Boater Chat – for all the chat on purchasing and financing boats!

Let’s Chat About Boats Loans and Finance

Next to which boat you should buy, the most popular topic of chit chat with fellow boating enthusiasts is likely to be – how you should finance your purchase.

There are several ways to finance your boat purchase with attractive options available for private buyers and those purchasing boats for business purposes.

Which particular boat finance Australia package will suit you, depends on your individual circumstances and may also depend on the actual boat you are purchasing.

You can secure a loan for all types and models of boats and marine craft including:

    • Loans for cruisers
    • Boat loans for small power boats
    • Finance for sailing boats and yachts
    • Speciality finance for racing yachts
    • Finance packages for houseboats and charter boats
    • Loans for all types of used boats
    • Financing for Commercial Marine Vessels

Types of Boat Loans

Depending on the bank or lender, loans for boats can be offered under a number of finance products:

    • Personal loans
    • Hire Purchase – personal and commercial packages
    • Business loans
    • Chattel Mortgage
    • Leasing

The type of loan which is right for you will depend on your requirements and profile.

For businesses, it will depend on corporate tax structure and it may be advisable to seek advice from your accountant prior to confirming a business finance deal.

Banks will be limited to the products offered through their company and perhaps their associated lending institutions, whereas a finance broker will have a greater range of lending products to choose from as they have more flexibility in sourcing loan products.

Boat Loan Interest Rates

Interest rates on boat loans will vary among banks and lenders and may be dependent on the strength of your application and the age and condition of the boat.

Finance brokers are expert in structuring loan application to suit specific applicants and the lender they are applying to, in order to acquire the cheapest interest rate possible.

If you are comparing boat loans from a number of sources, it is unwise to compare boat loan interest rate in isolation. There may be fees and charges on some loans which add to their cost and you should also take into consideration any specific conditions applied by the lender.

Sourcing a boat loan from an accredited finance broker enables you access to a wide range of products and to receive a complete package quote with all costs and charges included.

Many brokers will be able to include additional options such as insurance, warranties, improvements on the boat, transportation from sale port to home port and other extras into your loan package.

So by all means, listen to the chat, but make a considered and informed decision on any finance.

Boat Loans Approvals Process

If you are dealing directly with the bank yourself, the time taken and steps of the application process will vary from bank to bank. Some will require you to attend a personal interview while some offer an online application process.

If you organise your boat loan through an accredited finance broker, they are experts at structuring your application to suit the lender and to achieve successful approvals.

If you don’t want to miss out on a great used boat deal, ask your broker to fast-track your application for even faster approval.

Pre-Approval Loans Available

You can actually start the boat loan application process before you have an actual boat in mind to purchase. Simply complete the application form or chat to your broker about the price range that you are considering and they can organise pre-approval of your loan so you can proceed to make an offer of your boat purchase.

Boat Re-Finance Options

If you have a current loan but you want to quote for a better deal or if a lease is expiring and you wish boat refinance the residual, have a chat with the marine finance experts.

Working with a boat loan broker or specialist marine finance expert enables you to secure a great boat finance deal!