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Boat Refinancing - Cheap Boat Loan Rates

10 Apr Today's
best rate
Finance Boats From
3.99 %
With a low
5.22 %
*The Comparison Rate is calculated on a Secured Loan of $30,000 fixed for a term of 5 years, new goods, effective 10/04/2021 and subject to change. WARNING: The Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

Cheap Boat Loans

Whether for business, personal or recreational marine loans, check your current interest rates, you might be paying to much.

So while you are relaxing on your leisure craft, sailing a great breeze on your yacht, transporting passengers on your charter vessel or working the waterways with your commercial vessel, your thoughts will probably turn to your current boat finance arrangements and you ask yourself – is it perhaps a good time to look at boat refinance?

Refinance For Cheap Repayments

Perhaps your circumstances have changed and you would like to vary the monthly repayments on your boat loan.

Whatever is your particular reason, Jade will assist you with a great deal on a boat refinance option. We have the experience and the know how to refinance all types of marine craft, luxury cruisers, family and fishing runabouts, jet skis, dinghies, yachts and sailboat loans of all sizes as well as charter and commercial vessels. We make refinancing easy!

From your initial call you will realise that our finance brokers know what they are talking about, they know finance and they know boats and they are committed to getting you the cheapest and greatest boat refinance deal possible easily!

Your personal Boat finance broker has access to a wide range of lending products and they will know what is best suited to your particular circumstances and your particular boat. We can get you a quote on both personal and commercial finance options quickly. We will structure your loan application to ensure the best deal and fast loan approval so you can start appreciating the rewards of refinancing through Jade as soon as possible.

While you are on your boat, at home, day or night, you can use our finance calculator to get an immediate estimate on refinancing your current loan. Then give us a call and we will get your refinancing deal under way and then handle all the details for you, including dealing with your existing lender to transfer the loan. No need to be at the mercy of the financial tides, call Jade now and ask for boat refinance and ride the wave to your financial destination.

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Request a free finance quote by calling 1300 000 003 or directly online.

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Residual Boat Refinance

Perhaps you are nearing the end of a loan term and are looking to refinance the residual.

Compare Lower Interest Rates

Perhaps you took out the loan at an interest rate peak and are looking for a cheaper loan option.

Great Rates, Great Deals, Great Refinancing

As part of a highly respected financial services group, which handles millions of dollars worth of loans every month, Jade Boat Loans knows how the banks and lending institutions operate and we know how to get the best out of them, for you!

Our consultants not only have the knowledge and experience, they are also skilled negotiators who will broker you a great refinancing deal for your boat.

Some banks are restricted by their corporate rules and do not have the flexibility that Jade has available to them. We have greater flexibility to assist a greater range of people, including those with bad credit boat finance, to finance a greater range of marine craft and offer a great range of options.

Boat Refinancing FAQs

Refinancing a boat loan requires careful consideration of a number of issues. We’ve covered off on many of them on our web page and add to that information with direct answers to specific questions here. As with all Jade boat loan enquiries and applications, each refinancing request is treated on an individual basis. To directly respond to your specific queries about refinancing your boat loan, please reach out to our expert consultants on 1300 000 003.

How do I refinance my boat loan?   

Refinancing involves a Jade consultant sourcing you a quote for a new watercraft loan based on what is owed on your existing loan. This involves establishing a new loan which may or may not be with a different lender to your existing secured loan.

You, or your Jade consultant on your behalf, will need to source a payout figure on your existing loan to establish exactly the amount that needs to be refinanced. Sourcing a loan quote follows the same procedure and requires similar application details as establishing the original loan.

Secured Marine Loans include break fees if you payout your loan early. These fees need to be covered when refinancing and should be considered. If the refinancing quote that we source you will not improve your current watercraft loan situation, we would not recommend you proceed.

If you purchased your vessel new your original loan was established as a new marine loan. Refinancing will be based on used watercraft loan conditions and requirements.

In requesting a refinance quote, there is no obligation to proceed with the loan.

Why would I need to refinance my boat loan?   

The reason an individual has to refinance a marine loan will vary. These may include changes to their financial circumstances where they would be seeking a lower repayment or different conditions on their loan. The original loan may have been established at a much higher than the current interest rate and a benefit is perceived in refinancing at the current lower rate.

If the original loan involved joint ownership of the watercraft and that ownership structure has changed, a refinance of the loan may be required. Refinance may also be requested by individuals as a result of change to a partnership or marriage.

Businesses may choose to refinance due to a change in the business structure or financial situation or as part of a wider restructure of a business’ financial arrangements. A business may also be seeking finance at a lower interest rate.

Refinancing will incur the costs and charges applicable to establishing a new loan and these should be taken into account in the overall cost of the change.

Can I refinance my marine finance with a different loan type?    

Yes. Businesses have the choice of a number of loan types for marine finance including Chattel Mortgage, Leasing and CHP. Refinancing involves establishing a new loan and that can be established under a different finance facility.

You may choose to move from a Chattel Mortgage to a lease or vice versa. When refinancing, consideration should be given to the fees and charges applied by the individual lender in establishing the new finance deal. These charges should be included when considering the overall costs of refinancing compared with continuing with the existing loan.

Can I get a cheaper interest rate if I refinance?   

Possibly yes but that is dependent on a number of factors. This will depend on the interest rate on your existing loan compared with the current interest rate. In 2020 interest rates hit historic low levels which would make repayments on a marine loan sourced at those rates less than at the higher rate applicable in previous years.

Another consideration is that in refinancing you will be seeking a used marine loan rather than possibly the new watercraft loan that you originally arranged. Individual lenders may attach different interest rates to some older boats.

The interest rate offered on all marine loans is subject to the credit profile and financial circumstances of individual applicants. If your financial situation and/or credit profile has significantly improved since you arranged your existing  loan, you could be offered a cheaper interest rate in refinancing.

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