‘How many years can I get for a boat loan?’ is a common question that our Jade Boat Loans consultants receive from customers seeking loans for all types of boats. The ticket price is one thing but how that translates into monthly repayments and over what length of time, are usually the more critical issues around purchasing decisions. They relate to affordability!
We know boat buyers have plenty of questions about boat loans – both basic and more complex -so we’re providing a quick summary to answer a few queries. These are general answers and your individual boat loan application may include specific requirements which attract slightly different loan conditions. So please use this article as general information and don’t hesitate to just give us a call 1300 000 003 for answers to your boat loan questions.
These questions-answers relate specifically to personal boat loans not commercial finance.
How many years can I finance a boat?
Let’s handle the title q first. For brand new boats across most classes, the loan term is up to 7 years on a Secured Boat Loan. For used boats, the loan term is usually dependent on the age and condition of the boat and subject to individual lender guidelines. Some lenders will reduce the loan term for older boats, that is, offer the boat loan over say 4-5 years.
There will be some older boats, possibly restoration projects or classics, which lenders will not choose to accept as security against a secured loan. For boat buyers where the boat is not suitable as security, Jade Boat Loans offers an Unsecured Personal Loan.
How do I apply for a boat loan?
Applying for a boat loan is essentially the same process as applying for a car or other consumer loan. Individuals have a number of options including using a finance broker such as Jade Boat Loans, a bank or a finance company.
Most major banks and consumer finance companies will offer some form of loan for the purchase of some boats. They may have restrictions over some classes of boats and in regard to age and condition of used craft. If they don’t offer a specific boat loan you may be offered a generic personal loan. From our professional finance industry expert viewpoint, general loans are often priced higher than specific category loans.
Banks also have stringent loan guidelines and requirements and if you don’t tick all their boxes, you miss out. By using a finance broker like Jade Boat Loans you have many benefits and the potential to source a better loan. Refer to our Boat Loan Broker web page for more benefits.
Applying for a boat loan through us is quite an easy process:
- Call Jade Boat Loans 1300 000 003 and you’ll be assigned a consultant who will be your contact throughout the process.
- Provide a brief of your requirements and the boat you want to purchase.
- Your consultant will request certain information about yourself and provide you with information around consumer finance as we are required under the law. Please refer to our ASIC Regulations articles for those details.
- You consultant will then source you the best loan quote through our large number of lenders which includes the four major Australian banks, finance companies and many industry-only sources.
- They will then present you with the offer for your consideration. If that offer is acceptable to you, the consultant will then proceed to finalise your loan application through the approvals stages and assist you with paperwork.
That’s the basic process – your Jade Boat Loans consultant handles the process and in so doing, sources you the best interest rates and cheapest boat loan that meets your specs.
Isn’t it quicker and easier to accept the dealer’s finance offer?
Speed and convenience are some considerations but at what cost? Boat dealer finance offers are often priced higher than the boat finance that Jade Boat Loans can achieve. They often have higher fees and charges and a commission to the dealer.
Jade Boat Loans does work quickly to source loan quotes – we offer a quick quote service and fast approvals – so we’ve got that covered for you.
If you are tempted by dealer finance, we strongly recommend you seek a quote from us as well so you can do a thorough comparison. Bring your dealer offer to us and ask us to better it!
That’s a few basics addressed and if you have any other questions, please ask.
To apply for a boat loan or ask what loan term you can have on a specific boat, contact 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.