Boat Title Loans
Have you heard of boat title loans?
You can get boat title loans in California on any kind of boat these days, including your new boats, old boats, used boats, personal watercraft like wave runners or jet skis, houseboats, fishing boats, yachts, racing boats or anything else with a title.
While title loans on boats aren’t as common, they do exist, and they can be a great way to get you the cash you need quickly. If you own a boat that you’ve already paid off or you’re close to paying off in full, it may have a purpose other than catching fish or sailing the nearest lake or ocean.
How Does the Application Process Work?
A boat title loan works the same way as any other title loan. A title loans lender will approve the loan in exchange for temporary ownership of your boat’s title, as long as you show the ability to repay it. As a qualified borrower, you can still use your boat as much as you want while you pay back your loan, and you will resume ownership of your boat’s title once your loan has been repaid in full.
Requirements to Get Approved for Boat Title Loans
As with every title loan, there are a few documents that you’ll need to provide to be approved. These items include:
With these documents in hand, as well as others, all you’ll need to do to walk out the lender’s door with cash in hand is sign the paperwork. It’s that simple! These items will prove to the lender that you are responsible and will pay back the money you owe.
In addition, the lender might want to make sure that the boat is insured and that your driver’s license is up to date. Lastly, lending out money for a vehicle that isn’t in your name or is shared by you and someone else can be a bit of a hassle. While a title loan can still be administered, it becomes much harder for both you and the company lending the money.
Advantages of Boat Title Loans
Since you’re probably not using your boat as much as you would your car, there is a lot less risk involved.
Here are some extra advantages to “lending out” your boat:
Disadvantages of Getting a Boat Title Loan in California
There are a couple of potential problems associated with taking out a title loan on your boat as well. Here are some of the disadvantages you could encounter.
For the most part, it’ll come down to a trade-off between when you need the money and how long you’re comfortable paying on the loan.
How Are Bad Credit Boat Loans Repaid?
In the case of 5 Star Car Title Loans, title loans require that the first payment be made 30 days from issuance, and typically come with a 36-month loan repayment schedule. However, we do not charge prepayment penalties or any other hidden fees, so if you come into money and want to pay your loan off earlier to avoid additional interest that is completely acceptable.
If you cannot make the payments or default in some way, your boat, like any other vehicle, can be taken and sold by the lending company.
Flexible Payments with 5 Star Car Title Loans
We are also extremely flexible with how we take payments for title loans in California, allowing them over the phone, through regular mail, via online or electronic transfers, or even dropping by the office to pay in person with cash. When you take out a car equity loan from us, you can rest assured that we’ll be willing to accommodate your specific needs.
Are You Ready to Take the Next Step?
If you’re thinking about title loans on boats, give us a call today. We, 5 Star Title Car Loans, are based in California, and we’ve been helping people like you get the money they need for years. Our minimum loan is $2,600.
Contact us for a boat title loan free estimate. We look forward to hearing from you.