If you’ve been unsuccessful in securing a boat loan from a bank or finance company during the coronavirus crisis, Jade Boat Loans may be able to assist you. We’ve been driven to post this after reading an article in a mainstream media outlet, which related how some car dealers and the automotive industry had lost sales as their buyers had been unsuccessful in securing car loans. Despite, in the opinion of the dealer, the buyer should have been successful.
While this was specifically in relation to new car sales, we assume that similar situations have occurred at marinas, boat yards, boat dealers and marine broker offices in relation to boat loans also.
At the start of the economic side of the COVID-19 crisis, the banking sector was under enormous pressure, as people sought to defer loans, businesses were requesting loans and it was all happening very fast. Banks initially tightened lending and some people who under normal circumstances would easily have been successful with their boat loan application were simply not under these extraordinary conditions.
Jade Boat Loans writes a lot of marine finance business, we deal with a lot of boat loan customers every year and we support the boat sellers. So we totally understand every side of this situation.
So now that the conditions have eased, we’re reaching out to those who missed out earlier to contact us and see how we may be able to assist you with a great ‘second chance’ boat loan.
How and Why It Played Out
Understanding the scenario around why you missed out on a boat loan then, may give you a better insight into why you might be successful now and how you may choose to change tack in your approach.
- While we greatly respect boat dealers and sellers, they are not in a position, legally, to assess an individual’s suitability for a boat loan. All lenders of consumer finance – banks, finance companies and finance brokers – must be licensed under ASIC and follow stringent processes and guidelines in relation to responsible lending. We’ve covered this in detail in another article which sets out our responsibilities under the National Consumer Credit Protection Act 2009.
- Many boat sellers would be totally across the finance scene as an integral part of their business. We acknowledge that. But they are not credit licensees who, under the law, must adhere to strict rules around offering loans.
- From the lenders’ perspective, as mentioned above and as we have posted about ourselves, during COVID-19, the banks and finance companies tightened lending in general. It was unknown territory for everyone, banks included. Unfortunately it meant many people who under normal circumstances would have got their boat loan, missed out.
- We surmise that JobKeeper may also have had an impact on the situation. If a person was stood down and put on JobKeeper they were neither technically unemployed nor actively working. A situation which could easily be cause for confusion in a boat loan application.
- If you were on JobKeeper when you previously applied for your boat loan and now your back at work with your employer, call Jade and let’s see what we can do for you.
- Fortunately also, as restrictions have been lifted and businesses resume trading, so too are lenders returning to a more ‘business as usual’ operating model.
If you were in that boat, were unsuccessful when you applied to say the bank for a boat loan earlier this year, speak with Jade about a ‘second chance’ boat loan.
How Jade Boat Loans Can Assist You
If you’ve still got your mind and heart set on buying that boat, then let Jade Boat Loans get to work on sourcing you a quote for your loan.
- But don’t just automatically push off back into the water yourself. When an individual applies to multiple lenders it can have a negative effect on their credit profile. So if you try again yourself, you could end up in deeper water.
- The alternative is to have Jade Boat Loans handle your boat finance. As a broker, when we source loans from our panel of multiple lenders, it does not impact the customer’s profile in the same way as if they do it themselves.
- As an experienced broker, we are accredited with many lenders. We’re not limited to just the banks and finance companies that you are in a position to contact directly. We have more choices and that means more chances for a great and a cheap boat loan.
- We arrange a lot of marine finance and boat loans and our consultants know which particular lenders are best-placed to offer a great boat loan to meet your individual requirements.
Contact Jade Boat Loans and let one of our consultants start the process and see what solutions we can offer you. We source the cheapest boat loans at the best interest rates for both private boat buyers and businesses purchasing vessels for their marine operation.
Power or sail, any size, new or used – subject to individual lender guidelines, we can source loans for all types of boats.
To discuss a second chance boat loan contact Jade Boat Loans on 1300 000 003
DISCLAIMER:THIS INFORMATION HAS BEEN PROVIDE AS GENERAL MATERIAL FOR YOUR CONSIDERATION. INFORMATION IN REGARD TO GOVERNMENT POLICIES IS SOURCED FROM OFFICIAL AUSTRALIAN GOVERNMENT SOURCES. NO LIABILITY IS ACCEPTED FOR ERRORS IN PRESENTATION OR IN THE INTERPRETATION OF FACTS OR THE COMMENTARY AND ANALYSIS OF INFORMATION WHICH IS AVAILABLE IN THE PUBLIC DOMAIN. INDIVIDUALS ARE ADVISED TO CONSULT WITH THEIR FINANCIAL ADVISOR OR ACCOUNTANT FOR SPECIFIC ADVICE REGARDING THEIR INDIVIDUAL SITUATION.