Will I get approved for a loan for a boat?
Asked by
misterx (
269
)
July 7th, 2010
I want to get a boat and am looking at borrowing around $10,000—$13,000. About two years ago I had two months of extreme financial hardship where I had about $15,000 in credit card debt and was 2 months behind on all my payments. After that I rebounded have since paid all of it off except about $2,000. I make more than enough money to cover the cost of a loan. I had all my credit cards cancelled during my financial hardship and last month went to apply for a new one and got denied. Even though I make enough money will I be able to get a boat loan if I can’t even get a credit card? And yes I have checked my credit the only negative stuff on it is from June and July of 2008.
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10 Answers
It is hard to tell. perhaps your best bet would be a loan from a credit union. The interest rate would likely be lower too.
You say you checked your credit, do you know your credit score?
I don’t know much about these things, but there is a difference between credit cards and loans for boats, cars, and houses. Credit cards give you loans that are unsecured. They have no collateral to seize from you if you don’t pay. The other types of loans the lender can at least sell the property and recoup some money. Will you be putting down some money?
bad credit stays on your record for 7 years…..and the negative stuff makes a huge difference.
Good luck!!
If you can convince a lender you can pay the money back, you will get a loan.
I got a question in regards to this…is there a boatfax? like carfax for boats… go ahead steal my idea!
If you were recently denied a credit card, you will be denied a boat loan. each time you apply for something on credit and are denied, it has a bearing on your credit score.
Buy a small boat with cash and float it in your tub, instead.
The boat would be secured debt, so perhaps you would not be turned down. Credit cards are unsecured debt. Do you have any other assets that could be pledged as security?
Why not save up and buy the boat for cash?
Follow the following steps to get a boat loan—
• Apply for a boat loan
• Find the perfect boat
• Take down full details of the boat
• Make a research on the accessories of the boat
• Submit all the research paper to the bank
• They will take some time to further research
• Finally, if everything is okay, you can get the loan
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