FAQs
What are boat loans?
Boat loans are the loans that are provided by the credit agencies or lenders to the fishermen or other person who want to purchase their own boat.
What kind of boat can be financed?
We at bad-credit-boat-loans specialize in boat loans for sail and powerboats used for pleasure purposes.
How much of a down payment do I need?
A 10-15% down payment generally offers the lowest interest rates. We may be able to offer 8% down for strong borrowers with an excellent credit history as the lenders are attached with us don’t demand big amount.
What is the current interest rate?
Rates vary depending on loan amount boat age and value. Our rates are always competitive within the industry.
What will my monthly payment be?
Monthly payments depend on the amount that you are going to avail through bad-credit-boat-loans. Basically repayment process is for 5 to 10 years.
How long will the application take to process?
With a completed application and appropriate income verification, we can usually respond with a credit decision the same day we receive your loan package.
What is the least and most amount that you will finance?
The lenders who are attached with us provide minimum amount of $5,000. There is no maximum. It depends on the borrowers requirement.
Can I obtain cash against the equity of my boat?
Yes, we can provide "cash out" refinancing, typically for upgrades to be made to the vessel, for qualified buyers.
What else should I know about buying a boat?
There's a lot to boat ownership that makes it different than purchasing other types of vehicles. See our boat ownership articles for tips on financing a new boat, maintaining your vessel, boating safety, and more.
Do I need to choose the boat, or get the loan first?
You do not have to have the exact boat lined up for purchase, however, in order to have an idea of how much you will need to borrow you should shop around and get a value on the boat you are interested in purchasing. You can pre-qualify for a boat loan prior to choosing the boat to give you upfront knowledge as to what you can be approved for.
Will the application information I provide be secure and private?
Yes your application will be secure. Pleasure Craft Lending and Boat Loan Locator use the most advanced secure technology available on the market today. Your data will remain confidential, safe and secure at all times. We at bad-credit-boat-loans restrict access to your personal information on a need to know basis to provide you the products and services available in the course of securing your marine loan.
What is U.S. Coast Guard Boat Documentation?
A system administrated through the U.S. Department of Transportation via the United States Coast Guard wherein boats are registered and mortgaged. In order to qualify for U.S. Coast Guard documentation, a vessel must be owned and operated by a US citizen. The Documentation Office of the US Coast Guard keeps an abstract of title on each documented vessel. This documentation states the vessels financial history and shows the chain of owners from time or original purchase. This Certificate of Documentation serves as a Certificate of Nationality and is also an authorization for the vessels use.