When you have selected the boat of your dreams or have at least narrowed down your selection to a short list, it’s time to arrange a boat loan or commercial finance package that works for you.
The excitement of a boating dream can quickly turn into a nightmare when it comes to sourcing finance by yourself.
Where do you start?
Who do you speak with?
Will your bank finance boats?
How do you work with a broker?
How do you know they’re working in your best interests?
Can I get a loan even with bad credit?
How do I get a quick approval?
Many banks and lending institutions offer boat finance and loans, however, you will find variations in interest rates and the structure of the loans. If you are talking directly to banks and lenders, make sure you ask for all the costs and fees to be included in the quote. If you just compare the interest rate they are charging you may get ‘loan shock’ when you go in to sign the paperwork!
Varying the term of the loan will vary the monthly repayments to suit your budget.
Many banks and lenders have stringent guidelines and their offer may be dependent on you and your proposed boat, meeting strict conditions.
If you haven’t worked with a boat finance broker Australia before, it can be a very attractive option and will work for you. Brokers have access to a range of lending products so they have greater flexibility to source a deal which works for both you and your boat. Brokers work on turnover so they are focused on getting a deal that works for you.
Many will be able to include other costs in the package including first year insurance, warranty costs etc
Boat finance is available for all types of marine vessels:
Getting Approved for A Boat Loan
Even if you have a bad credit history or no documents, an expert marine finance broker will be still be able to structure the loan documentation to get you approved.
In many cases, it is a good idea to have your boat loan locked in before you start looking at boats. That way you will know what you can afford and with the pre-approval you have the advantage of being able to make a deal on the spot.
Commercial Vessel Finance Packages
If you are purchasing a boat for your business, ie a charter vessel, houseboat for your fleet, hire boat, dredging and piling vessel or other working marine craft, there are a range of commercial finance products available.
Your broker should be able to offer you the best option to suit your business operation and your tax structure: