Best Personal Watercraft Loans For Good & Bad Credit: Near Me

What types of watercraft can I finance?

Most types of watercraft vessels can be financed, but the financing options may vary. Here are some types of watercrafts you can finance and some options that may make sense. 

• Boats: Boats can range in price drastically. For boats on the less expensive side, or boats you want to purchase from private sellers, personal loans can be a flexible lending product. Funded as a lump sum with no collateral requirement, personal loans can be used to cover the cost of the boat, repairs, transportation, and so forth. For boats on the more expensive side, or those purchased from dealers, a secured loan option may make more sense. Secured loans can have lower APR since they are backed by collateral. 
• Kayak: Kayaks are generally much less expensive than boats. Before financing, you may want to consider the possibility of saving up cash. If you prefer to make payments though, you can use a personal loan or some retailers may have payment plans or financing options available. 
• Paddle board: Similar to kayaks, paddle boards are generally much cheaper than boats, however they too can vary in price. Financing options such as a personal loan or financing through a retailer may be available. 
• Jet ski: Jet skis are thrilling watercraft vessels that can be financed. Secured and unsecured loan options may be available. 

Can I finance a used watercraft?

Used watercraft can be financed. Whether you plan to purchase from a dealer or private party, you can access secured and unsecured loan options. While unsecured loan options may be more costly, they can remove the requirement for collateral or a down payment. This can help you access financing options faster and expand watercraft options. If the watercraft is used as collateral it will likely need to meet certain requirements. However, a personal loan can remove these requirements since there’s no collateral involved. 

Is it hard to get a personal watercraft loan?

Watercrafts are a nice-to-have so financing should be seriously considered. Nevertheless, our happiness is truly priceless. When it comes to using a personal loan to finance a watercraft vessel the lender will likely base their decision based on your creditworthiness. Since personal loans are not secured by collateral, lenders generally just ask for the amount you want to borrow, not the use of the loan. Shopping more lenders can help you find the right loan offer, thus simplifying the process. Offers are more likely to be returned to borrowers with fair, good, or excellent credit. The more qualified you are, the more accessible a personal loan may be. 

What credit score is needed to finance a watercraft?

Credit score requirements can vary by lender, and can also vary depending on the type of loan. Secured watercraft loans may offer more flexibility since they are backed by collateral. If you default on the loan, the lender can seize the collateral and resell it to recoup potential losses. This can reduce the risk for the lender. Regardless of the type of loan though, offers are more likely to be returned to borrowers with fair, good, or excellent credit. According to the FICO® score scale, the fair range falls between 580-669. While this can give you an idea of what your score might need to be, it’s also worth mentioning that other factors can help or hinder your chance of qualifying. Factors such as income, debt-to-income, or credit history can also be considered in parallel to credit score. Requirements can vary by lender, so you may need to keep checking offers until you find the right one. To increase your chance of qualifying, consider boosting your credit score. 

Do I need a down payment for a personal watercraft loan?

Personal loans for watercraft financing do not require a down payment in most cases. However, if you only want to finance a portion of the cost, you can. Personal loans are a type of installment loan that is not secured by collateral and does not require a down payment. They can be funded as a lump sum with few spending restrictions and used for a variety of purposes. From purchasing a watercraft to repairing a watercraft or purchasing a watercraft trailer, personal loans can provide the cash you need to ride the wave. 

How long does it take to get approved for a watercraft loan?

In summary, it can take as little as 1 business day or up to a week or more, although approval times can vary. However, we want to be mindful that getting pre-qualified and approved are different. A pre-qualified offer can be obtained in as little as seconds. While it’s based on your information, the lender may need to verify your information or receive supporting documentation before they can approve and fund the loan. Approved loans on the other hand are ready to be funded. The loan approval process time can vary depending on factors such as the lender, complete and correctness of information submitted, and timeliness of information provided by the borrower. As you go through the application process, take your time and ensure you’re submitting accurate information as requested by the lender. 

Can I apply online for a watercraft loan?

The online marketplace for watercraft loans expands your access to local and national lenders. As lenders strive to deliver convenience to borrowers and compete for more loans, many offer online application processes. You can apply directly with the lender(s) of your choice, or take advantage of lending marketplaces that can connect you to multiple lenders at once. 

How to get a personal watercraft loan

Watercraft loans can be secured or unsecured. To help you choose which option is best for you, here are some steps you can take.

1. Browse watercraft vessels: Doing some research to help you narrow down the watercraft vessel you wish to purchase, can help you in the next step of the process; choosing the right type of financing. Details such as the total cost and where you intend to purchase can help you choose the right type of financing. 
2. Choose the right type of financing: Now that you may have a better idea of the amount you need to borrow, details of the watercraft, and where you intend to purchase, you can evaluate secured versus unsecured financing options in more detail. 
3. Get pre-qualified: Getting pre-qualified for a loan helps you learn what you actually qualify for. It can help you narrow down lenders, as well as revise your budget if needed. In some cases, you can get pre-qualified with no credit score impact. 
4. Finance the watercraft: With the watercraft loan picked out and financing lined up, you can proceed with your purchase. 

Why choose Acorn Finance for watercraft loans?

Acorn Finance partners with top national lenders to provide a secure platform for consumers to check loan offers through. With access to more lenders in one place, you can increase the chance of returning an offer. From your smartphone or computer, you can unlock offers in seconds with no credit score impact. Whether you’re just shopping around, or set on getting a personal loan, you can do your due diligence without any commitment or impact. The convenience of comparing offers from multiple lenders in one place can help you find the right loan offer seamlessly.