All aboard the boat, it’s time to navigate the open waters!
If you are an adventurous person, boating might be a perfect activity for you. Imagine the quiet rumble of the waters as you sail around smoothly in the perfect weather possible!
Does this dream of yours feel unachievable because you cannot finance a bad credit boat loan? Or is it the tough economy that’s causing you such despair?
But what if you can still get out on the water with just a little bit of intelligent thinking?
Here are 5 ways that can help you fulfil your boating dreams!
Assess your dreams
An ultimate dreamboat comes with a hefty price. Sure, it will be hard to lower your expectation and settle for something that wasn’t your first choice, but take a moment to assess your situation.
Touch down your desires with reality and think, is your prestige more important than saving some big bucks?
Consider getting your hands on a second-hand boat or an older version of the model of your choice. Ascertain the times you would go out for boating and the cost you would need to spend on maintenance.
The lower the cost of your boat, the easier your chances to secure financing!
Find Steal Deals
The economy may seem unpredictable, which improves your chance to find many boats in the market. So, make a thorough check!
You may find a used boat by old sailors who might be selling off the boat due to debilitating financial pressures. Given their poor financial situation, chances are that the pricing would be in your favour.
So, make the most of this opportunity, and reach out to online resources to find favourable listings!
Compare Boat Loans
It’s alluring to go to the nearest lender to get a loan for your boat but make no hasty decisions. Look wide and hard and compare all the best deals in the market that may suit your needs.
Australia has an immense range of institutions that offer different lending services, including ideal boat loan services. So, you would have enough options to choose from.
But, always take a step back and look at the bigger picture. Don’t get bowled by attractive rates alone; think long-term and understand pre-payment penalties and other essential terms.
Read that small print twice if you must!
Get Your Boat Loan Pre-Approved
Most boat buyers must not be familiar with this, but you can get a pre-approval for a boat loan like you would get for a mortgage.
It would allow you to understand how the bank perceives your creditability. Additionally, it would provide you with confidence to go to the market and negotiate for boat offers, considering you have guaranteed money in your pocket!
A pre-approved loan also speeds up the actual application process, so you can buy your beautiful boat in no time!
Clear Bad Debts
Analysis by Equifax Score reveals that 7 Australians out of 10 use credit scores to secure better deals. But, if you are the 3 out of 10 people who can’t flaunt their credit score, don’t worry!
A bad credit boat loan may seem hard to get, but it’s not unattainable.
You may lose out your patience trying to improve your credit score, so instead, try to put your energy into paying off debts with high interest. This will help make you look good in front of the bank, thus enhancing your credit score and reliability.
Imagine the amount of money you would save that would’ve otherwise gone into paying up the interest!
You need a suitable vessel to derive the pleasure of boating completely. But, sometimes, obtaining that vessel can be a tricky and costly affair.
But that shouldn’t deter you away from undertaking adventures!
If you adjust your dreams a little, find a lightning deal, compare all the boat loans to find the most suitable one and get a pre-approved loan, you can undoubtedly get your ultimate boat.
And no, even a bad credit score cannot stop you!
Alison Lurie is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.