A big part of the boat buying process is, of course, your boat loan. Most buyers will be looking to secure a loan to make their boating dreams a reality and why not. The current low interest rate environment makes boat loans extremely cheap compared to not long ago after the RBA cut rates as part of the COVID-19 stimulus policy in 2020. So interest rates are low – that point you’ve got.
You’re also likely to be totally across the prices of boats in the category you’re in the market to buy. Of course, you are! Online boat marketplaces, dealer and manufacturer websites and boat shows make it quite easy to get at least an indication of boat prices for pretty much all makes and models. You can easily source boat prices and easily see variations in prices across the different makes and models that fit your brief. You’re probably (more like definitely) know all the specs and features, the engine capacity and all the other fun stuff about each of the boats you are considering.
So you’ve got the interest rate info, you’ve got the boat price, so what’s missing? How all that works in your boat loan. A boat price is one thing but really puts that price into perspective is the boat loan repayments. In some ways, your monthly boat loan repayment represents the real price of the boat. It’s that key affordability factor.
Wishing you’d done higher level maths at school to do the formulations around compound interest etc? Don’t worry. At Jade Boat Loans we know our customers don’t want to bother with such complex computations, so we’ve made all that very easy with no maths skills needed.
Translating Boat Prices to Loan Repayments
To convert the price of a boat to the estimated repayments on a Jade boat loan you don’t need maths skills, you only need a device with an internet connection. And as you’re reading this information online, you’ve got that sorted.
We’ve set up two separate boat loan calculators for your use:-
- Compare Lender Boat Loan Interest Rates
- Boat Finance Calculator
Both these resources are free to use, can be used whenever and wherever you have internet access to our website, have no obligation and you can use them over and over again, for as many boats as you are considering.
We’ll go through the steps on how to use a boat loan calculator so you are totally clear on the detail.
Lender Comparison Calculator
The consumer lending sector is competitive in some areas with multiple lenders vying to capture their share of the loan market. Individual lenders will tend to have their preferred area of interest in regard to what specific sectors they specialise in or are extremely active in. This will be reflected in part, by the loan products they offer and the interest rate they attach to specific loans.
When it comes to boat loans and marine finance, not all lenders will be as active as others. With Secured and Unsecured Personal Boat Loans, some lenders may not offer a specific ‘boat loan’ product. These lenders tend to offer a more general Secured Personal Boat Finance, which is intended to cover a range of goods such as boats, caravans, motorbikes and similar purchases.
Jade Boat Loans does specialise in marine finance and we are accredited with many banks and non-bank lenders so we can offer a specific Secured Boat Loan for private buyers.
We’ve prepared a list of a number of lenders including major banks and the interest rates they each offer on boat loans or loan products to buy boats. In developing this tool, we’ve included the advertised rate and the comparison rate. Compare boat loan interest rates here.
All you have to do is insert the amount you want for your boat loan and how many years you would like to pay off the loan. We’ve done all the formulations so the calculator auto-computes the repayment estimate for that loan across all the lenders we’ve listed.
You can immediately see an estimate of monthly repayments for a Jade boat loan compared with what the same loan may cost you from other lenders. Of course, this is only an estimate as each loan is assessed and addressed individually but it is an extremely useful boat loan planning tool. Simply vary the loan term or the total amount to get to a repayment figure which is workable for you.
This provides you with a valuable guide to boat affordability plus the basis to brief your Jade consultant as to the target repayment level that you are seeking from us.
Boat Loan Calculator
We also offer the generic style calculator which can be used for both business marine finance and consumer boat loans. Again, it is easy to use but you will need to input the interest rate based on the loan being sought. Business buyers will select from the rates we offer on our different marine finance products and consumers will input our comparison interest rate. Business buyers can also input an amount for a balloon/residual if that is desirable. By working with different values, buyers can do much of their financial planning ahead of time in terms of the balloon, finance term sought and which finance product they want.
When it comes to boat loans, Jade makes repayment estimates quick and easy to obtain. When you’ve got the result give us a call for a firm quote and to get your application underway.
Contact 1300 000 003 for marine lending needs.
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.
