In the market for a new boat but worried about your bad credit history? At Jade Finance our brokers understand the challenges you are facing and can assist you on your financing journey.
Perhaps you forgot to pay off your credit card, missed some repayments, don’t have a credit history, or maybe you’re just unlucky. Our experienced loan specialists won’t hold it against you because at Jade Finance we believe in second chances.
When you’ve got a less than favourable credit score, obtaining boat finance can be a tricky endeavour. Especially when a variety of hurdles are imposed including higher interest rates, limited loan options, a much stricter approval criteria, higher down payments, co-signer requirements, and limited loan amounts.
By selecting one of our expert brokers to find boat loans for low credit scores, there are a number of benefits we can potentially provide for you if you have a bad credit history.
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Two key advantages of choosing Jade for your boat loan is the ability to access competitive interest rates and flexible loan terms. With a bad credit history, these advantages are often off the table because most lenders will consider you a higher risk borrower.
With our extensive list of lenders we provide the opportunity to determine which financiers are willing to lend to you and, out of these options, which one has the lowest rate and best loan term. By choosing to come directly for us for your boat loan, you’ll save yourself the headache of doing the shopping yourself.
We have consistently worked with credit-challenged individuals throughout our 25+ year history. With a range of personalised loan solutions available, let our highly experienced brokers negotiate on your behalf to ensure you get the best marine finance options for poor credit.
If you’re having trouble finding suitable loans for boats with bad credit, talking with one of our knowledgeable financial consultants is the next step you need to take. We offer credit-challenged boat financing options for people with all kinds of credit histories. With our massive list of over 80+ lenders, we have an extensive range of products and services to sift through to find the right boat financing with bad credit option for you.
When you begin your boat financing journey with us, you’ll be assigned your own dedicated broker for the entirety of your application through to settlement. With one person focused on you and your needs, you can feel confident in knowing you’ll receive a product tailored to you despite your poor credit history.
Our guides offer quick comparisons and simple explainers to help you rise above the financing process with confidence.
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.
Although bad credit is not ideal, it’s not the worst thing in the world. There are ways that you can increase it and become a good borrowing candidate for a boat loan.
Some positive behaviours you could undertake to increase your score in the long term include paying off old debt, applying for short term loans and repaying them on time, checking your credit report regularly to see what factors are bringing it down, and consistently paying on time for every bill you receive.
However, if you are wanting to secure loans for boats with bad credit right now, our expert brokers recommend boosting your chances of being approved by ensuring your income is steady, choosing the right loan for you, applying for the right amount, and applying for short loan terms. Other ways to boost your application include making a larger down payment, providing additional documentation to prove your financial situation, and adding a co-signer.
Through our extensive client base, our brokers have identified that when a co-signer is added to a subprime boat loan application – lenders generally feel more confident in approving the loan. Additionally, a co-signer may help a borrower qualify for a larger amount of money, as well as reduced interest rates and improved loan terms.
Speak with a broker to get under way.
When applying for any boat loan, it’s important to know your credit score. When you contact Jade Finance, we can determine your credit score and whether our broker’s will be able to find a marine loan that matches your circumstances.
Individuals are entitled to receive a number of free copies of their credit report every 3 months.
The Federal Government MoneySmart website provides information on where to access a free copy of your credit report as well as contact details for several credit reporting agencies.
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THE COMPARISON RATE IS CALCULATED ON A SECURED LOAN OF $30,000 FIXED FOR A TERM OF 5 YEARS, NEW GOODS, EFFECTIVE 04/10/2024 AND SUBJECT TO CHANGE. WARNING: THE COMPARISON RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT COMPARISON RATE.
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.
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. The documentation you will need to provide for an application will depend on whether you are aiming for a full doc or low doc loan. For a bad credit boat loan, you may need to provide additional documentation depending on the lender.
Full Doc Loan: proof of income, asset verification, credit history, employment verification, and identification.
Low Doc Loan: business and personal bank statements, a letter from your accountant, your ABN, GST registration, Business Activity Statements, and your tax returns if they are available.
If you are wanting to secure a loan for a boat with bad credit right now, our expert brokers recommend boosting your chances of being approved by ensuring your income is steady, choosing the right loan for you, applying for the right amount, and applying for short-term loans. Other ways to boost your application include making a larger down payment, providing additional documentation to prove your financial situation, and adding a co-signer.
Through our extensive client base, our brokers have identified that when a co-signer is added to a subprime boat loan application – lenders generally feel more confident in approving the loan. Additionally, a co-signer may help a borrower qualify for a larger amount of money, as well as reduced interest rates and improved loan terms.
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.
Once you have determined if you are eligible for a bad credit boat loan, our application process is fairly straightforward. 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.
