What Are Boat Loans?
Paying for your new boat in monthly installments is more pocket-friendly than paying the whole cost in one go. This is where boat loans come in. Whether you wish to purchase a basic motorboat or an elegant yacht, there is a wide array of lenders who give offers online.
A boat loan can be availed for buying brand new watercraft as well as used ones. Depending on the cost of the boat, an unsecured loan (which does not require collateral) can also be obtained from certain lenders if you meet their criteria when they evaluate your request.
What Should Be Taken Into Consideration Before Getting A Boat Loan?
In comparison with cars, some boats are more expensive. Therefore, it may take longer to pay off your boat loans. Opting for a cheaper model or a used boat can enable you to manage your monthly installments more comfortably.
You can also think about your budget for the boat. Also, take a moment to think about the added expenses of owning a boat, such as fuel, insurance, registration costs, and taxes.
Lastly, self-evaluate your finance and credit history. You can still get loans with bad credit, but lower credit scores may cause higher interest rates.
What Information Should I Provide To Get A Boat Loan?
Lenders will usually ask for your basic details like your full name, house address, phone number, date of birth, and your employer’s name. Financial information such as your annual income, household costs, and outstanding debts might also be asked for. Given that boats are luxury goods, lenders will be most likely to send you offers if you have an excellent credit score and a low debt-to-income ratio.
How To Take Out Boat Loans?
The application process of financing a boat has been simplified thanks to the internet. From the comfort of your home, you can submit the request for a boat loan to an online broker at iPaydayLoans. We connect you with our vast network of lenders, and they further send you loan offers.
To ensure that you can get the most ideal loan option, it is a smart move to consider offers from more than one lender. Compare interest rates and loan repayment terms, then choose the one that appropriately meets your needs.
After the lender approves your loan, the money will be credited into your account in a time-efficient manner.
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
Will My Bad Credit Keep Me From Getting A Boat Loan?
Irrespective of your credit score, there still are loan options available from multiple direct lenders. You are able to connect with more than 100 reputable lenders at iPaydayLoans who provide loans to individuals having bad credit scores. Another option is to consider a secured loan wherein collateral is involved and credit score is not the main focus.
What Are The Basic Differences Between Secured Boat Loans And Unsecured Boat Loans?
A secured boat loan treats the purchased boat as collateral. If the borrower is unable to make timely payments for paying off the debt, the lender reserves the right to confiscate the boat. This loan option makes it easier to receive funding if you have an imperfect credit score, but you may have to bear a high rate of interest.
To get an unsecured boat loan, you’d better have an excellent credit score. Other factors such as the borrower’s income and average monthly expenditures are also considered. The advantage of unsecured loans is that they generally offer lower rates of interest and longer repayment time.
Alternatives To A Boat Loan
If you want to enjoy the luxury of a boat, there are other options that you can consider apart from purchasing it. There’s no need to put your marine adventures on a hold, simply try the following alternatives:
- Join a Boat Club: You can learn how to drive a boat and experience the boating life in a boat club for a one-time fee. Unlike a loan, it is a short-term commitment and also helps you connect with fellow boat enthusiasts.
- Rent a Boat: If you need a boat only for weekend getaways or family vacations, consider renting instead of buying. You’ll have the boat only when you need it and wouldn’t have to pay for boat storage either.
- Start Saving Up: If you’re willing to cut down your current living expenses, you can start saving money for your new boat and avoid taking a loan.
Frequently Asked Questions
Is It Possible To Lease A Boat?
Getting a boat on a lease can be an expensive option as the money charged is high and long-term storage costs are also involved. Renting a boat could be a better option than leasing one, as you will only have to pay for the boat on days you need it.
How Long Does It Take To Receive Money?
Once your loan is approved by the lender at iPaydayLoans and all the formalities are done online, you can receive the money in your account as soon as the next working day. To avoid delays, provide complete and accurate information to the lenders.
Do My Lenders Provide Pre-Approval?
Due to the high purchase price of boats, lending money to borrowers can be risky. Therefore, lenders consider each application on a case-by-case basis. There are no pre-approved loans but since we have various credible lenders to choose from, your options of getting a loan are more.