I was planning to start a new business of renting out boats for recreation and for commercial use as well, dividing into two different segments. This would cater to two different set of clients. We have boats which are used for fishing in our area and there are tourists coming over almost all through the year. So I plan to go for the first section which is to rent out boats for recreation. This would require me to have atleast 2 medium sized boats which are in a good condition. This business depends on the kind of services you can provide rest depends on your marketing skills. A good service definitely increases your goodwill which is of great value.
Now I have arranged for some finances. I had some savings to buy one boat but I will keep them to fund my running cost which includes the managing part of it. I will be going for boat loans on both the boats and they will be brand new ones. Getting some reliable people is the tricky part. I don’t want people who are not committed to their work. I don’t really trust people easily and I hate people who have a casual attitude towards work. In the past few years I have met so many people like this that I have to be really careful about getting the right people. From the calculations I made I will be needing a staff of 7 to 8 people right from the start.
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I have always emphasized the importance of financial education and learning finance. One of the things that came to my attention is how ignorant people are when dealing with the finance. One of my clients was looking to take up a boat loan. Well he could get a boat loan, not an issue, there are so many banks and other financial institutions ready to give loans for exactly this purpose, buying a boat. But that person almost never made his past payments on time and even had a defaulted on a loan just because he did nt want to pay back. So what he needed actually was bad credit boat loans.
What he did nt understand was the credit history. He did nt actually know the concept of credit history of an individual, this is one of the most important aspect related to an individual’s credibility. As with boat loan or any other loan or mortgage, a lender always makes a check of the borrower’s credit history, whether the borrower has the capability to pay beck the loan on time, whether he has been paying his past payments on time. A good credit history can mean that you qualify for a loan easily and can get a better deal than others on your loan if you can negotiate on it. A bad credit history means it can be tough for you to qualify for a loan or if you qualify it would be expensive to get a loan. The interest rate would be higher as the lender has more risk on giving you a loan. Bad credit boat loans is also possible, there are not too many lenders giving bad credit boat loans but still there are some who specialize in such loans.
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Personal loans are one of the most common of the credit given by the financial institutions. This is way to get funds when you are in need and you can put the money to any use you want, it could be a necessity of it may be for other purposes. If you have a bad credit the more problems you will have getting a personal loan. Infact you will be approved for a secured loan because of the high risk assocated with the bad credit report. It can be secured by putting any asset as a collateral which can cover the payment incase of a default.
There could be many reasons for a bad credit, one of the reason could be bad handling of the funds or mismanagement of money. Other reasons can be death of the earning member in the family, layoffs or even medical emergencies which are expensive but can not be avoided. Layoffs are very common when the economy is down and the foreclosures are also on a high so it is a tough financial situation for a lot of people.
There are many lenders which specialize in giving loans to anyone with bad credit as it can happen to anyone even the responsible people. Most likely the interest rate would be a little high because of the high risk involved. Getting a personal loan and paying it back will also help you rebuild your credit again. You should try and make the payments on time as this is a good way of building up your credit in future.
However you should be a little cautious while applying for a personal loan especially if you are doing it online. Never agree to pay any processing fee for personal loan as it is also against the law for a lender to ask for processing fee. Most of the lenders know that a person who wants a loan on bad credit is in great need and they can turn it into their interest so be careful and if you are suspicious don’t apply for a loan with that lender.
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