In most major cities in the United States, you will most likely come across a buy here pay here boats dealership. These dealerships allow those who have bad credit to be able to buy boats and pay for it in either monthly or weekly basis. As you know, people with bad credit would have a hard time availing for credits since banks and other major financial companies do not have the trust and confidence for them anymore.
But through buy here pay here financing option, a lot of people would be able to get the things that they want through credit even though they do not have an impressive credit history. There is no credit check required during the application process, so your credit history will not matter at all. Basically, what they will just require is for you to have a stable income as proof that you are capable in paying for your debt when the due date comes.
Just like with everything else, there are advantages and disadvantages in using the buy here pay here boats dealership. The following are some of the advantages.
You will be able get the boat that you want by paying a little cash or by not spending any cash at all. This will mainly depend on the vendor or the merchant that sells the boat. For as long as you have all the requirements needed, then everything should be a breeze.
As mentioned, there is no credit history involved when applying for a buy here pay here financing scheme. There will not be any employee verification process involved even. Nevertheless, they report your credit performance to the credit bureau, so if you will be paying your dues on time, then your credit rating could increase. Therefore, if you want to improve on your credit rating, the buy here pay here boats dealership will be a good option.
There are dealers who do not charge interest fees, but expect to pay more for the boat and the price is usually higher than the market value of the boat.
If you are someone who depends on Social Security Benefits, you can still apply for the buy here pay here credit, which is not usually the case on some banks and financial institutions.
Here are some of the disadvantages.
As mentioned, you should expect to pay more for the boat since the dealers will sell the boat with a price higher than the market value.
The dealers would need you to provide your bank account information and other personal information since they wont need your credit history. They will ask the contact number of your relatives, closest friends, co-workers, and about two to three contact numbers to reach you.
If you are in need to buy a boat and do not have the money to spend for one, the buy here pay here boats dealership could be a good option for you. Despite of the minor disadvantages, this financing option is still a great alternative for everyone.