At Ume Loans, we understand that financial setbacks happen. But we don't believe they should define your future or stand in the way of your goals.
Buying a boat with bad credit can be difficult, especially when traditional lenders say no. That's where we step in. Our bad credit boat loan options are built to support people who've been overlooked by other providers.
Whether you're purchasing new or used, from a dealership or a private seller, we give you the flexibility to buy the boat that suits your needs.
We take the time to understand your financial circumstances and work with you to structure a loan that fits, without judgement, just solutions.
At UME Loans, we know life doesn’t always go to plan, and a credit score doesn’t tell your whole story. That’s why we take the time to listen, understand your situation, and work with you to explore flexible options tailored to your needs.
We’ll chat openly about your credit history, including any missed payments, defaults or collections. There’s no judgement, just a genuine focus on how we can help you move forward.
By focusing on your potential, not your past, we make sure to look beyond your credit score, so that we can find ways to say yes, and get your loan approved.
Here are just a few benefits of getting a bad credit boat loan through Ume Loans:
Loan terms of up to 5 years, structured around what you can afford so you’re always in control of your repayments.
Choose a repayment schedule that works for you: weekly, fortnightly, or monthly. Flexibility that fits your lifestyle.
Apply online in minutes with potential same-day approval, and you could be shopping for your new boat sooner than you think.
With a bad credit boat loan, you could be subject to higher interest rates because your application is seen as a higher risk. This is normal. We’ll work hard to ensure that we get your bad credit boat loan interest rate as low as possible but it’s important to understand that this can increase your payments.
Due to your credit history, you may not be eligible to receive as much finance as you might want. It’s important to understand this because it’s a part of how we help you get approved. If we keep our loan amounts in check, we have a better chance to get approved for a boat loan.
Our team of bad credit lenders may want to extend the boat finance loan out to stretch out the payments and reduce them if you have a high interest payment. This is a great way to lower your regular payments but it will result in more interest paid over time.
If you have a low credit score resulting from a poor credit history, you may be expected to put a higher deposit down on the boat loan so that the risk is offset when we assess your application.
This is normal and it will offset the cost of the premium. If you’re not prepared to put a higher deposit down, you might want to take some more time to save up.
Ultimately, a bad credit boat loan will result in more paperwork because our lenders will want more verification of how your situation has changed over time.
This can result in them requesting payslips, utility bills, and rent receipts to make sure you have enough money coming in to clear your bills but also to verify that you’ve been making payments on time.
With a bad credit boat loan, you could be subject to higher interest rates because your application is seen as a higher risk. This is normal. We’ll work hard to ensure that we get your bad credit boat loan interest rate as low as possible but it’s important to understand that this can increase your payments.
Due to your credit history, you may not be eligible to receive as much finance as you might want. It’s important to understand this because it’s a part of how we help you get approved. If we keep our loan amounts in check, we have a better chance to get approved for a boat loan.
Our team of bad credit lenders may want to extend the boat finance loan out to stretch out the payments and reduce them if you have a high interest payment. This is a great way to lower your regular payments but it will result in more interest paid over time.
If you have a low credit score resulting from a poor credit history, you may be expected to put a higher deposit down on the boat loan so that the risk is offset when we assess your application.
This is normal and it will offset the cost of the premium. If you’re not prepared to put a higher deposit down, you might want to take some more time to save up.
Ultimately, a bad credit boat loan will result in more paperwork because our lenders will want more verification of how your situation has changed over time.
This can result in them requesting payslips, utility bills, and rent receipts to make sure you have enough money coming in to clear your bills but also to verify that you’ve been making payments on time.
Enter some basic details so we know who you are, and what you’re looking for! This will not affect your credit score. This is where you will submit your bank statements online.
One of our Lending Specialists will call you to speak with you about your options
We'll get to work on getting your loan pre-approved as soon as you supply
Once everything is verified, you can sign your contracts electronically
Time to go shopping for your new boat or pick up the boat you've already chosen
Enter some basic details so we know who you are, and what you’re looking for! This will not affect your credit score. This is where you will submit your bank statements online.
One of our Lending Specialists will call you to speak with you about your options
We'll get to work on getting your loan pre-approved as soon as you supply
Once everything is verified, you can sign your contracts electronically
Time to go shopping for your new boat or pick up the boat you've already chosen
Enter some basic details so we know who you are, and what you’re looking for! This will not affect your credit score. This is where you will submit your bank statements online.
One of our Lending Specialists will call you to speak with you about your options
We'll get to work on getting your loan pre-approved as soon as you supply
Once everything is verified, you can sign your contracts electronically
Time to go shopping for your new boat or pick up the boat you've already chosen
15+ Years
Experience in Alternate Lending
We Understand
We provide good people with a second chance
Our Team
Our team is passionate about helping people
Simple Process
Apply online in minutes
Yes. If the Boat is yours, or going to be yours, we will be happy to finance it. Many other lenders have a whole bunch of rules around the age and type of boat you can buy, but you won’t find that at Ume Loans. Just remember, we only transact loans between $5000 and $40000.
Yes. You can finance a brand new boat or a secondhand boat with Ume Loans, again, just remember we only transact loans between $5000 and $40000.
Yes. We are happy to finance boats bought both privately or through a dealer. Your Lending Specialist will make the process super easy for you, by contacting the seller and arranging any information we need from them directly. We will even give you a copy of the PPSR search we conduct to verify there are no prior outstanding loans on the exact boat you are buying.
No. We personalize your boat loan repayment to suit your budget without the need for a large lump sum payment at the end.
Yes. Ume Loans have no minimum credit score requirement. We are more interested in your future and your ability to repay the boat loan, than what has happened in the past.
