Credit Challenged Loans

Q:	Beacon was able to approve me for a boat loan even though my credit score was only 618. The problem is the interest rate is very high. If I make my payments on time at what point will I be able to refinance into a lower rate loan?
A:	If you make all your boat loan payments on time and keep all of your credit up to date, after 12 months we may be able to refinance your loan at a lower rate of interest.