Better Boat loans with Jade

No. A watercraft loan is quoted and offered on the value of the vessel or the loan amount being requested and aspects of the loan application.

Where you are going to use your watercraft does not affect the interest rate or other aspects of the loan. We provide loans for both inshore and off shore boats including boats that are only used on rivers and lakes and for open water boats.

Where you use and store your boat may affect your marine comprehensive insurance but these are questions you will be asked when requesting a insurance policy.

Yes. If purchasing a trailer watercraft is normal to include the entire boat and trailer package in your loan. Some sellers will sell boats as a complete package while others will be sold separately. You may also choose to purchase the watercraft and trailer separately or upgrade to a better trailer than the one being offered. In both cases, the watercraft and trailer can be included in the same credit application.

Individual lenders will take into account the type of watercraft when assessing credit. While as a general guideline, the same interest rate may apply to both power and yacht loans, smaller sailing boats are more usually more suited to an Unsecured Personal Loan.

This type of finance in most cases can have up to a maximum loan of $50k and additional property may be requested as security depending on individual lender requirements. Please refer to our Unsecured Loans webpage for complete details or contact us to discuss options for your particular vessel.

Marine loans are primarily assessed on the applicant’s details and financial situation. The engine capacity of a power vessel does not affect the general details of a credit application. Both high-powered boats and small outboard boats attract the same financing rates and lending conditions.

In many cases, applicants can borrow 100% of the purchase price of the watercraft. This is subject to individual applications and individual lenders. If an application is assessed as the applicant not being in a position to service a loan of that size, you may be requested to pay a higher deposit to reduce the loan amount.

There is no general rule on the maximum allowed on boat loans. All finance quotes, and credit conditions are offered subject to individual applications and individual lenders. Some banks may have limits on the maximum amount they will extend on personal loans. Jade is accredited with many lenders, so we can access more options beyond the major banks.

In most cases there are loans for power and sailboats, small and large sized vessels, recreational and commercial marine vessels, jet skis, speed, ski, houseboats and many more. While some banks may not offer financing for all types of watercrafts, there are a wide range of non-bank lenders that do offer loans on most types of marine vessels. Loans are available for both new and used watercraft. If the age and condition of an older vessels does not meet the criteria for a secured loan, there maybe a unsecured personal loan that might be suitable.

Business or commercial marine finance are available when the watercraft being purchased is used primarily for the purposes of a business or in a business operation. Proof of the use of the watercraft in the business will be requested.

To be eligible for commercial finance, you must have a current ABN, be operating an ongoing business concern and provide the business financial documentation as requested by the lenders. This may include BAS statements, business accounts, annual business income tax return and other financial information.

If a business does not have all the documentation as requested by a lender, Jade can seek a quote for a Low Docs or No Docs Boat loans for the business.

Simply holding an ABN does not automatically make an individual eligible for commercial marine finance.

With a Secured Loans the lender uses the watercraft as security against the loan. With this type of finance, most lenders will require the borrower take out a comprehensive insurance policy. The level of coverage required may vary from lender to lender.

Your Jade consultant will advise you of the scope of the insurance policy required when assisting with your credit application. Comprehensive insurance policies are available from a number of insurers including Club Marine that specialises in marine insurance.

With an Unsecured Personal Financing for a watercarft, the vessel is not offered/taken as security against the loan. Therefore, insurance would not be mandatory for an unsecured finance.

The basic and essential information and/or documents you will need to provide to our consultants include:-

• To be over the age of 18 years with proof of age via a drivers licence, birth certificate or other form of verification
• Currently employed or have a source of regular income
• Employment history
• Provide proof of identification
• Details of your residential arrangements: Rent or own? How long at current address? Residential history.
• Provide information of proof of your financial status including wage slips, expenses and income details
• Provide information of any debts you currently have including other loans and credit cards

As is required under ASIC rulings you will need to sign the authority for our consultants to seek you a quote for your boat loan. This is not an obligation to proceed at this stage.

Your Jade Boat Loans consultant will provide you with information in regard to consumer credit.

For information in regard to ASIC Responsible Lender Guidelines and consumer credit requirements, please refer to articles in our website library of resources.

The application process involves providing information in regard to your identity, current employment status and employment history, current income and expenses, your assets or current property you own, your wealth in cash and holdings, and any other debts including credit cards and loans that you have and other information in regard to your personal circumstances. The information required in the application forms is determined by the ASIC Responsible Lending Guidelines . You will need to provide consent to the finance company to access your credit history and other permissions to proceed to source you a loan quote.

You need to be 18 years of age to get a loan in Australia. This is a condition of consumer finance under ASIC regulations that Jade must comply with.

Parents, guardians and others over the age of 18 years of age and subject to the guidelines around consumer finance as set by ASIC may apply for loans for people under the age of 18 years. That is, they may approved to apply for the finance on behalf of the person under 18 years of age.