Many of the most popular boat makes and models purchased in Australia fall into the trailer boat category. Fishing boats, runabouts, half cabin cruisers, wake boats, ski boats, cuddy cabins, tinnies, inflatables and even jet skis need a trailer to transport the boat to and from the water. So a key question we get from many customers is whether or not the trailer can be include in the boat loan?
When buying a trailer boat, many buyers will be looking to include the trailer and possibly other accessories and extras in the boat loan. While every loan is assessed and approved based on individual factors, Jade Boat Loans does offer the option of including the trailer a range of extras in the same loan as for the boat itself.
We outline the loan options available, a range of considerations for buyers and suggestions for what other possible extras buyers may like to include in their boat loan.
Trailer Boat Loan Options
When buying and seeking a loan for a trailer boat, there are 3 elements to consider – the boat, motor and the trailer. It will depend on the purchasing circumstances in particular what type of seller the boat is bought from, as to whether or not all three are available in the one package or buyers need to acquire them separately.
Some manufacturers and new boat dealers including leaders in the trailer boat market such as Quintrex and jet ski manufacturers such as Kawasaki and Yamaha, will typically offer the boat only. For many aluminium boat brands, buyers can choose to purchase the hull, motor and trailer separately. Sometimes from the same boat yard or boat broker and sometimes they need to look elsewhere.
Marine dealerships will often offer package deals which include all three items – boat, motor and trailer, so buyers can head straight to the launch ramp.
Jade Boat Loans can configure our Secured Boat Loan to suit a number of purchasing options, depending on how and when the purchases are made. Our Secured Boat Loan is the most widely-used loan for new boat loans and our consultants will source and structure each loan to suit the individual needs of our customers.
The possible options include:-
- Boat only loan: The standard secured boat loan format would apply with the boat used as the security against the finance.
- Boat, motor and trailer combined loan when purchased as a package deal: When purchased as the one item from the one dealer at the same time, the entire package can be included in the one secured boat loan. By including the entire cost in the one loan instead of having a separate loan for the trailer, can streamline the commitment to just the one loan repayment each month.
- Buying boat and trailer separately and combining into the one loan: This option is possible in some circumstances but can come with provisos. Buyers will need to discuss their particular scenario with our consultants to confirm how we can make this work for you. Both goods would need to be purchased at the same time to be included in the same loan. If purchased from separate dealers, our consultants will discuss what needs to happen to include both goods in the one loan. If you’re planning to go this route and purchase the boat and trailer separately, it can be advisable to speak with us before committing to the sale so we can advise how best to proceed in terms of the finance.
The same interest rate would apply to the boat loan regardless of which option is selected. Interest rates offered are primarily based on an assessment of the loan applicant but the age and condition of the goods are also taken into account.
Issues to Consider
- The interest rate and loan conditions will vary between new and used goods. If the boat and trailer are not of the same age and condition when buying second-hand, this may affect the outcome.
- Package deals can be a great way to buy as they can offer cost savings compared with purchasing boat and trailer separately.
- Insurance is required to be taken out when buying goods with finance. When sourcing insurance, ensure the policy will cover both boat and trailer.
- If buying a trailer at a later date than buying the boat and wanting to incorporate the cost into the existing boat loan, this would require a new loan to be established. This essentially would be refinancing the existing boat-only loan. This can be achieved but fees can apply by paying out a loan early.
What else can be included in the Boat Loan?
Trailers are not the only extra which can be included in a boat loan. Buyers can consider buying a range of accessories at the point of purchase for inclusion in the boat loan:-
- Safety gear beacons life jackets
- Electronics
- Fishing accessories – fish finders, bait boards
- Canopies and covers
- Security measures such as alarms
While many lenders will have their own guidelines around what can and can’t be included in a boat loan, by engaging Jade Boat Loans as your lender, we offer greater flexibility around this issue. To ensure you achieve your preferred outcome when seeking finance for a trailer and boat, it can be a very good idea to speak with us first so we can advise you of the options that will suit your needs and meet lender guidelines.
Contact Jade Boat Loans on 1300 000 003 for trailer boat loans.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.
