Credit Report and Boat Buying – What You Need to Know

Many boat buyers worry about whether their credit report will affect their ability to buy a boat. Although credit reports are not looked at as closely during the boat buying process as they are during the home or automobile buying process, boat buyers can better prepare themselves by getting a credit report before applying for a boat loan.

A clean credit report equals clean sailing

Obtaining a credit report before you even start looking for a boat can help you get a better idea of where you stand financially, and it can help you correct any errors your credit report may reveal before those errors are seen by a lender.

If your credit report reveals credit problems, you should be prepared to discuss those issues with a boat loan professional. Many boat loan lenders are willing to listen to legitimate explanations such as unemployment, illness, or other financial stressors for negative marks on credit report. If you are actively working to correct a problem on your credit report, a boat loan professional will often take that into consideration when negotiating your loan.

Boat loan professionals consider the most important elements of a buyer’s credit report to be the following:

  • Payment history
  • Credit score
  • Debt amount
  • Bankruptcies

If you want to buy a boat immediately, and for the best price possible, obtaining a credit report before you start shopping is a must.

Are you in the market for a new boat? Smooth out the boat loan process by getting a copy of your complete credit report online now!