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Boat Refinancing - Cheap Boat Loan Rates

28 May Today's
best rate
Finance Boats From
4.79 %
Fixed
With a low
6.05 %
Comparison*
*The Comparison Rate is calculated on a Secured Loan of $30,000 fixed for a term of 5 years, new goods, effective 28/05/2022 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.

 

Boat Refinancing – Cheap Boat Loans

Refinancing is the process of replacing an existing finance contract with a new lending deal. It can be required or desired by both individuals and businesses for a range of reasons including changes in the financial circumstances of the borrower; changes in a business structure such as dissolution of partnership where both or multiple business owners are parties to the finance contract; to seek a different business finance product for strategic accounting purposes; to combine multiple finances in the one deal; to finalise a balloon or residual; and other personal reasons.

But by far the most common reason for sourcing refinancing is to get a cheaper loan deal. That may mean achieving lower repayments or getting finance at a cheaper interest rate.

Interest rates on lending have been reduced across many sectors in recent times as the RBA has implemented monetary policy as part of the nation’s coronavirus stimulus measures. This has meant significant reductions in the costs of borrowing to acquire a wide range of goods including recreational and commercial marine vessels compared with years prior.

Taking into account that marine vessel finance terms can be up to 7 years, it is highly likely that many boat owners are currently paying off finances at a much higher interest rate than they could currently achieve.

Whether you have a recreational boat loan or commercial marine finance deal, it could be time to check the interest rate on your current loan, as you might be paying too much.

While you're relaxing on your leisure craft, sailing a great breeze on your yacht, at sea trawling for today’s catch, transporting passengers on your charter vessel or working the waterways on your commercial vessel, it could be time to give some thought to the financial arrangements you have on your vessel and ask yourself – is it time to look at marine refinancing?

As specialists in all types of marine finance, we provide both expertise and experience in assisting vessel owners to refinance at our current cheap interest rate lending.

Streamlined Boat Loan Refinancing Process

We make the process of refinancing marine finance deals as straightforward as possible. The loan quoting and application process follows essentially the same framework as applying for new finance but with additional considerations to be taken into account.

  • Refinancing involves new boat finance to replace an existing contract. Break fees and early payout charges may apply to finalising the existing contract before the end of the term.
  • The usual lending establishment and other fees and charges applicable to specific financing will apply to the new finance arrangements.
  • A payout is sought from the current lender and that would form the basis of the finance amount for the refinanced deal.
  • The payout figure will include all fees and charges associated with finalising existing lending and these would be included in the refinancing deal. The new deal would also include the fees and charges pertaining to the new loan.

Our consultants seek a quote for refinancing this total amount at our cheap rates. If this quote meets your expectations, we proceed to process the finance deal and liaise with the lender of existing lending  to settle the payout.

Where a refinanced deal does not place a customer in a better position, we do not advise that the deal proceed. Those considering refinancing are advised to consult with their financial advisor or accountant on their decision.

Refinancing is available across all types of loans:

For businesses, the refinancing can be for a different type of finance than the existing loan. That is changing from a lease to a Chattel Mortgage for example. The choice of which finance product is most suitable should involve a discussion with your accountant.

Refinancing Boat Loans to Achieve Lower Repayments

If your financial circumstances have changed since you established your existing loan, you may be looking to reduce your outgoings by reduced your boat loan repayments. If your business is being impacted by the economic downturn and your cash flow is under pressure, reducing your finance commitments may be a solution to ease the situation.

Whatever your objective, reason or purpose, we can assist you with a great deal at cheap interest rates on marine refinancing. We have experience in handling both large-scale and small refinancing deals for marine craft, luxury cruisers, family runabouts, privately-owned and commercial fishing vessels, yachts, commercial charter vessels and many others.

Our consultants ensure the process is easy and streamlined for our customers by handling the entire process from your initial call through to settlement. We have access to the full spectrum of personal and business finance products and can source and structure a refinancing deal for the specific lending types that will best meet your requirements.

All refinancing deals are sourced at our current cheap interest rates. Rates that are likely to be significantly below the rate on your current lending. Sourcing finance deals at a reduced rate while retaining the existing lending term can reduce your monthly repayments.

Residual or Balloon Boat Loan Refinancing

If it is nearing the end of your commercial marine finance contract, you will need to be addressing how you will finalise any balloon or the residual amount included in the deal. A balloon is applicable to Chattel Mortgage and Commercial Hire Purchase and residual refers to Leasing contracts. This is the amount of the initial purchase price which is deferred for payment at the end of the lending term when all the monthly payments have been finalised. Sourcing finance to cover a balloon or residual is a very popular reason for refinancing.

In refinancing a residual or balloon:

  • A different finance product may be sought from Chattel Mortgage, CHP or Leasing.
  • The features and benefits of the loan type selected apply to the new loan, including the option for a balloon/residual based on the amount of the new loan.
  • A new loan quote is sought.
  • The new loan does not have to be in any way associated with the lender that is a party to the original finance.
  • Our current low-interest rates would apply to the refinanced finance.
  • As this refinancing is not paying out an existing loan but financing a new amount, no payout fees should be charged by the current lender.
  • Even if the marine vessel was originally purchased new, as it is now x years old, the interest rate and lending conditions pertaining to used boats would apply.

Refinancing a residual is a strategic way to:

  • Realise the tax benefits of different finance facilities
  • Ease business cash funds by not having to pay the residual in a lump sum from the business capital
  • Frees up cash flow for other purposes

To find out how cheap we can source you a residual refinancing deal, give us a call for an obligation-free discussion.

Boat Loan Refinancing Calculator

So what might refinancing cost you? What might your possible repayments be? We make that easy to work out with our refinancing calculator. You can use it whenever suits you. While you’re enjoying time on your boat, working in your business on or off the water, at home dealing with your finances, day or night, our calculator is open for business.

The boat loan repayment calculator is easy to use and can be an incredible assistance in planning how you would like your refinancing deal structured.

  • Enter the amount you want to pay out existing finance or for a balloon or residual.
  • Enter a preferred lending term.
  • Enter the interest rate which we are currently advertising for the financing product you want.
  • If business lending, select the amount you would like for a balloon/residual.

The device automatically calculates the repayment estimated on those values. Not all fees and charges are allowed for, neither are specifics pertaining to your loan, so it is a guide only but a great loan tool.

Once you have the basics entered, it’s time to go to work and realise the true potential of this calculator. The loan amount will be constant as you know how much you need to finance. But by varying the other values, you can see how the repayments change.

  • Vary the loan term – longer term gives lower repayments, shorter-term gives higher repayments.
  • Vary the interest rate to that for another loan product to see how repayments vary for say Chattel Mortgage compared with Leasing.
  • Vary the balloon/residual amount, see how that changes the repayments to assist in deciding how you would like us to structure your refinance.

A quick call to us and we’ll source you a quote to clarify the results generated.

Compare Lower Boat Loan Interest Rates

If you took out your existing loan when lending rates were at a peak, then chances are you’re keen to secure a cheaper interest rate loan. Currently, interest rates are at historic lows as the RBA implements measures to stimulate the economy due to the coronavirus pandemic. The current low-interest rates are available on new loans and refinancing.

While rates are low across the board, individual lenders still offer varying rates on different lending types and in different market sectors. A small basis point difference in rates may seem insignificant on one level, but when calculated out over the full term of marine financing, that relatively small variation can be a significant amount in dollars. And that is real money you’ll be paying over the odds.

Sourcing the cheapest interest rates on refinancing starts with comparing rates across lenders. For consumers, we’re prepared a lender interest rate comparison chart to easily see how our rates come out cheapest against a selection of other lenders in the boat loan scene.

For business borrowers, we have compiled a chart that compares interest rates across the different finance products. Allowing you to easily compare repayments on Leasing against Chattel Mortgage and against CHP for your refinancing requirements.

When arranging to refinance, we do so at fixed interest rates. So with your refinanced loan, you can enjoy our cheaper interest rates across the full fixed term.

Request For Refinancing A Boat Loan Quote

There is no necessity for you to be at the mercy of the financial tides. Contact us to request a boat refinancing quote and start riding the wave of cheap interest rate boat loans.

To discuss your refinancing options, call 1300 000 003

 

 

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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