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