Working Together With Credit Challenged Users Since 2002

Working Together With Credit Challenged Users Since 2002

SeaDream will help individuals with less credit or than-perfect-credit challenges with versatile watercraft funding options. SeaDream’s Bad Credit Boat Loans Department focuses on mid-tier credit score and sub-prime marine funding programs.

Our mid-tier programs will allow you to secure competitive funding even although you might not be eligible for today’s prime rate. SeaDream now offers sub-prime watercraft financing programs, that allows one to re-establish / rebuild your credit history while experiencing the fun lifestyle that is boating.

With funding up to $100,000, SeaDream’s mid-tier and sub boat that is prime programs provide you with a number of choices to meet your requirements.

Bad Credit Boat Loan Terms

  • Loan Terms as much as 15 years
  • Simple Interest Financing without any Pre-Payment Penalty
  • Standard Fixed Rate & Temporary Fixed Products
  • Interest levels differ from 9.95 – 17.99%

You meet the following minimum qualifications before you apply please review the following to ensure:

1. Loan Qualifications:
  • Minimum Advance Payment: 10% +
  • Boats Might Not Be Avove The Age Of fifteen Years
  • Devices That Don’t Qualify: Powerful Boats, Commercial Vessels, & Houseboats
2. Credit Profile Parameters:
  • Credit Score / FICO rating should be 550 or Above
    • If you should be uncertain exacltly what the present credit history is, simply simply click Credit Reports to obtain a duplicate of the credit file.
  • Combined Unpaid Accounts Must Certanly Be Significantly Less Than $25,000.00. Reports consist of:
    • Collection records
    • Charge offs (unpaid records written down by the creditor)
    • Repossessions (car, ship, rv, etc)
    • Home foreclosures
    • Youngster support re payment
    • Tax liens
  • Current belated repayment (in the last thirty days) in the Following Accounts Will Disqualify:
    • Mortgage repayment
    • Investment home mortgage repayment
    • Car payment: car, rv, motorboat, etc
  • A Prior Bankruptcy isn’t Usually a challenge. Please Review the scheduled Program Restrictions Below:
    • Cannot have actually filed for bankruptcy more that certain time
    • Cannot have numerous late repayments post bankruptcy
      • (home loan or car re re payments, collections, fee offs, taxation liens, son or daughter help, etc)
    • Have comparable installment credit rating ahead of bankruptcy
    • Note: bank cards are not considered installment credit
  • Your overall month-to-month financial obligation to money ratio must not meet or exceed 50%?
    • To determine your financial troubles to money ratio – Click on this link

How exactly to use / next actions:

A) If you meet with the Credit Profile Parameters here please apply. When you have any questions please phone 949-515-0055 to learn more about our mid-tier and marine that is sub-prime programs. Our service-oriented and friendly staff of experienced motorboat finance specialists is going to work you the boat of your dreams and get your credit rating back on track with you, one-to-one, every step of the way to get. * (see disclaimer below)

B) in the event that you never have met the Credit Profile Parameters noted above may very well not be eligible for our sub-prime marine loan funding programs. We highly recommend unless you are relatively sure that you have met the general Credit Profile Parameters as it will place an unnecessary inquiry on your credit report that may lower your FICO score that you not apply for a loan. Alternatively we suggest once it has reached 550 or above that you start monitoring your credit score and apply for a SeaDream loan.

To find out more about upping your odds of securing boat funding SeaDream has assembled a variety of motorboat financing guidelines. With you to get the best possible boat loan after you have taken measures to increase your chances of being financed SeaDream will work.

You may constantly contact certainly one of our loan representatives to further investigate your overall situation.

* Disclaimer: The credit profile parameters are merely a guideline that is general usually do not guarantee that loan approval.

Frequently Asked Questions

You could get authorized for the motorboat loan despite having bad credit. Be aware nonetheless, interest levels and loan terms for risky loans will likely not match those offered to prime loan providers.

You will need 600+ along with a low debt to income ratio to qualify although it is sometimes possible to qualify for a boat loan with FICO credit scores in the 500s, generally. You qualify you can apply for a loan online today if you think.

The maximum term length is typically 15 years for bad credit loans. For people with exemplary credit you are able to up get terms to two decades.

To be eligible for a watercraft loan with bad credit you will need to place a minimum down of 10% as well as the motorboat must certanly be lower than 15 yrs . old.

At SeaDream, it is possible to purchase from a personal vendor in addition to dealers, agents and deals. There aren’t any charges for personal celebration deals therefore the prices and terms are identical as buying from the dealer.