If you are looking to secure boat financing with bad credit through us, there are some eligibility criteria you need to first consider. By contacting us we will be able to assess your individual circumstances to determine if we can provide you with a loan.
Although many people may feel embarrassed about having bad credit, it’s actually very common in Australia with 1 in 5 people having experienced it. Simple things like missing a utility bill could contribute to a bad credit score, which is a very easy thing to forget in our fast paced world. SO, if you’re looking to secure a loan, the first thing you need to do is find out what your credit score is.
In Australia, there are three credit rating agencies – Experian, Equifax, and illion. Depending on the issuing agency, your credit score will be between 0-1000 or 0-1200. Along these scales are sections that state whether your credit score is excellent, very good, good, average, and below-average (bad). As a rule of thumb, the higher your number within the model, the safer you’re considered as a borrower.
To qualify for a loan in Australia, there isn’t a minimum credit score that lenders agree on, however generally you will need a ‘good’ credit rating to qualify. Contact us to learn more.
| EQUIFAX | EXPERIAN | ILLION |
---|
Below Average | 0-459 | 0-549 | 1-299 |
Average | 460-660 | 550-624 | 300-499 |
Good | 661-734 | 625-699 | 500-699 |
Very Good | 735-852 | 700-799 | 700-799 |
Excellent | 853-1200 | 800-1000 | 800-1000 |
To apply for a bad credit boat loan with Jade Finance, the process is simple. Just like with most of our other loan products, once you get in touch, you’ll be matched with one of our marine finance options for poor credit specialists who will help you complete an application and get the ball rolling. Sit back as they find you the best rate and term for your circumstance and receive comprehensive support and advice right through to settlement.