Find Australia’s Best Boat Loans
When it comes to financing a boat, there are some Banks that, well, just sink. Others are much better at it and have specific Boat Loan departments that we can access directly. This makes the application process much quicker and easier.
We secure Boat Loans for customers and every day. We have ongoing relationships with the specific teams in the Bank and we also have access to great deals. As a finance broker, we also have access to some Boat Loans that are not offered directly to the public.
Am I Eligible For A Boat Loan
To be eligible for a Boat Loan you need to be 18 years or over, be an Australian citizen or permanent resident (overseas work visa OK) and have an income. You will need to be either full time, part time, casual or run your own business. Some lenders take family tax benefits and certain pensions into account as income as well.
How Does A Boat Loan Work?
A Boat Loan is a normal loan where the loan purpose is to purchase a boat. It can be a secured or unsecured loan and the loan term can be anywhere between 1 and 7 years. The repayments can be made weekly, fortnightly or monthly. You can have a balloon payment at the end if you choose.
What Is The Difference Between Secured And Unsecured Boat Loan?
A secured Boat Loan is a loan where the Boat is taken as security. If you don’t pay back your loan, the Bank can sell your boat.
An unsecured Boat Loan does not have the boat as security. If you don’t pay back the loan, the Bank will not take the boat.
A secured loan is normally cheaper because the Bank considers them less risky.
Can I Get Finance For A Used Boat?
You can obtain a Boat Loan for a new or used boat. There are different parameters and pricing depending on whether the boat is new or used and whether you are buying it from a dealer or privately. Each bank has their own way of calculating the value of the boat and will lend a certain percentage of that value.
What Are The Costs To Finance A Boat?
A Boat Loan has similar costs to establish as other loan types. There is an establishment fee, origination fee and a monthly fee depending on the Bank. When you speak with a LoanBay Lending Specialist they will be able to find you the best loan with the least fees and charges.
Can I Pay Out My Boat Loan Early?
Many loans allow you to pay it out early. Others charge an early termination fee if you do. Different lenders have different policies and we will guide you through this process to find the Boat Loan that best suits your needs.
Why Should I Go Through LoanBay To Get My Loan?
As finance brokers, we know who have the best deals in the market at any given time. We also know who have the easiest processes. We normally find customers want a balance of these two things. Our job is to listen to what you want and make a recommendation of which Bank and which Boat Loan to go for. We will check the affordability and repayments for you using their own calculators. Only then will we submit an application on your behalf and work with the Bank until you get an outcome.
The benefit of working with us is that we are in the loan market every day and know where the best deals are. And, we make the process super easy for you.
Care For Your Credit Report
Banks can be particularly tough on Boat Loans. We will not submit an application for finance unless we are pretty sure it will be approved. Every time you apply for finance an inquiry is made on your credit report. By us being careful in our approach it keeps your credit report nice and clean. This way you are not adversely impacted when you apply for credit in the future.
I Would Like To Secure A Boat Loan
The best way to secure a Boat Loan is to first call us on 1300 11 70 30. One of our Lending Specialists will have a quick chat with you to learn your situation and then be able to make a recommendation on their approach.
We love helping customers secure great loans. As ex-Bankers we see every saving for you as a win for us. Give us a call and experience some of the best customer service you have ever received.