Boat Financing for Business
A boat financing loan is utilised by businesses desiring to buy a new or used boat for commercial use. Companies from partnerships, sole traders, and trusts to large corporations can use a Chattel Mortgage to ensure a loan against a boat.
Advantages
- Up to 100% finance and no deposit loan for approved customers.
- Access to tax benefits where the boat is used to generate income.
- Low establishment fees and monthly fees with no pay-out penalties.
- Fixed interest rate and monthly repayment schedule.
- Balloon payments are available.
FAQ's for Boat Loans
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How do boat loans work?
Boat loans are much like car loans, with a loan amount you pay interest on over a fixed term. You can apply for boat financing through credit unions, banks, boat dealers, or marine finance companies.
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What credit score do I need to get a boat loan?
Different lenders have various risk tolerances, but the higher your credit score, the more likely you will be approved for a boat loan. Most lenders are usually looking for credit scores in the sound and excellent range.
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Can I get a boat loan with bad credit?
Most lenders will not offer you a boat loan if you have bad credit, so applying for a bad credit loan may be better. While looking for boat loans with bad credit, you come across three kinds of loans.(i) Fixed-rate collateral loans, (ii) Home equity loans, and (iii) Personal loans.
