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1 Jul Today's
best rate
Finance Boats From
4.79 %
With a low
6.05 %
*The Comparison Rate is calculated on a Secured Loan of $30,000 fixed for a term of 5 years, new goods, effective 01/07/2022 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.

Jade Boat Loans is a full service finance broker and offers a comprehensive range of financial products for both personal and business purposes. For the purchase of a boat, most people individuals select a Secured Boat Loan as the most workable solution. But in some cases, a secured loan is not an option. For those people, we offer Unsecured Personal Loans.

Unsecured Personal Loans can be used for the purchase of certain boat types which a lender does not choose to take as collateral for the loan. This may be an older boat you are restoring or salvaging or a new boat which falls into a special category. Or you may decide that an unsecured loan is the better option for your own reasons.

Key Features of Unsecured Personal Loans

  • All Jade Boat Loans, secured and unsecured, are based on our signature Jade low interest rates
  • We use our negotiating prowess and bargaining power to get you the cheapest rate on your boat loan.
  • As unsecured loans do not include collateral for the lender, the interest rate will in most cases be higher than the equivalent secured boat loan
  • The interest rate may be fixed or variable
  • Set monthly repayments. Your Jade consultant will discuss your financial goals and structure the loan with a repayment that fits with your budget
  • The term of the loan is fixed
  • If your financial situation changes and you choose to pay off your boat loan faster, you can make additional payments
  • If you choose to finalise the loan before the end of the loan term, an unsecured boat loan attracts minimal ‘break fees’ and usually no break fees for variable interest rate loans
  • Most lenders have a maximum loan limit of $50,000 for unsecured loans. If the purchase price of the boat you are considering exceeds $50,000, you may consider another finance option or paying a deposit to reduce the loan within the lender limits or offering security.
  • Available for most types of boats, dependent on individual lender guidelines

For more ideas, tips and advice on boat loans, read the articles in our Lending Tips web section.

As Unsecured Personal Loans are a very personalised loan product, we recommend you call Jade Boat Loans for a confidential and obligation-free discussion with one of our consultants. They will explain all the details to ensure you are making an informed decision.

Speak with a Jade Consultant to discuss a financing solution for your boat purchase. Call 1300 000 003


Unsecured Boat Loan FAQs

Unsecured boat loans are different in many ways from the more popular secured boat loan. But that doesn’t mean you should feel insecure about applying for this type of loan. To ease any insecurities around unsecured loans, we’re answering some questions here to elaborate on the information in our web page. Each application for all types of boat loans is quoted on an individual basis by Jade and assessed individually by our lenders. So please contact us for a quick quote for your boat loan.

What’s the difference between secured and unsecured boat loans?    

With a secured loan, the watercraft is used by the lender as their security against the money being loaned to you. If you default, that is fail to make your repayments, the lender holds the right to repossess the boat and sell it to recoup the monies owed to them and pursue you for any outstanding monies.

With an unsecured loan, no security in the form of a watercraft is available or offered or taken as security against the loan. This can occur when the age/condition of a vessel is deemed unacceptable as security by the lender or for a range of reasons the borrower chooses not to offer the watercraft as security.

As there is no security on an unsecured loan, the interest rate charged is higher than for a secured loan. With a secured loan the interest rate is fixed but with an unsecured loan it may be fixed or variable.

The lender may impose additional conditions on an unsecured loan depending on individual applications. Even though there is no vessel as security against an unsecured loan, in the event the borrower defaults, the lender still has avenues of action to pursue the borrower for monies owed. 

Why is the interest rate higher on unsecured boat loan?   

The interest rate is higher on unsecured marine loans compared with secured loans because there is no security in terms of the watercraft against the loan.

The risk is therefore assessed as higher and that attracts the higher interest rate. In the event of a borrower defaulting on a secured loan, the lender has the vessel to repossess to secure some of the monies owed.


With an unsecured loan, in the event of default, the lender must pursue the borrower to claim the monies owed via the borrower’s other means. This can be a more risky scenario and that is reflected in the higher interest rate.

With unsecured loans for boats the interest rate may be fixed or variable.

Can I pay out my loan early?   

Yes. Unsecured loans allow for additional payments to made over the course of the loan term which would shorten the loan term and hence pay out the loan earlier. The borrower can also choose to finalise the entire balance of the loan before the end of the loan term.

But break fees will apply under some circumstances. With fixed interest rate unsecured loans minimal break fees will apply. With variable interest rate unsecure boat loans no break fees will apply. The break fees should be considered in context if contemplating paying out a loan early.

How do I know my payout amount?   

To receive a payout figure on your unsecured loan you will need to contact your lender. This can usually be done via a phone call. The lender will give you a figure which is based on your loan balance as of that particular day.

That payout figure would be valid for a limited time. The lender will advise when that payout figure expires. The payout figure includes interest charges which are calculated daily, hence why there is a timeframe.

Payout amounts include the outstanding principal to be paid plus interest plus any applicable break fees and miscellaneous charges. These charges will vary from lender to lender and over time. It is advisable to check the exact payout figure, to the cent, on the day you are making the payout to ensure you pay the full amount to finalise the loan.

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