Boat Registration and Licensing
It’s important to understand that owning a boat in Canada comes with a set of rules and regulations. You can’t just buy a boat and immediately sail off into the sunset. All water vehicle owners (who own a boat with a 10-horsepower motor or more) in Canada are required to apply for a pleasure craft license, which is similar to a normal driver’s license.
In addition, you also need to apply/comply with the following requirements:
- Registration – A boat registration is a document that provides proof of ownership. It is issued by the Canadian government and is necessary to obtain a pleasure craft license.
- Hull Serial Number – This is the number that is stamped on the hull of your boat. It is a unique identification number that is assigned to every boat, as proof that it meets Canada’s minimum safety standards.
- Trailer Registration – Did you know that boat trailers need to be registered and licensed too? A boat trailer is considered a motor vehicle, so you must register it as well.
- Canadian Compliance Notice – The Canadian compliance notice is another legal document proving that your watercraft has met Canada’s minimum safety standards.
Types of Water Vehicles That You Can Finance
Boat financing is applicable to almost any type of watercraft, including but not limited to:
- Sailboats
- Motorboats
- Trawlers
- Dinghies
- Houseboats
- Catamarans
- Yachts
- Dinghies
Boats are a very expensive investment. Therefore, it is important to consider all of the factors that will affect the price of your boat before you decide to purchase one.
Lending Companies That Offer Boat Loans With Bad Credit in Canada
If you have bad credit, you might think that you will never be able to get a boat loan. However, the good news is that there are companies that specialize in offering boat loans to individuals with bad credit.
Below is a list of some of the top-rated providers of boat loans with bad credit in Canada:
Sparta Finance
Victoria, BC-based Sparta Finance is a popular lending company that offers boat loans for people with bad credit. There is no limit to the amount you can borrow because each application is reviewed on its own merit. Sparta Finance offers a repayment period ranging from 3 months to 240 months and charges an interest rate between 3.9% and 34.9%.
Money Line Capital
Money Line Capital is another popular Canadian lender that offers boat loans to people with poor credit. They are also flexible in terms of the amount of money you want to borrow. They charge an interest rate ranging from 4.9% – to 24.99% and offer a repayment period from 18 months to 84 months.
BHM Financial Group
BHM Financial Group is a Canadian loan broker that connects borrowers to lenders that offer bad credit loans in Canada. Their network of lending partners can offer boat financing ranging from $5,000 to $25,000 for a term of 2 years to 5 years. Interest rates vary, so it’s best to contact BHM Financial Group directly for more details.
It’s important to note that some lenders in Canada, both traditional and alternative financial institutions, may require you to put up collateral in exchange for the loan. Make sure you fully understand the terms and conditions of your chosen loan provider to avoid getting stuck with a loan that you can’t afford.
Conclusion
With a lot of Canadians working remotely, it’s become much easier for people to get away from the hustle and bustle of city life and enjoy some time alone. If you have always dreamed of owning a boat, there’s no better time to get going than now. Do a lot of research and compare all of your financing options to find the best boat loan for your financial situation.
Aunt Piggyy
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