For most people, the decision to buy a boat, whether it’s a first or a next, is a significant one. Buyers will usually take their time to address a wide range of considerations before arriving at which type, make and model to purchase. But even before that decision is made, many buyers will first have to address how they will pay for the boat. For many, that will include a boat loan.
Many boat buyers will be seeking finance to purchase their boat and that stage of the boat buying process is in itself can be a significant step. The decision to take out any form of finance requires due diligence and approaching from several perspectives – the actually sourcing and securing the best and cheapest finance that suits that individual and addressing the affordability of the loan in the context of the buyer’s personal financial situation.
Knowing exactly where to go for advice, support and information to assist with these aspects of a boat loan can be extremely helpful to a successful outcome. To simplify the process of finding those information channels, we provide details on the roles and responsibilities of experts and specialists in consumer lending and directions to where buyers can access information and answers to their questions around their boat loan and general consumer finance.
Consumer Lending Roles
As mentioned above there are essentially two sides to taking on finance – the loan itself and the financial position of the individual. Assistance in regards to these areas are handled by different finance professionals.
For assistance with a boat loan, Jade Boat Loans provides a comprehensive lending service in our role as a finance broker. Our services include sourcing the cheapest boat loan that will meet the requirements of our customer. We are a Licensed Credit Provider as approved through the regulators and operate in line with the Responsible Lending Guidelines as set by ASIC.
For advice in regard to an individual’s financial position and ability to take on finance, that is provided by a financial advisor. The role of a financial advisor can include advising and guiding individuals on investing, superannuation and other financial decisions.
The term is quite broad and can be specialist advisors that operate in specific areas or an accountant. Some individuals may refer to their tax agent for advice around their finances. Financial advisors can provide a range of assistance which may include budgeting and making adjustments to personal finances in order to be in a better position to take on a loan.
Consumer Finance Information Sources
For general information about consumer loans, numerous online resources are readily accessible. We have a library of lending tips and hints with articles addressing a range of general and specific topics.
Referring to official government sources can be extremely helpful. ASIC is the Government body that oversees consumer lending laws and their website is packed with information. MoneySmart is another government website which buyers can easily access for information on many aspects of consumer credit and loans.
When buying goods, an understanding of consumer law can be helpful. Refer to the state government department responsible for this area to find out your rights as a consumer.
Boat Loan Application Assistance
To source a boat loan, buyers can choose to handle the process themselves or to utilise the expertise of a broker such as Jade Boat Loans to handle it for them. For those going solo, applications for boat loans can be done online or over the phone. One aspect of the solo approach which may not be widely known is the impact that applying to numerous lenders for the same loan can have on an individual’s credit report.
In the quest to find the cheapest boat loan, it would seem diligent to apply to as many as possible to make sure you’re getting the cheapest. But lenders report loan applications to the credit reporting agencies and this, in some instances, may have a negative effect on a credit report. That procedure does not occur when we as brokers source the cheapest loan from across our vast number of banks and non-bank lenders.
Checking the applicant’s credit rating is a standard part of the loan assessment process. So before getting into the loan application boat buyers can check their credit score by requesting a copy of the credit report. Individuals are entitled to a free copy of their report each year. So don’t feel you need to pay for this service. Refer to the MoneySmart information for how to get a copy of your report and how to repair any errors.
Remember, the better the credit score the better the interest rate. Unless otherwise indicated, lenders will advertise a boat loan interest rate which is applicable to applicants with a good credit score.
As part of our role, our consultants assist our customers to complete their boat loan application, advising the documents and financial records required and processing the application.
Help Getting the Cheapest Boat Loan
The goal of most boat buyers is to get the cheapest boat loan possible. Attempting to negotiate a better interest rate or more favourable loan terms with banks and finance companies can be challenging and often impossible for those that try it themselves.
Many lenders have strict loan guidelines that they must adhere to. But as experts in lending and with key connections and bargaining power with lenders, this is an area where we can assist our customers. We handle those delicate lender negotiations to achieve the best outcome to suit customer requirements.
To achieve the boat loan that best meets their requirements, buyers can refer to the extensive information available and utilise the services of experts in specific areas.
For assistance in sourcing the cheapest boat loan, contact Jade Boat Loans on 1300 000 003
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.
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