When buying a boat some buyers are buying just that – a boat. For others however the purchase involves more than ‘just a boat’. They’re purchase may involve buying the vessel, plus they may need a trailer to transport the boat plus for some purchase, the outboard motor is also additional. When it comes to their finance requirements for they need a loan for the boat, the engine and the trailer.
So what boat loan packages are available through Jade Boat Loans to cover the varying requirements for all types of buyers? What are the differences for these types of loans? Are the loan conditions different? Does the interest rate change if you add extras? What are the requirements of these types of marine finance deals? In this article, we’re addressing those questions so you can head off and purchase that boat package with confidence and with a cheap boat loan.
First-up, it’s worth noting that as a broker-style lender, Jade Boat Loans has the flexibility to tailor and negotiate loans to suit the individual requirements of our customers. In addition, we specialise in marine finance so we know boats and we understand the boat buying process – what our customers need, what they are buying and what they need their loan to include.
While a bank may require you to fit within their loan requirements, our lender panel extends beyond the traditional banks to specialist marine lenders. Specialists that fully understand that ‘buying a boat’ often means buying more than just the vessel.
Power Boat Loan Packages
Within the power boat category, we provide marine finance packages to cater for the full range of boats. From Quintrex tinnies through to luxury motor yachts from aspirational brands such as Maritimo and Riviera.
- Boat Only Loan: larger length boats that is those that are non-trailerable, will be purchased as boat-only. These may include both inboard and outboard models. Some new boat dealers and manufacturers will present buyers with a range of choices around the engine options and other variations. If the boat is being built to order, the variations and options will be included in the ‘single’ order and as such covered by our standard boat loan or commercial marine finance facilities.
- Boat and Trailer Loan: when purchasing a trailer boat, buyers may have a few choices. The dealer may be selling a boat and trailer package, the boat with trailer options or the boat only and leaving the buyer to purchase the trailer separately. In this instances, your Jade consultant can package the boat and trailer into the one loan, provided they are both acquired at the same time.
- Boat and Engine Loan: both trailer boats and non-trailer boats can be purchased without an engine or with the engine as a separate purchase. With outboard motor boats, buyers are often given the option of which motor they want and in some cases whether they want a single or dual outboards. Buyers may also be given the choice of opting for a higher-powered engine than the one already fitted to the boat. With inboard engines, some new boat dealers provide the option of different engine brands such as Volvo Penta or Cummins. If the engine selection and purchase is made at the same time as the boat purchase, your Jade consultant can, in most cases, incorporate both acquisitions into your one boat loan.
- Boat, Engine and Trailer Loan: buying the complete package of boat, engine and trailer already set-up is a very popular and in many cases economical way to purchase a trailer boat. Dealers around Australia will often have great pricing on complete packages. With package offers, Jade Boat Loans provides buyers with the option of loans to cover the entire package ‘as offered’ by the dealer. If the buyer chooses to swap out an item in the package for a different option, the loan package descriptions as outlined above for separate items will apply.
Yacht and Sailing Boat Loan Packages
Yachts and sailing boats can be offered in a range of packages – hull only, as a complete boat or basic boat with sails additional. If purchased through a dealer such as Jeanneau or Beneteau, the yacht is often offered as a complete package and ready to sail. With built to order or racing yachts, it may be hull only with mast and other rigging etc acquired and installed after-purchase. With some sailing vessels, the sails may need to be purchased separately.
Jade Boat Loans is flexible when sourcing and structuring finance for our yacht customers and will work towards including the entire purchase including sails, gear, rigging and other equipment into the one convenient loan package.
The key is having all components acquired at the same time so the loan can be sourced for the total amount.
Calculating Your Options
While we can work to include your entire boat package in your one convenient loan, it may be your choice to pay for some items separately. While having the one repayment to cover the entire purchase can be seen as a streamlined way to buy a boat, it may not be everyone’s way to go.
To work out how your boat loan package options may present in terms of repayments, simply use our boat loan calculator. By varying the total loan amount to include or exclude say the trailer or the motor, you can easily see how the repayments would vary. Use the calculator to plan your loan before briefing your Jade consultant. Alternatively, we can source you quotes for both options and you can make the final decision.
Package Loans Specifications
Whether purchasing boat-only or a package, our Secured Boat Loan suits most boat buyers. The good news is that our cheap interest rates will apply regardless of what is included in the loan. The same rate applies to boat only, boat and trailer, boat and engine and to complete package finance.
No deposit finance is available as is pre-approved finance – a great idea if you’re planning to place an order at an upcoming boat show.
So whatever way you plan to buy your boat, Jade Boat Loans can assist with a cheap loan option.
Contact Jade Boat Loans on 1300 000 003 to discuss your boat loan package options
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.