Many people who want to buy a boat but have poor credit records run into hesitation most of the time. They think that they will just be rejected by the banks and other lending companies. Of course, these institutions prioritize good creditors over the bad. They’re also running a business and they wouldn’t risk it just like that. But today, even if you have a bad credit, you can still own a boat especially now that online lending has been introduced.
What does my credit score need to be to buy a boat?
The answer in this question is ‘it depends’. Though lenders give their clients opportunity to loan for a boat even if they have poor credits, the former also set a minimum credit score for clients to avail of their services. It’s hard to give figures because there are several factors that affect the minimum limit. First to be considered is the economy. When the economy is good, there are more jobs and people are financially secured. Thus, defaults are minimized. This will then lead to a low maintaining credit score. In such case, the minimum credit score may just range from 500-600. But when the economy is in its downturn, aside from raging layoffs, commodity prices go tremendously up. Such situation will put the lending companies in a position to think that if good payers will have difficulty in paying, how much more are the bad payers? So during economic crisis, expect that the credit score you need to have is high. Another thing to consider is the willingness of the client to pay and face the risks it may beget him/her.
Increase the chances of getting your loan approved
If you have problems with your credit, don’t lose hope. There are numerous lending companies that will allow you to purchase a boat. However, you need to be honest with each company you go to. Discuss to them properly the reasons why you ran into such problems. You also need to check you credit history as well. It could be that you’re not really accumulating defaults; it’s just that there have been errors in your records. You can also improve your credit line by paying your previous debtor regularly prior to applying for a new loan. In this case, you can guarantee to the lender that you will faithfully do your obligations.
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