FAQs

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.