Are you in need of fast cash but don’t know where to turn? If you’ve tried getting a loan from the bank or any other lender but are disqualified because of your credit, we can help!
Boat title loans are a great option for those who are looking for a secured loan without the hassles. As long as you own a boat under your name, you are eligible to apply and very likely to qualify for a boat title loan.
How do boat title loans work?
Getting title loans on a boat is simpler than you may think. These are secured loans that use your boat as collateral.
In other words, you are handing over the legal ownership of the boat to the lender, but you remain the registered owner.
This means you get to keep using your boat for the duration of the loan for whatever your needs maybe!
While boat title loans are not so standard, they can be easy to obtain, and the process is very similar to that of car title loans. Below you will find the boat title loan requirements:
- Personal and Boat Details. We will need to know some basic information about you, such as your address, date of birth, SSN, and email. You will also need to provide some information about your boat like the year, make, and model of the boat so we can estimate its value.
- Boat Title. This one may seem like a given, but you will need to provide the title of your boat for the loan. The title should be free of liens and under your ownership.
- ID. Like in any other type of loan, we want to verify your identity, so we ask that you provide any form of state or national ID such as passport or driver license.
- Proof of Income. As the lender, we need to make sure you have the ability to repay the loan in a proper manner. That’s why we request to see proof of steady income. You can show this using a recent pay stub, updated bank statement, or even a letter from your employer.
- References. The final requirement is a few references, which include the name, relationship, address, and phone number of each of the people you choose.
As you can see, boat title loans are simple and don’t require much in order to get approved. If you don’t have some of the requirements above, don’t fret. Give us a call, and we will do our best to help under any circumstances.
Does a boat title loan affect my credit score?
A good credit score takes years to build up, so it makes sense you want to make sure that the loan you are getting is not hurting that score.
Luckily, boat title loans rarely have any effect on your credit score. It is only under extreme circumstances in which you default on your loan that we may report information to the credit bureaus. Not hurting your credit rating is another great advantage of collateral loans.
Who gives out loans against boats?
For the most part, lenders who give out car title loans can also provide title loans on a boat. Since both types of loans use collateral to secure the loan, it is not extremely uncommon to find lenders who lend out money against ships.
You can apply for a title loan regardless of the type of boat you own. So whether it’s a small fishing boat, catamaran, or even a houseboat, you may qualify for a quick loan!
Boat loans without a bank account
A common misconception is that in order to get a boat title loan, you must have a bank account. This is wrong, and in fact, you can get a loan even with bad credit or no credit at all!
This is because we examine several factors when approving you for a loan, including the value of your boat pawn and your ability to repay the loan, not your credit history or recent bank statement.
Get your loan today!
If you need fast cash and own a boat, title loans can be an excellent option. It allows you to get the loan amounts you are looking for while avoiding the hassles of a bank loan.
There are some lenders that will even let you to get online boat title loans by submitting all your information on their site!
So if you have a boat’s title and are looking to borrow some cash, don’t hesitate and give us a call today!