and be a U.S. citizen. We do not offer financing for commercial use, and the vehicle cannot be salvaged, Lemon Law, flood-, or frame-damaged title. We do not offer financing in Alaska or Hawaii. Credit decisions are given within 24 hours, and sometimes in as little as 3 hours.
How long is boat financing?
Southeast Financial offers flexible financing repayment terms, depending on the cost and type of boat loan. Maximum financing repayment terms are up to 20 years.
Can I get a boat loan with a 600 credit score?
Yes, you can get a boat loan with a 600 credit score. Southeast Financial does not have minimum credit score requirements to apply and be approved for a boat loan. Instead, we consider qualifications on factors like how much you want to borrow and what you are buying.
How do boat loans work?
Boat loans at Southeast Financial are efficient, fast, and flexible. We offer boat financing for all types of circumstances and provide quick credit decisions. To get started, simply fill out our online application and we can get you a credit decision in 24 hours or less. Once you are approved, you can get your check within about 3-5 business days. Southeast Financial finances boats from $15,000 to $4 million.
How many years can you get a boat loan for?
The repayment terms for Southeast Financial boat loans vary depending on the cost of the boat, but terms can last up to 20 years.
What are current boat loan rates?
Southeast Financial offers some of the best boat loan rates and extended terms in the industry, no matter your credit score or the cost of the boat. Current boat loan rates at Southeast Financial start at 4.74%.