Boat Loan | Marine Loans
Arranging boat loans is a very important process, as you want to choose a marine loan most suitable to you. There can be many things to check including:
- Interest rates
- Fees and charges
- Break fees if you paid it out earlier
- Can you pay extra payments of your finance and how does that effect the ongoing repayments
- Time it will take to approve and settle your boat loan.
- Does the boat finance company suit your criteria to approve the marine finance?
- Do you suit their criteria?
- Is the boat acceptable to the finance company?
Boat Loan calculator - Secured or Unsecured Boat Financing
When arranging your loan you can choose to secured the financing against the boat (secured boat loans) or you have the choice of personal loans or unsecured boat finance. To have it unsecured you effectively taking a personal loan which normally has much higher finance interest rates.
Boat Loan calculator - Secured or Unsecured Boat Financing
Boat finance more often than not will not go without boat insurance. When agreeing to secured boat finance it can be a finance condition or requirement of the finance company to have fully comprehensive marine insurance before and during the term of your loan.
Boat insurance, subject to the finance company's approval can be financed up to full cost.
Package Your Boat Finance
You can request to have included in your boat finance package:
- On-road costs and taxes.
- Boat Insurance.
- Marine mechanical breakdown warranties.
- Loan protection for death, disability and unemployment.
- The loan balance on your trade in.
These are subject to the financier's approval and can only be financed as the same term of the finance contract.
Older used boats can be ok. It does depend on the lender though. Once the boat gets to 7 years or older some lenders will reduce the term or not even accept the goods (for secured boat loans). If you are unsure then it does pay to use a finance broker that specialises in marine financing.
Boat Finance Terms
The maximum term on lending for boat loans is normally five (5) years similar to a car loan. Some lenders may extend this term to seven year. You may find that if you are looking to finance a older boat the lender may approve only on a smaller term. This mainly applies to boats over seven (7) years old.
Finance structures can be flexible to suit your circumstance.
Other Boat Loan Options:
Deferred payment structures so you first payment starts at a later date. A standard boat loan has the first payment required after a month from settlement.
Interest only payment options including balloon payments.
Have a amount of money paid all at the end of the loan. Warning though, you will pay more interest. You can refinance the balloon when it comes due, pay it out if you are financial enough or trade and upgrade your boat and have the balloon amount taken off the value of the trade in.
Structured boat loan repayments to suit your life style or your work cash flow.
Building a boat? No problem - some lenders can arrange construction finance for marine.
Used Imported Marine Finance
There are marine finance options available for imported boats. Most lenders will not lend against a boat until it is in Australia.
Commercial Boat Finance
Commercial boat finance options are available that could be suitable for business use. Some factors to consider that relate to business marine finance are:
- Chattel mortgage finance
- Commercial hire purchase
- Boat lease
The structure of your business boat lease options can affect your taxation claim.
Boat Loans Interest Rates
Where do you get the best boat loans interest rates and finance package? Direct from a bank? Finance company? Or boat finance broker? Going to your bank or back to your finance company may seem the likely choice, it may not always be the best loan.
Banks and finance company interest rates can be very different. Often they price their marine finance very differently. Their preference of goods to lend for can change their margin or interest rate. For example some price on the strength of the application while others might price on the age of the goods. Be sure to compare your banks and lenders for each loan.
Alternatively you can use a good boat finance broker.
Boat Loan Broker
Dealing through a reputable boat loan broker can give you a choice of loan companies and banks. It is important to know that you may get boat loans interest rates and loan fees and charges cheaper than banks.
A good finance broker can do the hard work comparing the banks and lenders. They can assist to ensure you have a hassle free boat purchase. They should also be able to assist with :
- Encumbrance checks to ensure that there are not any outstanding loans from the prior owner left against the boat.
- Title check or confirming the ownership of the boat you are purchasing.
- Clear transfer to seller of the amount financed on the boat purchase.
Always check the credentials of the finance broker. How long have they been in operation. Are they well known? They should have many banks and lenders they are accredited through and shouldn't charge additional fees and save on your finance package.
Boat Loan Calculator recommends Finance Ezi, a boat finance company operating Australia wide. They specialise in all financing options for any boat including ski boat sales, speed boat sales, fishing boat sales, house boats, sail boats, luxury cruisers, jet ski finance and even tinnies. Loans from $5000 - $5,000,000.
To get more information on Finance Ezi for Boat Finance.
or call on 1300 003 003.
Finance EZI is an Australia wide loan broker accredited through most banks and boat finance companies. Their finance packages on boat loans are hard to beat.
Fast Boat Finance Approval.
Boat Loan Calculator tailored to your own marine web site is available to boat yards Australia wide. Contact us for your own custom boat finance calculator on 1300 003 003.