Bait boats are one of the more expensive items of fishing tackle you will own. We explore some of the options for financing your bait boat purchase to help spread the cost.
Brand new bait boats generally range from around £400 at the lower end to £1500 at the top end. There are a couple of bait boat finance options available to help you spread the cost of your purchase. We must stress that bait boat finance is like any other type of loan, you must ensure you can afford the repayments as any type of finance package will affect your credit score.
How to apply for bait boat finance
Step 1: Check your credit score for free
It is vital that you check your credit score before applying for a finance package. If you apply for finance and get declined it can have a negative impact on your credit score, this can make getting credit more difficult in the future. One way to get around this is to check your credit score for free before you apply for any type of bait boat finance. You can check your credit score for free using the link below…
ClearScore gives you a score from 0 to 700. This score can give you an indication as to how likely it is that you will be accepted for a finance package.
- 0-279 – Very Poor
- 280-379 – Poor
- 380-419 – Fair
- 420-465 – Good
- 466+ – Excellent
As a general rule, people with a good score or above may be eligible for interest-free bait boat finance deals direct with a supplier such as Angling Direct. However, even people with a very poor or poor credit score may still be able to arrange finance to buy a bait boat, we cover this below.
Step 2: Decide on the type of bait boat finance package
There are several options available when financing your bait boat purchase, these are…
- Interest-free finance through Angling Direct
- Interest-free purchase via a credit card
- Personal loan with flexible or fixed monthly payments
We explore each of these options in more detail below.
Interest-free finance through Angling Direct
Angling Direct can offer a range of interest-free credit options on any order over £300, which will cover any bait boat in their range. They offer 6, 9 & 12 months finance deals. 18-month interest-free credit is also available on orders over £1000. You can learn more about Angling Direct’s interest-free credit deal here.
Angling direct offer a range of bait boats and accessories on their website, take a look at the range here.
Interest-free purchase via a credit card
A credit card is a great way to finance a bait boat purchase as it allows flexible repayments on the total balance. You can choose to pay smaller amounts each month (as long as you pay the minimum payment) or larger chunks when your a bit more flush. Many credit card companies offer an interest-free period on purchases.
One of the main benefits of buying a bait boat with a credit card is choice. You can browse the internet to find the best deal and even buy second-hand bait boats from tackle shops or auction sites such as eBay using a credit card. This gives you much more choice when purchasing your bait boat.
You can also use the “cash transfer” option which many credit cards offer to transfer the cash direct to your bank account, you can then easily buy second-hand bait boats direct from individuals to get the very best deals.
Money Supermarket offers an “eligibility checker” which allows you to check if you will be accepted for a credit card before you apply. This protects your credit score and will also give you an indication of how much credit you are likely to be accepted for. Using this eligibility checker has no effect on your credit score so anybody can see if they are likely to be accepted without having any footprint on your credit file. This option offers a flexible and simple solution to your bait boat finance requirements. Use the link below to use the free Money Supermarket eligibility checker.
Personal loan with flexible or fixed monthly repayments
Personal loans are another way to raise bait boat finance. Many banks offer loans at great rates to existing customers. You can also get great deals from building societies for new customers. Short term loans are another one of the possibilities, but please be aware of the high charges associated with this type of loans. As with any type of finance, it’s essential you can afford the repayments. Any missed payments or defaults on the loan will have a negative impact on your credit score. However, repaying the loan in full and keeping up with your repayments will have a positive impact on your credit score.
Again, Money Supermarket offers a free eligibility check which will give you an indication as to how likely you are to be accepted for a loan before you apply. It will also give you an indication as to how much a lender is likely to loan you. This eligibility check has zero impact on your credit score. You can use it for free below.
Step 3: Enjoy your new bait boat
The 3 options above are simple ways to purchase a bait boat on finance. We cannot stress enough how important it is that you do your sums to ensure you can afford the monthly repayments on your bait boat finance. Any missed repayments can cause problems when applying for credit in the future, including car loans and mortgages. If you can afford the repayments then buying a bait boat on finance is a great way to spread the cost of this expensive tackle purchase.