Bad credit boat loans for Australian borrowers
Lots of people run into problems with credit. Life doesn’t always go to plan, and when that happens, your finances are usually one of the first things to suffer – but a run of bad luck or bad planning doesn’t mean you’re dead in the water. Bad credit boat loans are a convenient way to access a boat and rebuild your credit reputation while you repay.
How Savvy makes boat loans more accessible
Applying online is the fastest way to find the best bad credit boat loan deal – and that’s where Savvy excels. We help thousands of borrowers find their ideal loan provider by looking at where they’re at now and not concentrating on their credit history. We deal with a range of leisure finance lenders to help you find the loan you're looking for.
What are the qualification requirements and what will I need?
Anyone who is over 18 and is a resident or citizen of Australia can apply for a bad credit boat loan. You’ll need to have a regular and ongoing form of income from a job or a pension and be able to demonstrate that with documentation:
- Lenders will request a form of ID, such as your driving licence or passport
- 2 recent payslips or tax returns if you’re self employed
- You’ll need to supply a Centrelink Income Statement if you’re applying for a pensioner boat loan
- The loan provider will need to see your last ninety days’ worth of bank statements and payslips if you’re employed
Who can a bad credit boat loan help?
Many Australian borrowers experience issues connected with credit at some stage in their life, and it can narrow down your finance options, but it’s by no means the end of the world. Specialist financiers offer a range of products that can help you buy the things you need or want, and they’ll consider applicants with a broad selection of past credit problems:
- If you’ve been declared bankrupt but have now been discharged
- If you have defaults on your credit file, like missed or late credit card payments or unpaid utility bills
- If you’ve been released from a Part IX Debt Agreement
- If you’re new to borrowing and have no credit history
How do I apply for a bad credit boat loan?
Applying for a bad credit boat loan is both quick and easy through Savvy. Our friendly, expert brokers will ask you some quick questions about your borrowing needs and the nature of your past credit problems. From there, they’ll consult our extensive panel of specialist lender partners to determine whether any of our lenders can help you out. That improves your chances of finding a loan provider who’ll consider your application.
Savvy’s experienced brokers know the requirements of various lenders – and understand how applications work. That helps them narrow down your options immediately. It also means they can guide you through the required documentation and help you navigate the application process smoothly.
How to qualify for a bad credit loan and improve your score
Lenders check your report to assess the level of past problems you’ve experienced. A surprising number of credit reports contain errors, such as forgetting to record payments and remove entries once debts have been settled. You can check your report for free once a year and every time you’ve been refused credit, so you should contact any organisations responsible for incorrect information.
Lenders also base decisions on your ability to repay the loan. Only borrow what you need to reduce repayment amounts. The simplest way to do that is to set a budget and then stick to it. Take all your outgoing expenses into account and allow some room for the unexpected. You can use Savvy’s boat loan calculator to get a better idea about costs.
Lenders will let you set up direct debits for loan payments, so it removes the need to remember each month, and you’re less likely to miss a payment. You can also apply that advice to utility and mobile phone bills. Keep that credit report clear of late payments and defaults, and watch your credit score rise.
Bad credit boat loan providers check how much existing debt you’re in, and that influences how much they’re prepared to lend. Most of us keep credit cards we don’t need, and you may even have an overdraft you could easily pay off if you put your mind to it. The fewer credit products you have, the more borrowing power you get – plus it also reduces the possibility you’ll have trouble with repayments down the line.
Don’t compare loans and providers using applications. Applying for too many credit products is bad for your borrowing prospects. That’s because every time a lender makes an enquiry about your credit report, it leaves an impression all loan providers can see. It’s better to apply for a single loan through Savvy than it is to use applications to shop for finance.
Making sure you qualify for that boat loan and then keeping up with repayments will greatly improve your creditworthiness. Every time you pay off credit on time that improves your credit score. Having a loan isn’t a bad thing, and it’s a practical way to pay for major purchases that thousands of Aussies use every day.