Compare Boat Finance Rates
We pride ourselves on achieving better interest rates on marine loans. See for yourself how our rates deliver better loan repayments compared with other lenders in the market. Just enter the amount of your loan and the number of years you would like to repay the loan and our comparison tool calculates the possible repayments.
Cheaper Boat Finance Rates
Make certain that prior to looking for lending that you have talked to us and compared your rates with our competitive leasing and lending options. Specialists in the finance industry, we has been providing marine financing for over 10 years and will never be outdone!
We can offer better interest rates that many can not.
Boat Loans Interest Rates
Interest rates are at the very core of all types of lending and the key element in determining how much you’ll pay each month on your finances, how much you will pay in total on the loan and how quickly you’ll own your dream boat. If you’re in the market you should also be in the market for the cheapest interest rate boat loan.
As specialists in cheap boat loans, we’ve are totally focused on achieving cheap interest rates for our customers and have an enviable track record for achieving that objective. We are determined, resolute and undeterred in our policy to never be outdone on interest rates.
To appreciate the significance of interest rates in lending, it can be helpful to understand how rates are derived and why rates on marine finance vary from lender to lender and across the different loan types available.
The Reserve Bank of Australia (RBA) set the official cash rate which is not the rate that applies to marine finance but the overnight rate for borrowings amongst lenders. As you are probably aware, the official cash rate and general borrowing rates are at historic lows. This situation is the result of the RBA moving rates as part of COVID-19 stimulus measures and global impacts. For rates to be increased, the RBA has repeatedly stated that it is looking for unemployment figures to be sub 5% and inflation in the 203% range.
Essentially, the rate set by the RBA is the foundation price from which lenders set their individual rates. More About RBA
Using the Lender Table to Compare Boat Loan Interest Rate
Interest rates vary across the lending sector and within different loan types and categories. Lenders set their rates using the official cash rate as a basis, then allow for their own costs of acquiring funds to lend and operational costs. They then assess their exposure to a particular market or their preparedness to lend in that area, such as boat loans.
The rates advertised by lenders for consumer finance will include an advertised rate and a comparison rate. The advertised rate will be the lowest rate achievable and typically for a borrower with a good credit report and score, a strong application that includes the requested financial information and on new boats. The advertised rate will not include an allowance for fees and charges apply.
The comparison rate is required by law to be displayed by all lenders that offer consumer finance. This rate applies to a specific lending example, the details of which must be displayed alongside the rate. It is the rate applicable to that loan when fees and charges, but necessarily all, are allowed for. This can provide borrowers with a better indication of the rate they may achieve.
To make the process of comparing rates across lenders, we’ve provided a convenient lender interest rate comparison calculator. It lists a selection of banks and non-bank lenders and our own rates. The details show the specific loans offered by that lender for personal boat financing.
To see the difference in what your repayments may be from any of the lenders listed, you only have to input the amount you want for your loan and the length of time to repay the loan. The repayment estimates are automatically displayed alongside each lender in the table. The rate you are personally offered may vary from that displayed, but this is a great guide and a must-have loan tool.
How You Can Benefit from Our Boat Financing Interest Rate Tool
As specialists in marine lending, we are well aware of the lengths that borrowers need to go to find the cheapest rated finance and even to find a lender that offers a suitable financial product type. The lending market is vast which can add to confusion and the time taken to even find the right lender. We are accredited with multiple banks and lenders so we’re across the complete market with exclusive industry access to specialist lenders.
So we’ve brought many of the benefits that our consultants realise when sourcing our customer loans within easy access for our customers. Multiple lender rates in one place so you can realise the benefits.
- See at a glance what your bank is offering on boat loans and which lenders are offering cheaper rated deals.
- Instantly see why we are at the forefront of cheap rate loans in the marine sector.
- Plan your loan before even completing an application form.
- Set your sights on a boat that fits within your repayment zone.
- Compare different makes and models if price and repayments are the key decision factors.
- Convert boat prices to repayments.
- See the difference in repayments when you include optional accessories and extras.
- Have an estimate on what your repayments may be before you commit to a purchase.
- Purchase within your budget limits.
- Use for all types of new boat finance
- Save you time in having to visit the website or enquire directly from multiple lenders.
- Have on your phone at boat shows and when inspecting vessels to quickly calculate repayments on the price tag.
- Vary the loan term and the loan amount and see instantly how the repayment amount changes
Our interest rate tool is free and easy to use and there is no obligation to proceed.
How You Benefit from Sourcing the Cheapest Boat Loan Rates
As you can easily see in our interest rate tool, the rates on marine finance can vary quite significantly from lender to lender. While one small difference in an interest rate, known as a basis point, may seem insignificant on the surface that is not the case when you dive deeper. When you consider the real benefits of sourcing the cheapest interest rated loan the real significance of that basis point difference becomes increasingly clear.
- Over the full term of marine finance which can be up to 7 years, the cost of the smallest variation can add up to a significant amount in total over the term of the loan.
- Sourcing the cheapest rate reduces the monthly repayment.
- Sourcing the cheapest rate reduces the total interest that you pay on the loan. That means you actually pay less for your boat.
- The cheaper rates can mean you can pay off the marine vessel sooner. A cheaper rate may allow you to opt for a shorter term. That means you own your vessel earlier.
- Cheaper rates can allow you the room to add optional extras to your financing. Many models will have optional upgrades and accessories which are additional to the purchase price. You may want these extras but the extra cost may be deterring you. With a cheaper rated loan, selecting those extras to enhance your boating experience may become a real possibility.
Sourcing cheaper lending may assist you to better balance your household budget to make the dream of boat ownership a reality for your family and friends.
Importance of Comparing Boat Finance Rates
Comparing rates on marine vessel finance involves comparing lenders. Selecting a bank or lender based on reasoning such as loyalty, a recommendation by a friend or colleague or just because they seem like a good company can be costly decision-making.
Not all lenders offer specific boat loans and will offer consumers a more generic unsecured personal loan. This is the type of lending which could be used for all sorts of goods. This limited selection may reflect the lack of understanding of the marine market and a lender that does not share your passion for boating.
Opting for the finance offered by the dealer at the point of purchase may seem like a quick and convenient way to source finance. But have you paid full attention to the interest rate being charged?
Lenders such as us that specialise in marine financing, have vast accreditations with lenders, have a long-standing interest in the sector, have strong connections with specialist lenders and a team that is across many areas of the marine sales market. We understand the market, we have the bargaining power to negotiate the lowest rates. All that places us in the box seat to offer the cheapest interest rates on our specialist loans.
Other aspects to consider are that the rate offered for a specific individual loan will include the lender’s assessment of:
- The loan amount being requested
- The loan term being requested
- The age and condition of the boat
- Aspects of an individual’s credit history and score
- Details included in the loan application form
Your Jade consultant will be handling your loan individually and negotiating on all these aspects to ensure we achieve you the cheapest interest rate loan.
Speak to our consultants to source the best deal. Call 1300 000 003