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Applying for Your First Boat Loan?

If you’ve never applied for a loan to purchase a boat before, we understand that you probably have questions.

  • Perhaps you’ve had car loans and wonder if the process is the same for boats.
  • Perhaps you’re young and this is the first time that you’ve applied for consumer finance.
  • Perhaps you’ve always just applied for a loan at the bank and have questions about how a boat finance broker works.

We welcome your quest for knowledge because having a greater understanding of the lending process and how the finance sector operates, we hope will give you greater confidence to trust Jade Boat Loans with your boat finance requirements.

In this article in our educational series, we addressing some frequently asked questions and some issues which you may be thinking about but are yet to actually ask.

Can anyone use a finance broker? It sounds like they are only for business and wealthy people.

Our finance broker services are available to both business and individuals of all profiles across the full spectrum of lending age.

Jade Boat Loans is not just for the wealthy, our service is for all people wanting a cheap boat loan which is tailored to suit their requirements. We assist even people with credit issues.

Is there a minimum age for getting a boat loan?

  • Young people love their boats, especially wake boats and jet skis and we assist many young people with cheap boat loans. But there is a minimum age as set out by the law. A person must be over the age of 18 in order to enter a contract for a loan on their own basis. For those under the age of 18, a family member or other older person may choose to act as guarantor for the loan.
  • Some lenders will have individual requirements in regard to boat loans for younger applicants. If this applies to you, your Jade consultant will discuss the details and source a loan that does meet your requirements.

Can I get a boat loan if I’ve only just commenced full-time employment?

  • Consumer finance has strict guidelines under the law (refer to our article on ASIC requirements) and every boat loan application must meet both the requirements under the law and the individual guidelines as set by the different banks and lenders.
  • While a long-term employment history usually has a positive impact for an application, being new to the workforce does not automatically exclude you from being offered a boat loan.
  • Your Jade Boat Loans consultant will discuss the details with you. Having a broker source your loan may present benefits for people in this situation. Many banks will have stringent, non-negotiable rules re this aspect of a boat loan application. But Jade is accredited with many banks and lenders so we can source you a loan offer from a lender that is amenable to such an applicant.

Wouldn’t it be easier to just apply for my boat loan online from the bank or one of the finance companies than use a finance broker?

  • The predominance of online services in the lending sector may give the impression that applying for consumer loans is as simple as buying anything else online. In fact, Jade Boat Loans offers a number of online resources ourselves. But despite whether you apply via an online portal or if you call a bank or a broker or any other finance company, the same thorough process must be followed with your application.
  • Jade Boat Loans does provide a very efficient, simple and, in many cases, fast service. We consider faster than many banks. We have industry-only channels for quick connections to our lender contacts so we can get you quick quotes.
  • If you handle your boat loan yourself AND you want to get a number of quotes to compare which is the best, then you may be in for a longer, more complex process. Your Jade consultant saves you that time and hassle by doing all that for you.

If the boat dealer offers me a boat loan, wouldn’t it be easier just to go with that?

  • Most boat dealers, in both the new and used markets, have arrangements with lenders so they can offer their boat buyers finance options at the point of sale. In fact, Jade Boat Loans has that type of agreement with some boat sellers also.
  • The major negative issue with ‘dealer finance’ which is widely identified and written about in finance articles, is that the loans usually have higher charges and fees and often commissions which make the overall loan package more expensive when compared to what can be sourced elsewhere. Especially through Jade Boat Loans.
  • We advise those that do enquire about dealer boat finance or ask for a quote, that they request an itemised account of what is included in the loan. Then give Jade a call and we can provide you with a quote which in many instances will be cheaper.

For a first boat loan, what loans are available?

  • If this is your first or one of many boat loans, the Secured Boat Loan is the most common form of loan for personal boat buyers.
  • This loan has a simple structure with fixed repayments.
  • Read the details at our web page.

For more information on boat loans, review our news and articles library or give us a call.

To discuss a loan on your first boat, speak with a Jade Boat Loans consultant 1300 000 003

DISCLAIMER: THE INFORMATION PROVIDED IS FOR GENERAL CONSIDERATION. ANY REFERENCE TO OFFICIAL GOVERNMENT POLICIES HAS BEEN SOURCED FROM AUSTRALIAN GOVERNMENT AND STATE GOVERNMENT SOURCES. INFORMATION ON INDIVIDUAL VEHICLE SPECS IS SOURCED FROM THE MANUFACTURER WEBSITE. NO LIABILITY IS ACCEPTED FOR ANY ERRORS IN PRESENTATION OR INTERPRETATION OF THE FACTS AS PROVIDED BY THESE SOURCES. WE ADVISE ALL INDIVIDUALS AND BUSINESSES TO REFER TO THEIR ACCOUNTANT OR FINANCIAL ADVISOR FOR PROFESSIONAL ADVICE SPECIFIC TO THEIR INDIVIDUAL CIRCUMSTANCES.

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