If you’re looking to buy your dream boat, getting the right finance can help you get there much sooner.
Boat financing allows you to pay off a loan in regular instalments, whether weekly, fortnightly or monthly, during a set loan term and paying interest on the total loan amount.
Interest rates and loan terms for each boat loan will vary depending on the lender, the loan amount, your credit score and income, and whether the loan is secured or unsecured. Boat loans can be arranged for boats purchased for both personal and professional use.
The best possible boating experience starts with flexible and affordable finance. By tapping into our network of top lenders,
We’ll help you navigate no deposit options, balloon payments and the benefits of seven-year terms, so you arrive at a repayment schedule that’s built to your expectations.
To get started, use our helpful loan calculator or get a quote today. We can also help you find the right insurance solution to protect your new asset.
If you're buying or financing a boat for the first time, or just want a refresher on the key things to consider before you make that commitment, we've put together a boat finance guide to help you get started.
Fancy a new boat but can’t afford the asking price? Then a consumer loan could be the perfect option. With this kind of loan, the lender will use your new boat as security for the loan which often means more affordable repayments. This is also why it’s sometimes called a secured loan.
When you agree to a consumer loan, your lender provides you with the funds to buy your new boat, and once you purchase it, you have ownership. However, the lender will take an interest in it as security for the money you borrowed. And as soon as you make your final payment, your lender will remove their interest giving you full ownership.
A personal loan is a way to borrow money without having to put up any security against the loan. And yes, you can, of course, use one to buy your next boat or even a yacht. Some people call it an unsecured boat loan but we like to call it marine finance.
When you take out a personal loan, the financier or lender, gives you the money required to buy your new boat. The lender agrees not use the boat as security over the loan so once you find and purchase one, you take full ownership of it. All you need to do is make your monthly payments.
If you intend to use your boat for business more than 50% of the time, then the chattel mortgage is a great option to get you in the water. The great thing about this financial product is that just like you own a house from the moment of purchase, with a chattel mortgage the boat is all yours from the start.
Buying a boat with a chattel mortgage is a relatively simple process. Your lender advances the necessary funds, you buy the boat, and they take out a mortgage over the boat as security for the loan. Once you make your final payment, your lender then removes the mortgage and the title of the boat belongs to you.
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Our lenders have a wide range of options that give you flexibility including no early termination fees, variable loan terms and the ability to add a residual.