Bad Credit Boat Loans

Maybe some unpaid bills or late repayments have left you with bad credit, or you’ve just been unlucky, but still, the result is the same. Bad credit can be a dealbreaker if you’re trying to secure a loan through a bank, which may make it seem like your boat dreams will only ever be just that, dreams.

However, that may not be the case. Perfect Payday offers a loan with bad credit to help Australians turned down by banks and even other loan-providing services due to their impaired credit history. So, if that sounds like you, let’s go over some much-needed information regarding bad credit boat loans.

What Are Bad Credit Boat Loans?

no check boat loans

Bad credit payday loans are customized to help those with bad credit buy sail cruisers, dinghies, yachts, powerboats, keelboats, motor cruisers, tailor sailers, sailboats, houseboats, jet skis, fishing boats, and commercial boats, among other types of marine vehicles. They can be bought, used or new, from a dealer or a private seller.

Drawing from our experience, Perfect Payday believes that every Aussie deserves a chance, regardless of their past financial hiccups. Of course, you must be receiving income since that proves you’re able to repay the loan. That can either come from a job or Centrelink payments. Many people who have bad credit are interested in bad credit cash loans guaranteed approval. While we cannot guarantee every applicant, we encourage you to submit your application.

Also, bad credit typically implies a higher rate, although it shouldn’t mean that you can’t get a chance to make all your sailing dreams come true.

Why Should I Take Out a Bad Credit Boat Loan?

no credit check boat loans

After putting it to the test, there are several benefits to this. Firstly, you get the freedom of choosing the boat you want. Secondly, making your repayments on time will only help mend your low credit rating in the long run. And thirdly, that’ll make you a better applicant for loans in the future and increase your chances of having them approved.

What Are the Factors That Lenders Look at in a Bad Credit Loan Application?

bad credit boat loan

When we trialed this product, there are multiple factors considered in a bad credit loans application besides your low credit score. But that isn’t to say bad credit is entirely irrelevant because it may restrict the loan amount that you’re qualified to borrow or otherwise increase the interest rate charged on it.

Accordingly, the loan amount is a crucial factor, and so is the loan term. For instance, if you’re applying for a smaller loan, that may not even require a credit check at all. If you are interested in larger loans, such as quick loans $5000, then a credit check will likely be required. Loans that are even larger, like a $30000 dolar loan, would certainly need a credit check for approval.

Other than that, lenders consider your income and expenses to ensure that you’d be able to repay the loan comfortably and that they aren’t setting you up for failure. The lower your expenses are, the more likely you are to have your bad credit personal loans guaranteed approval, so you should definitely have money left over after paying off your monthly expenses.

Lenders usually offer secured loans for people who wish to buy a boat. The secured loan bad credit will allow the lender to have an interest in the boat title until you have fully paid the loan.

Looking for more than just a boat? Apply for guaranteed approval bad credit car loans through Perfect Payday if you need a new or used vehicle.

Am I Eligible for a Bad Credit Loan?

Your eligibility depends on whether or not you fulfil the following criteria:

  • Being at least 18 years old
  • Having Australian citizenship or permanent residency
  • Having an email and a phone
  • Having internet banking with at least three months of banking history

You can apply for many types of loans from Perfect Payday. In addition to boat loans, you can also apply for no credit check motorcycle loans.

How Fast Can I Get a Bad Credit Boat Loan?

Perfect payday loan providers can match you with a lender on the same day of your application. Afterwards, the dealings are between you and your lender, so how fast the process is completed depends on the lender’s policies.

Should I Buy a Boat or Lease One?

boat loans bad credit

When you buy a boat, you’re gaining an asset, which you can later hire or do with as you please. However, when you’re leasing, your term is bound to end. Then, you can renew the lease, trade-in, or leave it as is, which leaves you with no asset.

What Are the Additional Fees for Bad Credit Boat Loans?

This differs from one lender to another, so you’ll get the most accurate answer from your lender, but here are some fees to expect from short term loans with bad credit:

  • Credit search fee to conduct the required bureau search per applicant.
  • Security registration fee to register the lender’s financial interest in your goods.
  • Establishment fee as an incentive for the lender to provide you with credit.
  • Monthly administration fee for your loan to be administered while active.


All in all, if you’re looking to purchase any type of marine vehicle but have an impaired credit history, we’d suggest you apply for a bad credit boat loan. You can buy the boat from a dealer or a private seller in either a used or new condition.

We offer more than just boat loans. If you are interested in a new truck, check out a bad credit truck loan.

A lender might overlook your short term loans with bad credit if you can procure sufficient income to pay off the loan. Besides your salary, they’ll consider several factors when reviewing your loan application, such as the loan amount, term, and instalments. And finally, make sure you’ve made up your mind as to whether buying or leasing is the right way to get your dream boat.

About the Author

Lucy has over a decade of experience in finance. She is currently the content curator here at Perfect Payday.

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