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Boat Finance Australia
Tips on Boat Finance Basics
So you feel it’s time to buy that boat you’ve always dreamed about? You’ve considered many types of boats to find that perfect one. You’ve checked out various retailers and boat shows, boat name brands, and sizes, but aren’t sure how to proceed with the financial realm of buying a boat. Perhaps you don’t have enough to pay cash and are considering a boat loan.
Boat finance can be simple if you know how to do it and which company to work with. Let’s explore some boat finance basics so you can soon realize your sailing dreams.
Boat loans can be issued in many ways, so it’s wise to shop around a little before making a commitment. First, know the difference between mortgage loans,car loans, and boat loans. A boat loan can usually be stretched out over a similar period of time to a car loan – up to five perhaps seven years.
A boat loan cannot normally be stretched as far as thirty or forty years such as a mortgage loan. So the payments may be similar to those of your car, depending on the initial purchase price and the boat loan interest rate.
Banks vs. Boat Loan Specialists
Choosing a lender can be another difficult decision. Some banks and credit unions might offer very attractive loan packages on boats, or they might even allow you to secure a personal loan, which usually requires no collateral.
This will depend on your credit history and credit score as well as the bank’s requirements for unsecured loans. On the other hand, a boat loan specialist may be able to work directly with you to get the best possible interest rate,
the required insurance for your boat loan, and faster loan approval. Because the company specializes in boat finance, it may be able to offer more creative loan possibilities to meet your financial needs.
Shop around and ask your boat retailer if they already work with a boat loan specialist to provide financing for your purchase. You might be surprised at what they have to offer.
Also, beware of buying a used boat. Find out the age of the boat, how often it has been used, how long it has been parked without use, and whether it needs repairs. Boat repairs can be very expensive, so do your homework! Ask a boat repair specialist to check it out for you before buying.
If you plan to finance a boat, you will likely get a better boat finance plan on a new boat, so be sure to weigh the differences before jumping in with both feet.
Hidden Costs of Boat Finance
Be sure to consider any hidden costs involved in boat finance. Within the loan or required by the lender, there will be interest, loan insurance, a title, possible closing costs, boat insurance, and taxes. Some lenders may require a down payment, which could range from 5 percent up to 20 percent, depending on your credit history.
Also, consider other costs of owning a boat such as fuel, dockage fees, supplies, repairs, maintenance, a hauling trailer,storage for the boat, and an appropriate hauling vehicle. The larger the boat, the more expenses you will incur.
Determine how much you can afford before shopping around. Determine a set purchase amount and a set boat loan payment so you can be sure to stay within your budget. Stay budget-minded so you won’t get carried away with an elaborate sales presentation while shopping!
You can easily go online to determine possible payments and interest rates using an online boat finance calculator. This will help you know what to expect when financing your boat. Shop around for the best deals on boat loans,interest rates, and payment plans to find one that suits your needs now and for the future. Smart shopping now can help you find the perfect boat – and boat loan – while minimizing the stress of this significant purchase!
How To Find Bad Credit Lenders
First, what is a bad credit lender?
A bad credit lender is normally a small company, not a bank, that offers loan programs to individuals or business owners that have no credit or bad credit.
Generally speaking, banks only offer loans to individuals or business owners that have good credit.
A credit score of 600 or above would be rated as having good credit.
You maybe thinking, do you have good credit? The best way to find that out is to order your credit report and score online.
Another way to find out if you have poor credit is to ask yourself:
Have you been late on your payments more than three times over the last 6 months?
Do you have any closed accounts on your credit report?
Have you ever filed for bankruptcy?
Do you have any judgments on your report?
If you have answered yes for any of the questions above, you have no credit or bad credit.
What About Loans From A Bank?
Banks are not in the business of giving individuals loans that have no credit or bad credit. If you have no credit or poor credit, you must look for companies that offer loans to individuals that have bad credit.
You would just make your credit worst by applying with a bank, because your credit score is reduced every time you are turned down.
How To Find A Bad Credit Lender?
The best way to find these types of lenders is to go online and purchase a list of poor credit lenders. I am not aware of any websites that offer this information for free.
Order a list of lenders and contact each one by phone, to go over what they can offer.
It would help if you can get a copy of your credit report before contacting a lender. This would make their job easier because you can just tell them what is on your credit report. They could immediately tell you if they can help you to get approved for a loan.
Be sure to tell each company what is on your credit report. This will save you and the company a great deal of time.
Do not apply with companies that only want to check your credit before they will talk to you.
Even if they were not willing to review your credit report over the phone, you could still ask them what type of credit do they accept. Some companies can tell you up front that they do not accept individuals that have an R9 on their credit report.
Do not apply to a lender that charges an application fee. It is illegal for a lender to charge an up front application fee. A lot of companies that charge an application fee are not lenders. They are marketing companies that are just going to send your application to a lender.
A lot of people try using their local newspaper to find a bad credit lender. This is not a good idea, because you will only find marketing companies that charge a fee to accept your application. Once you have sent in your money and application, they would forward your application to a lender.
Take the time to go online to find the best current list of bad credit lenders.