Bankruptcy has become an increasing solution for individuals who cannot pay off their debts and liabilities. According to ITSA’s statistics, 10,499 Australians filed for bankruptcy in 2008-2009 and that is only in New South Whales! In Victoria, figures were almost half the amount at 5,980 individuals.

If you are bankrupt this does not mean you cannot work. In fact it’s recommended you continue working to pay off any debts that are remaining according to your plan with the creditors. Over your bankruptcy period attempt to pay all your commitments in a timely manner! You don’t want to add any defaults to your credit file, this will make it much harder to qualify for a loan when you are discharged. Bankruptcy usually lasts for 3 years unless it has been extended to 5 or 8 years. Although you will eventually get discharged, it will remain on your credit file for a few years after until it eventually drops off.

Many individuals want to get financed whilst they are bankrupt, this is not possible. Once you are discharged for a minimum of 12 months a financier will be able to help you, in the meantime do not apply anywhere. The more hits you have on your file the less chance you will have later on. It is recommended you have no more than four finance enquiries per year, financiers do not like a busy credit file.

When you are discharged and are looking at financing another car or boat there are many brokers that will be willing to assist you. These days there are financiers that are specifically in the market to provide second chance lending. Although they cater to assist individuals who have had a bit of a bumpy ride in the past, expect to received an interest rate that is slightly higher.

If you would like more information on how to go about getting finance after you are discharged contact Natloans on 1300 955 791 or have a browse on www.natloans.com.au

Technorati Tags: Bankruptcy, boat loans, Car Finance, car loans, Credit History

Natloans have been helping Australians source low cost boat loans for 10 years.  It doesn’t matter what type of boat you want to purchase, we have the expertise to get you sailing sooner and save you both time and money.

Most Natloans clients come to us looking for a pre-approval.  This is a good approach.  By seeing whether you are able to get the finance, then you can go boat shopping.  Since the global financial crisis in 2008, boat dealers are finding it very difficult to move their stock.  We have seen dealers and boat brokers give massive discounts off the price of their stock.  This is  more evident at the top end or 100K+ boat price range.

Although this may appear to be good news for boat buyers on the surface, lenders are being extremely cautious with their money on boat loans.  Boats are considered to be ‘luxury’ items, therefore like in any economic downturn, such assets are deemed as being ‘big risks to the loan book’.  It’s more important than ever to have a skilled broker do the leg work for you.  A skilled broker will know how to best structure the loan for you so you end up with not only a great approval, but a loan product which suits your needs.

The benefit of applying for a boat loan with Natloans is our buying power and reputation. Because we write large volumes of business with many finance companies, we have excellent deals only available to our clients and we pass on the benefits to you.

Before you apply for boat finance you should first speak to Natloans, so you can be sure that you are getting the low interest rate that you deserve.

Technorati Tags: boat loans, low cost boat loans, pre-approval boat loans

Buying a boat can be an exciting experience. However, before you hit those Boat Dealerships, you need to make some careful consideration on how you will finance it.

Natloans has been financing boats for their clients for nearly 10 years.  A vast majority of our savvy buyers arrange Pre-Approval of the money first before they commit to a boat purchase. That way, they have peace of mind that they can obtain the finance and concentrate on negotiating price with the dealers.  Since the Global Financial Crisis, the marine industry was hit hard.  There are many opportunities to pick up bargains as dealers are desperate to move stock.

According to Mary Nebotakis from Natloans, the main product used for financing a boat is a Personal Secured Loan.  This means the boat is used as security against the loan.

Following are some of the features of a Secured Boat Loan:

• Finance terms – range from 1 year to 5 years.
• Fixed repayments allow for your budgeting needs and protect you against interest rate fluctuations.
• A deposit is generally not required but is desirable as this minimizes the lenders exposure to the asset. A condition of approval could be up to 25% deposit, so make sure you have some savings behind you.
• If your boat is to be used for business purposes you may qualify to claim part of the interest and depreciation as a tax deduction.
• Equity in your marine purchase can be increased, by making additional payments without penalty.
• Direct debiting of your monthly repayments can be arranged.
• “Low Doc” Secured Boat Loans are available for Self Employed clients

Natloans will take the work out of applying for a loan. You may apply directly to us either over the phone on 1300 955 791 or online at www.natloans.com.au. Natloans can also assist in insurance needs for boats as well.

Technorati Tags: boat finance, boat loans, secured boat loans

If you are looking a purchasing a new boat make sure you have done thorough research in order to make sure you get exactly what you want. Start by make a list of likes and dislikes of boat activities, this will eliminate various models and help you in narrowing down to the ideal product. Keep in mind the manufacturers recommendations, specifically the number of occupants and the maximum weight. You don’t want to be making a purchase then realizing that it’s not the right one for you.

Are you a first time buyer?

It is a good idea to buy a used boat just in case you realize boating isn’t what you enjoy. You can still find a decent boat that has been well maintained and serviced for a great deal. Remember, majority of people use their boats in their spare time, so most of the time boats sit.

When reviewing a boat, go by your first impression. If the boat looks well maintained it is highly likely the owner has been looking after it. Don’t hesitate to lift any objects on the boat; you would be surprised what you’d fine. If there’s any sign of discoloration or rust it is highly likely the boat has been uncared for.

Before contacting the seller think of questions you can ask like: Is their anything that needs to be repaired now?  Has the boat ever been in an accident? What accessories are included? Review numerous boats, asking the same questions, once you have a fairly good idea of which boat is the one for you determine a reasonable price and negotiate with the seller!

To obtain a boat loan contact natloans on 1300 628 562 for all your boating finance needs.

Technorati Tags: boat buying tips, boat loans, first time boat buyer