Christian Bad Credit Boat Financing
Securing Christian bad credit boat financing can be an overwhelming challenge in a deluge of economic instability and raging unemployment. A tidal wave of high interest rates amidst a national housing market slump has forced conventional prime lenders to exert stringent requirements on borrowers who are expected to have impeccable payment histories. But thanks to creative financing, a family's dream vacation doesn't have to be lost at sea. The economy might be tight, but owning a boat can still be a reality. Web-based marine financing companies offer attractive options for qualified applicants; some specializing in helping high-risk buyers. Funding for purchases of sail boats, yachts, or commercial fishing vessels may be challenging to sea farers with less than perfect payment histories, but with careful online searching it's not impossible.
Banks, marine funding services, and other lending institutions consider boat financing as a secured loan. Companies that specialize in marine are adept at finding funding for commercial buyers and private parties who meet certain qualifications. When lenders extend poor credit boat financing to high-risk borrowers with poor payment histories or bankruptcies, they will require a co-signer or collateral to stand as surety for monies owed. Sub-prime and hard money lenders are more likely to float a ship fund simply because marine vessels are great collateral. If borrowers default, the lending institution repossesses the boat and sells it for the remaining balance, or at a profit. Borrowers who default are still liable; and lending institutions can either garnishee wages or secure a judgment against borrowers for balances owed. The Bible warns explicitly against failing to repay monies owed. "Be not thou one of them that strike hands, or of them that are sureties for debts. If thou hast nothing to pay, why should he take away thy bed from under thee?" (Proverbs 22:26-27).
The possibility of repossession is also coupled with high interest rates imposed on consumers with poor payment histories. Borrowers who succeed in obtaining bad credit boat financing can easily get snagged by sky-high interest rates that can drive up the cost of ownership considerably; and a secured position can soon become an albatross. Lenders can be hard taskmasters, penalizing borrowers with stiff repayment fees if amounts owed are paid off earlier than terms allow. High-risk borrowers can soon feel like they are walking the plank between enjoying the freedom of sailing the high seas and fighting a strong current of hefty monthly installment payments. However, in spite of hurricane force interest rates, borrowers are in a better position to navigate around past problems to better money management. Consumers with low scores can be redeemed from past payment woes by making timely payments, eventually finding themselves in a better position to acquire better interest rates in the future. High-risk borrowers may also fare better by applying for trust where they bank. Banks and financial institutions may be more lenient with account holders who experience intermittent money problems due to unexpected events, such as illness or job loss. A good banker may offer financing with professional money management counseling to help put high-risk borrowers back on course.
Second tier lenders are specialists in working with consumers with lower report scores, usually below 500. Proof of stable income, the number of years on the job, and available collateral are all factors lending institutions take under consideration when determining a borrower's ability to repay. Web-based lenders offer online applications to pre-qualify buyers seeking to obtain bad credit boat financing. Applications may request social security numbers, bank routing and account numbers, previous years' income tax returns, and verification of employment. Once approved, borrowers can start shopping online or onsite for the best buys. Consumers with low credit scores should shop wisely, choosing craft with the best amenities at the most affordable price. Buying a lesser craft initially, and faithfully making payments can qualify high-risk borrowers for a dream boat in the future. Less-than-perfect dinghies can easily be traded up to more luxurious power vessels and yachts as indebtedness is alleviated and income improves.
Borrowers who are drowning in debt may consider consolidating past due accounts to reduce indebtedness before seeking a sea going vessel. Consumer counseling agencies can help high-risk applicants develop payment plans to satisfy lendors, devise a workable budget, and negotiate for for fund relief. Taking steps to alleviate the pressures of indebtedness assures potential lenders that the borrower is working to solve financial issues and willing to make necessary concessions to rebuild trust. Bankrupt consumers may be required to attend money management courses as part of court-ordered judgments. Certificates of completion may help persuade reluctant lenders to grant bad credit boat financing to penitent borrowers.
Sometimes securing a debt requires all hands on deck! When traditional methods fail, borrowers may be able to secure marine asset funding with a little help from a crew of family and friends, or a generous first mate. Relatives may be willing to contribute financially or co-sign for loans if borrowers consent to time-sharing aboard marine craft. But borrowers are responsible for making timely payments to avoid jeopardizing financial records for relatives who lend a helping hand. Cashing in on retirement savings or stocks and bonds may also provide a source of funding from family or friends. Sea faring can become an extended family affair as a goodwill gesture to all who pitched to make ownership a reality. Plan a weekend fishing retreat or a trek to nearby shores for an old fashioned clam bake or a romp on the beach. And when creditworthiness is restored and the proverbial ship comes in, borrowers shouldn't forget those who tossed them a financial lifeline.
Christian Bad Credit Boat LoanSecuring a bad credit boat loan may have gotten somewhat more difficult in the recent past, but there are still companies willing to help those who have a dream of owning a watercraft but are plagued by the anchor of delinquent debt. Most people at one time or another have struggled with making icky money decisions and have gotten bloody credit noses because of such faulty decisions. Unfortunately, these decisions can follow a person's borrowing history for years and even deserving people can often have their dreams smashed by a past that is over and done. While getting a watercraft is a luxury, it should not be withheld from a person who has learned from his/her mistakes. Monies are available for those who want to fulfill their dream of watercraft ownership.
A bad credit boat loan is going to be secured, without question. That means that if a person misses a payment or two, the company will come, and sell the watercraft to help pay down the borrowed money account. Unfortunately the faulty borrowing history has now become rotten borrowing history. In order to help mitigate that possibility, there are some things to be aware of from the outset of the purchasing process. Consider the following questions:
Before getting a bad credit boat loan, is the watercraft purchase a somewhat spur of the moment thing? Little children always want the bubble gum in the globed machine at the store entrance and they always want the box of cereal never tasted before. For adults, spur of the moment purchases might come after a weekend with friends on a lake with someone else's watercraft or maybe following a fishing trip on a best friend's bass vessel. Many adults are not immune to the dream of having something right away and impulsive spending can make those wishes come true quite speedily. A thought in the morning about owning a seventeen foot bass or ski craft can often put one in the garage by evening. But putting a watercraft in the garage is a lot different than putting the debt payment into the family budget for as many as ten years.
There is the very old joke that the two happiest days in a vessel owner's life are the day the watercraft is bought and the day the same is sold. Owning a watercraft can be a wearisome task at times, much like having a perpetual baby in the family that never grows up. There is the constant care of up keeping the water conveyance, because most lakes and rivers are not exactly operating room clean. Maintenance on a watercraft, especially if the vehicle is powered needs continual is legendary, and the insurance and fuel costs can be quite formidable. But if a spending habits hve been poor and yet the dream of owning a watercraft is strong, a person should first consider the expense loan and ownership costs. Will the it be out six times a season, or ten or three? Divide the entire cost of a year's ownership into those three or ten or fifteen times and judge whether the experience will be worth the expense.
For those who must apply for monies, there is no argument that certain negative financial decisions have been made in the past to precipitate such a negative money connotation. This means that higher interest rates and more down payment money will be required. One of the tell tale signs of whether or not a watercraft should even be purchased under the delinquent funds scenario is how the down payment money is generated. If a second account of money has to be secured for the down payment in addition to the borrowed money, then a gigantic, bigger than Texas red flag is waving in the air! Do not go forward with such a purchase because it is a luxury one cannot afford!
Many financial experts agree that unless a person seeking monthly payments can make a fifty percent down payment, the purchase should not be considered. But if all the criteria are met, the customer should first qualify for monthly expenditures that can be lived with for a number of years, and then go seek a watercraft that fits into their budget. The reality is, and marinas are counting on it, that a customer will first go and find a watercraft that is a dream conveyance, and then help the customer get a dollars to pay for it, even if the bills are far beyond the customer's ability to pay. It's just too easy to fall in love with lots of chrome! "For God so loved the world that he gave his only begotten Son, that whosoever believeth in him should not perish but have everlasting life." (John 3:16)
Christians trying to decide on an adjustable rate or a fixed interest rate will be the final decision made regarding dollars borrowed. While adjustable interest rate choices may be cheaper in the short term, a fixed rate is the most dependable because regardless of the economic conditions the bill will always remain the same. Making life priorities is really what this article is all about. Whether the decision is about a house, a car, a ship, a marriage partner or other potentially life altering choice, a person's priorities come shining through in each one. Making sure that God is the highest priority in one's life is what Jesus said was the greatest commandment. All other pursuits will eventually be proven to be as leaves blowing in the wind.