boat loans

Bad Credit Boat Loans

It can be tough getting a boat loan when you are marked with a bad credit rating. There are a number of financial institutions that specialize in getting you a boat loan. Before you start out on this venture, please make sure you understand exactly where your credit rating is causing you problems. Equifax is one of many services that will get you a copy of your credit report. When you start communicating with any lender, be sure that you can explain any issue on your credit report. All lenders are going to pull up your credit report and most people do not tell the banks the bad news before they see your credit history. Many consumers go in with a hope and prayer that this lender may be stupid. They are not! Every lender starts by pulling your credit rating and history. Also realize that every time you apply for credit, it shows up on your credit report. If a lender sees that you have applied all over to get credit, it is an automatic strike against you. The lender starts thinking there is a problem immediately. Get your information together and be armed with every question the financial Institution may ask. Pretend it is you giving your money to someone and this person has a poor credit history or strikes against them for late payments. What would you need for information? Would you lend money to you? Why? Why not?

If you see on your credit report a number of issues that were just late payments or maybe you didn’t know the problem was there, (happened to me) call the company and try to make it right and deal with the company that reported you. This will go a long way for you when you start talking to a lender.

If you are buying a new boat, many dealers will do in-house financing. The boat store would be carrying your loan. They will go through the same process as a lender, but in some cases will take a greater risk because they are making a profit on the boat and they can dispose of repossessed boats.

The problems I've always seem when someone has bad credit is that everyone tries to take advantage of you with high interest rates. It has never made sense to me considering this person probably needs the most help. If you are in this position, try to make contact with the companies where you have had the problems and make it right. If you don't, the bad credit insanity will haunt you for years.

Boating
Having a boat is something that will bring great memories to your family that will never be forgotten. Boating is one of the best ways to bring the family together. Once you're on the water, the children cannot escape! No T.V., Internet or phones. My family has enjoyed ten years of boating with great expense and will never regret it. I hope you find a way to get the boat you are looking for.

Good Credit Boat Loan
If you have a good credit rating, buying a boat is a breeze. First place to stop is an unsecured credit line with your bank. You can pay it off whenever you want and put down lump sums when you can. If this doesn't work, get a credit line secured against the boat. Your payoff is still the same, unsecured is better because it keeps your credit open.

The next method is a regular loan, it is more expensive, but it is still flexible for paying early. If you are stuck with a bank loan, go back to the boat dealer and try to work a deal with their financing. Many boat shops have banks working with them offering discounted rates for their volume business. You benefit from their bulk purchase from one bank.

I used this method and got a better deal than a credit line. The loan was open for early payout as well. If you can take good care of your boat, maintain it every year, repair the seats, stay away from hitting docks, you will get most of your money out of the boat on resale.

Boating tips for the new family boater.....
1/ when you first start backing up a boat, learn how to use your mirrors to back up. Find somewhere safe to practice!

2/ when you start launching your boat, watch your trailer for the right depth to back up. If you go in to far when you pull your boat out of the water, the boat will be floating and may not sit properly on the trailer.

3/ when you park your boat at a dock, tie the back end up first. Tie the boat about a foot from the dock and then tie the front. Leave the front loose to bounce in the waves. Try to dock on the side opposite from where the wind is blowing. It will hold your boat away from the dock. Spend the money on protection for the boat. If you scratch up the paint, a paint job will cost you thousands.

4/ Make sure you have all of the necessary safety equipment on board.

5/ Check the drain plug before you back the boat into the water. I forgot once and ended up swimming in the cold lake putting the plug in!

6/ Buy at least one ski life jacket of each size for water ski/wake board jackets. The regular jackets hurt skiers and slip up around your neck.

7/ Fill up your boat with gas when you hit a half tank. Most gas gauges on boats work poorly.

8/ When you purchase your anchor, have them add about 10 feet of chain to the anchor. This will hold your anchor properly to the bottom of the lake.

9/ If your boat brakes down or runs out of gas in rough whether, throw your anchor out the front, and it will hold your boat in the wind.

10/ if the kids are going to be tubing, purchase long sleeve rash guards (UV protection shirts) The skin on their arms will get covered in a rash from rubbing on the tubes. The back of their knees will also take a beating. Longer board shorts will fix this problem.

11/ Try to purchase tubes that are fully covered and zippered for towing. The tubes that are partially covered completely pull apart after the first year. They stretch, are expensive and the canvas slips right off the tube.