A boat is not a purchase that most people make on a very regular basis. Some boat owners may only have a few boats in their entire boating life. As today’s boats are quite sturdy and reliable, they tend to last quite a long time so unless you’re upgrading by choice, boat buys could be many years apart. Along with that comes sourcing a loan to buy the boat. Also not something that you’re likely to need to do too often. Sourcing a secured boat loan can leave boat buyers somewhat flummoxed. Who to approach? Which bank or finance company has the best deal? Comparing rates and loan conditions? Doing the research and homework? Trying to find the time to make a heap of phone calls to get quotes or browse the internet and click through on a multitude of ‘REQUEST A QUOTE’ buttons.
We hear you and we’re pleased that your research has led you to Jade Boat Loans, the specialists in marine finance. We’ll give you a brief overview of the boat lending scene and a few reasons as to why and how we can source the cheapest loans.
The Secured Boat Loan
First up, the most popular form of loan to buy a boat for recreational use is the Secured Boat Loan. Jade offers the Secured Boat Loan but not all lenders will have a specific ‘boat loan’ product. Some may offer a ‘Secured Personal Loan’ as a general category to cover a range of purchases including cars, boats, caravans etc.
Our secured loan has an easy-to-follow format where the boat is put up as security against the loan. The borrower, you, repay the loan in equal monthly instalments over the fixed loan term. Our secured boat loans are achieved at our cheap interest which is fixed for the entire loan term. So once we’ve locked your loan in for you, you can enjoy the confidence that you do not have to address it when general interest rates change. A process which is common with home loans.
Comparing Lenders
So that’s our boat loan but there are many finance companies and banks that do offer loans to buy boats. These big major banks and many finance companies are on our lending panel, we’re accredited with them. For you, that means they have authorised us to negotiate loans for our customers with their industry-level team. So we have fast and direct access to many lenders and because we are in constant contact, we are totally across what they have to offer. We cover off on many lenders in finding you the cheapest deal.
Boat dealers and manufacturers also offer finance but this is usually a ‘no choice’ option. They have an arrangement with that certain finance company and essentially ‘that’s the deal’. You don’t get to choose which lender you would prefer to deal with and unless you’ve done your own research, you may not necessarily know if that is the cheapest deal you could have sourced.
The aim with finding the best boat loan is to get sufficient quotes to satisfy yourself that you’ve sourced not only the cheapest interest rate but the loan terms and conditions that suit YOU. Not just what the lender wants you to sign up for.
Jade operates differently from many other lenders. As a broker-style operation, our consultants have your best interests as our brief and we canvass the market to get you the best deal. Due to variations, pricing cycles, economic factors and their own internal policies, different lenders will be offering varying deals or no deals at any one time. Knowing who is offering the best at the time you want to buy, that’s our job to find out.
We’ve listed a selection of lenders in a table on our website so you can easily see what each is offering on boat loans right at the moment in comparison with what Jade is offering. Which brings us to the big deal in boat loans – the interest rate.
Interest Rates on Boat Loans
As you’ll see from the comparison chart, there is quite a variation in the interest rates being charged by lenders on loans to buy boats. Why? Because lenders price their loans differently, their costs for securing their own funds vary, they may have less interest or confidence in a certain sector or it may just be their company policy. Our company policy is the offer better interest rates which is why our rates are cheaper.
Interest rates on consumer lending are not set across the board and for boat loans, it may not appear as competitive as some other sectors such as car loans and the home mortgage market.
You can read up on interest rates on our web page.
With consumer loans you will see an advertised rate and a comparison interest rate. The comparison rate is calculated based on a specific example of a boat loan as the lender has described and includes some fees and charges. Hence why the comparison rate is always higher than the advertised rate.
Using a Boat Loan Calculator
Next step is an easy self-serve stage that we offer our customers – calculate your own boat finance repayment estimates. Trying to imagine how much a boat would cost in loan repayments is usually, a few calculations and maths lessons beyond most individuals. With our calculator, no maths required. Just enter the amount of your loan and the term you would like and you’ll automatically see the estimated repayments.
What you should know…
- Sourcing multiple quotes as in approaching several lenders yourself for the same loan can impact negatively on your credit report. When Jade sources you a quote from across our many lenders, it does not impact your credit history.
- You must be over the age of 18 to apply for consumer credit.
- Don’t need a boat licence to apply for a boat loan.
- When buying a boat with finance you will need to take out an insurance policy on the boat. We can recommend an insurer that specialises in marine insurance to assist you.
- You may be able to include extras such as safety equipment, sails and other gear when purchased at the same time as the boat. Our consultants will advise you.
- We offer packages for boat only, boat and trailer, boat and motor and boat, motor and trailer.
- No deposit finance available.
Now hopefully we’ve set you on the right course to a cheap boat loan – just give us a call for a quote and we’ll handle it all from there.
Contact Jade Boat Loans on 1300 000 003 for a quote on your boat loan.
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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