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Can I Get a Jet Ski Loan With Poor Credit?

Can I Get a Jet Ski Loan With Poor Credit?

If you’re looking to finance a new or used jet ski, you may be wondering if it’s possible to get a loan with bad credit. The short answer is yes – and it may be easier than you think, but there are a few things you need to know before you start the process of applying for a loan.

First, you need to understand your credit score and what it means in the context of jet ski financing. Then, you need to know what kind of loan you’re looking for and what kind of interest rate you can expect to pay.

Here are some tips to get you underway.

Understand Your Credit Score:

The first step is to understand your credit score and what factors are affecting it. Your credit score is a number that represents your creditworthiness. It’s used by lenders to determine whether or not you’re a good candidate for a loan. 

The higher your credit score, the more likely you are to get approved for a loan with favorable terms. 

Need Finance for a Jet Ski?
If you're thinking about buying a Jet Ski, we have you covered. Find out how much you can afford to borrow with our free online Jet Ski Loan Repayment Calculator, then get a free online eligibility assessment (without impacting your credit file) and compare multiple loan offers from a selection of Australia's leading and best-known marine finance specialists.

There are a few factors that can affect your credit score, including:

Your payment history: 

This is the biggest factor that impacts your credit score. Lenders want to see that you have a history of making on-time payments. 

Your credit utilization:

This is the amount of credit you’re using compared to the amount of credit you have available. It’s best to keep your credit utilization below 30%, but the lower, the better. 

Your length of credit history:

A long credit history shows lenders that you’re a responsible borrower. 

Your credit mix:

This refers to the different types of credit you have, such as installment loans, credit cards, etc. 

Your new credit:

Opening new lines of credit can lower your credit score.

Multiple credit applications:

If you have made multiple applications for any type of credit over a short period, this will have a negative impact on your credit score.

If you have a low credit score, don’t despair. There are still options available to you. Keep reading to learn more. 

Find a Lender That Specializes in Poor Credit Loans

Yes, there are lenders out there that specialize in loans for people with bad credit. These lenders are more likely to approve you for a loan, even if your credit score is low. 

Of course, you’ll need to be careful with these lenders. Some of them may have high-interest rates and fees. Make sure you compare multiple lenders before you commit to one. 

Get a Co-signer

A cosigner is someone who agrees to sign the loan with you and is responsible for making the payments if you can’t. Having a co-signer with good credit can help you get a loan with bad credit. 

The benefit of having a cosigner is that it significantly increases your chances of getting approved for a loan. The downside is that if you can’t make the payments, your cosigner will be on the hook. 

Improve Your Credit Score

If you can improve your credit score, you’ll be more likely to get a loan ... and if you have bad credit, you may be able to improve your credit score by doing a few things. 

First, make sure you pay all of your bills on time. This includes credit cards, utility bills, etc. 

You should also try to keep your credit utilization low. This means keeping the balance on your credit cards low and only using them for necessary purchases. 

Last, don’t open any new lines of credit and try to keep your old accounts open. This will show lenders that you’re a responsible borrower. 

Talk To A Specialist Jet Ski Finance Broker

A finance broker that specializes in loans for jet skis can help you to establish your credit score, offer assistance in how you might improve your credit score, and access a comprehensive range of lenders -including many that are not easily accessible to the public.

A broker can negotiate with lenders on your behalf to find a loan that meets your needs and circumstances at the best interest rates.

Broker fees are typically built into your Jet Ski loan so, if the broker can't find a loan that meets your needs and circumstances, it has cost you nothing.

In Summary ...

It is possible to get a jet ski loan even with poor credit. However, it may be more difficult than if you had good credit. There are a few things you can do to improve your chances of getting approved, including finding a lender that specializes in bad credit loans, getting a cosigner, and improving your credit score.

Talking to a specialist Jet Ski Finance Broker is the best way to navigate the available options.

Published: Thursday, 29th Sep 2022
Author: Paige Estritori


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Knowledgebase
Mortgage:
A loan in which the borrower (the mortgagor) offers a property and land as security to the lender (the mortgagee) until the loan is repaid. Repayments of the loan are usually made on a monthly basis over a long period of time, typically 25 years.


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