With many things in life, preparation is the key to success. When it comes to a major purchase such as a car, boat, caravan, motor bike or business equipment, preparation is not just a key, it can be critical to what you end up paying. Either in the final purchase price, monthly repayments or boat loan interest rate.
• Equips you to make informed decisions
• May save you money on the final purchase price
• Empowers you to negotiate from a better position
• Instils you with the confidence to move forward faster
• Allows you to budget for major purchases
• Enables you to take advantage of great marine buys with quick offers
Step 1 Organise Your Boat Finance
The first step to prep is having your boat finance organised and that starts with selecting Jade as your independent finance broker to source you the best loan at the best interest rates.
Step 2 Utilise the Online Boat Loan Calculator
But before jumping straight into a conversation with a Jade consultant and proceeding to make a loan application, many people like to have a heads-up on what the loan is likely to cost them. Let’s face it, there’s no point starting negotiations with a seller if you’re not 100% certain that you have secured finance AND that the repayments are tailored to suit your budget.
We fully understand that some people may feel embarrassed if they request a quote for a loan, only to realise it is outside their expectations. Others like to know what their monthly repayments may be before they start searching for their purchase. While others like to compare various interest rates and repayment combinations to review their options, privately, in their own time.
Jade streamlines the process with our online boat loan repayment calculator. The calculator is available on all our websites, is free and very easy to use. If you have online access from your phone, tablet or computer – you can access the online calculator.
Step 3 Compare Interest Rates and Repayments
The online calculator allows you to quickly and easily see how much your monthly repayments will be based on various interest rates, balloon or residual (if applicable) and repayment terms.
You simply enter a range of amounts for:-
• Amount of your loan, ie what you want to borrow.
• Interest rate – you will see our advertised interest rate for that day on our website to use as a guide.
• Terms – how many months you would like to spread the repayments over.
The result will give you an estimate, or ballpark, as to what your repayments may be.
You can vary the figures to arrive at a repayment level that suits you.
For example, you may choose to increase the deposit you pay with your existing funds, to reduce the amount of your loan and hence reduce the monthly repayments. Alternatively, increase the terms of the loan to more months to reduce the monthly repayments. If you want to finalise the loan early, just decrease the terms to see what your repayment will be.
Remember, this is a guide only as individual loan applications may have different conditions which effect the interest rate, terms and other aspects of the loan.
Step 4 Pre-Approved Finance
To be completely prepared and organised before you start talking to a seller or dealer, have a discussion with Jade about pre-approved finance. We will take you through the loan application process and get approval so you know exactly what budget you have before entering negotiations and you know you have the finance all ready to go.
Armed with this knowledge can place you in the box seat when it comes to negotiating with the seller – perhaps tempt them to reduce the price for a quick sale.
A pre-approved loan may also expedite the purchase process so you can get out on the water or on the road faster.
Step 5 Boat Loan Application
The final stage in preparing for that major purchase is securing a great loan. Your Jade consultant will do that part for you, just call!
You can never be over-prepared for a major purchase and your Jade consultant is available to support and assist you throughout the prep and the process. In future e-news issues we’ll provide you with tips, hints and guidance on other aspects of finance for major purchases. If you have any questions or would like to start preparing for purchase, your Jade Financial consultant can be your first call for an initial discussion.
DISCLAIMER: THE INFORMATION PROVIDED IN THIS PUBLICATION IS INTENDED AS AN OPINION AND A GUIDE ONLY. IT IS NOT INTENDED AS FINANCIAL ADVICE. CONTACT YOUR FINANCIAL ADVISOR FOR PROFESSIONAL ADVICE ON YOUR SITUATION.