No Doc Boat Loans

I was on the Hulltruth forum and someone was asking about a no doc boat loan. So not knowing what one was myself I decided to look into what a no doc boat loan was what were some of the requirements.

Q: What is a no doc boat loan?
A: In a no doc boat loan lenders don't verify things like Assets, income or employment. Normally they verify just the collateral and your credit history.
You would use this if you had income or assets that were difficult to verify. If you are self-employed this might be the best way to go

Now of course in this situation you will need excellent credit. A score of 720+ will help in this situation. A well rounded credit history. This means lenders will want to see that you've had different types of credit or loans not just a bunch of visas in your wallet. Plus they'll want to see things like a on time payment history with no late pays. Low credit card balances on all your revolving credit accounts. How long you've had the your credit lines. And avoid credit binging, where you open too many accounts at once. Try to not open more than 1 line of credit every 6 months.

Most lenders have other requirements. Loan sizes of up to 100k or 250k depending on the lender. And you will have to provide a down payment of roughly 20%.

So in the end a no doc loan might be easier for you in terms of not having deal with the hassle of documents. However the requirements are strict and this type of loan may not be suitable or attainable for everyone. In the end it all comes down to your credit.