The Brisbane River is one of the most beautiful places in Australia. It's all breeze, open sails and perfect for showing your love for boating to that special someone. Yet, that's only applicable if you have a boat in the first place. And, with how high the average Australian credit score is, finding someone willing to finance that purchase can be challenging if your score isn't the same.
There is another way, though. You could apply for bad credit boat loans. And fortunately for you, the financial organisations that offer such opportunities won't wind you up like a conventional bank.
Curious about what you should look for in such services? Well, walk you through it!
Similar to conventional loans, these financial services have a few attached conditions. The only difference is that these terms are relatively more flexible. And, if you are smart about it, you can make this work to your benefit.
So, here are a few things you need to look for when going for such offers:
1. Minimal conditions
Australia has three primary credit reporting agencies: Experian, Equifax and Illion. A brief study shows that they all have different standards regarding what qualifies as a 'bad credit score'. However, consolidating the ranges, if you have a score of around 500, lenders and banks will generally see you as a risky investment.
Yet, all of this is irrelevant when it comes to bad credit boat loans. Organisations offering such financial resources will usually factor in your current circumstances. All you need is a regular income. Everything else, from credit defaults to past bankruptcy filings, is taken out of the equation.
So, focus on this aspect when you hunt for such services. Conversely, if you notice several terms and conditions, avoid that particular organisation.
2. Repayment duration
All loans come with a specific repayment period. It's the same in this case. Still, since this isn't your typical situation, you must look for an institution that gives you some breathing room.
Interestingly, there is something to help you here. These types of vehicular loans have a cap on them, typically scaling to 75,000 AUD. If you borrowed the same amount from a bank, you'd probably get two years to pay it all back. However, in this context, you'll be given three to seven years, depending on your financial situation.
Simply put, examine which place offers the best rate in terms of incremental payments.
3. Interest rates
There’s no way around this bit—You will have to pay a higher interest for such loans. After all, no one can have their cake and eat it too.
As worrisome as that may sound, this doesn’t mean you are digging yourself into a hole. Think about it. These organisations work by relying on people with poor credit scores. If they hiked the return rates to an unfair amount, that would beat the entire point behind such services.
Nevertheless, if you compare it to conventional bank interests, there’ll be some discrepancies. And this is precisely why such loans come with a prolonged repayment duration. So, it isn’t as if you’re getting ripped off. It’s a fair deal. If it’s of any help, choose whichever place offers the lowest interest rates.
4. You deserve another chance
Life's difficult as it is. And, it can seem even bleaker when you can't figure out how to do the things you wish to.
But you don’t think that way anymore, do you? After all, this article just told you everything you need to know about bad credit boat loans. Now, you don't have to spend a second longer staring wistfully at the docks. Do yourself a favour and ask for the financial help you need. Once you get it, take your kid out onto the water.
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