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Finance Maths 101 – Using a Boat Loan Calculator Correctly

Loan calculators are everywhere these days. Banks, finance companies, finance brokers such as Jade Boat Loans and both new and used boat dealers all seem to offer a loan calculator on their website. Why not, this is the 21st century and we expect most of our life to be made easier through online processes and technology. We expect to be able to click and tap for just about everything we need. But when it comes to online loan calculators not having a full appreciation of what they can and can’t do, can pose potential risks. Some boat buyers may be caught out when it comes to actually getting their loan because they have taken the calculator estimate as being 100% what they will achieve. Only to discover their loan repayments differ from that of the calculator. And they have already committed to the boat purchase and have to rethink the deal.

At Jade Boat Loans, we provide our online loan calculator for your convenience and as a resource or tool to use in your boat purchasing process. In our disclaimer, we clearly state what the result calculated represents but it’s worth highlighting some of the aspects to ensure our users get the best experience and the greatest benefit from using our boat loan calculator.

The Basics

As are all online calculators, our Boat Finance calculator is a generic calculation device. Users input data and it gives them a result based on those amounts. The users can all have different credit profiles, varying loan application risk assessments and different financial circumstances. A high-wealth individual with high paying job who owns their own home can receive the same estimate as an unemployed person with bad credit. Your grandparent on a pension can receive the same result as you on your great salary.

The calculator does not have the psychic ability to predict who is inputting the data. It can’t predict which lender will end up offering that user a boat loan offer.  So the calculator does not have the inbuilt functionality to allow for the fees and charges that an individual lender will charge or the risk assessment factors they will include in their loan offer for any particular calculator user.

The other important factor to note is that the result calculated is not an offer of a boat loan. In order to receive a boat loan offer from any lender – Jade, a bank, a finance company – you will need to go through the accepted credit application process. Consumer finance is regulated under the law and there are strict processes in place that all credit providers must adhere to. Yes you can apply for a Boat Loan online, but that is a different process from using the calculator for an estimate.

Our Jade Boat Loans calculator will provide you with a rough ballpark estimate on your monthly boat loan repayments. Used wisely and properly it can be a great device to assist in your boat purchase.

Hints, Helps and Hacks

So now you appreciate what you are calculating, we’ll share our helps in how to get the most from our Jade Boat Loans calculator.

  • If buying a brand new boat, ensure you include enough to cover some of the accessories and extras you may require in the total loan amount field. Depending on individual lender requirements, your Jade consultant may be able to include the cost of boat rego, first year insurance and safety gear in your total loan amount. By entering the total loan amount with and without these extras, it may assist you in deciding whether or not to include these items in the loan or pay for them separately.
  • When you’re tossing up over a few different boats at varying prices, the calculator can be you ‘phone a friend’ helper in the decision making process. The calculator allows you to see how much your monthly repayments may vary across different priced boats. At the Jade Boat Loans cheap interest rates, you may find that more high-priced model is within your affordability zone.
  • If buying a used boat, some lenders may have requirements around the amount they will loan depending on the age and condition of a second hand boat. Keep this in mind when using the calculator to estimate repayments on older boats. It may be advisable to give Jade Boat Loans a quick call to discuss the loan options for older boats.
  • The calculator can be great for deciding on how much deposit you might put down on your boat. While your Jade Boat Loans consultant may be able to achieve you a loan offer for 100% of the purchase price that is a no deposit boat loan, if you do choose to pay a deposit it will reduce your overall loan and therefore your monthly repayments.
  • Another of the great benefits of our boat loan calculator is assisting with pre-planning your boat loan. You can quickly see how changing the loan term can vary the amount of the monthly repayment estimate. Yes, this is only a rough ballpark estimate but the variation is key here. Note how much the dollar difference in the repayment is by shortening or extending the loan term. Having this information before you speak with Jade Boat Loans may allow you to better brief your consultant on your loan preferences.
  • Have our calculator on hand when speaking with a dealer or boat seller. We make our calculator mobile friendly through our website so user can refer to it on their smart phones while out and about inspecting boats for sale.

Enjoy using our Jade Boat Loans calculator and enjoy your boat buying experience. When you’ve made your boat purchase decision or even prior, just contact us for a firm quote and to get your boat loan application started.

For more information on our boat loan calculator or for a firm quote on a loan, please contact Jade Boat Loans 1300 000 003

DISCLAIMER: ALL INFORMATION PRESENTED IN THESE ARTICLES IS FOR GENERAL INFORMATIONAL PURPOSES AND BUSINESSES AND INDIVIDUALS SHOULD SEEK INDEPENDENT FINANCIAL ADVICE IN REGARD TO THEIR OWN FINANCIAL DECISIONS AND CIRCUMSTANCES. DETAILS ON GOVERNMENT MEASURES, POLICIES AND GUIDELINES AND VEHICLE DETAILS AND SPECS HAVE BEEN SOURCED FROM PUBLICLY AVAILABLE WEBSITES AND SOURCES. LIABILITY IS NOT ACCEPTED FOR ERRORS IN INTERPRETATION OR PRESENTATION OF ANY FACTS AND DETAILS FROM THIRD PARTIES. WE ADVISE INDIVIDUALS TO CHECK DETAILS DIRECTLY AT THE THIRD PARTY SOURCE IF REQUIRED.

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