You want to buy a boat. You want a loan to buy that boat. You know the price of the boat. What you don’t know is what the repayments on that boat price will be for a boat loan. Next step, you can see the interest rates offered on boat loans. What you now want to know is how that interest rate and that price tag interact in regard to loan repayments. You want to find that information without extensive, time-consuming and intrusive conversations with a bank or finance company. And without tertiary maths qualifications.
You don’t have to have a degree in computational maths or access to any complex mathematical formulae. We’ve made the process as simple as entering a few figures with our Free Online Boat Loan Repayment Calculator. It’s easy to use. No special maths skills are required. You don’t have to speak or interact with any of our people while using it. And it’s free! We’ll take you through the simple steps of how to use a loan calculator and how to make the most of its functionality.
Select Your Type of Boat Loan
The first step is to decide which type of loan you’re after for your boat. The interest rates vary for personal and business loans.
- Buyers that are purchasing a boat purely for their personal recreational activity will most commonly select the Secured Boat Loan.
- Private buyers that do not wish to put the boat up as security can select the Unsecured Personal Loan.
- Businesses acquiring vessels for use in their business have the choice of Chattel Mortgage, Leasing and Commercial Hire Purchase. Review the features and benefits of each and refer to your accountant in this decision.
Check the Interest Rate
You will need to know the interest rate for the loan you select. We’ve made that easy with our Boat Finance Interest Rate Comparison chart and by clearly showing the current interest rate we are achieving across our web pages.
- Simply refer to the chart and see the interest rate that relates to the loan type you have selected. We’ve listed the loans and interest rates for a number of banks and lenders including ourselves. So you can do a quick check of the market at a glance.
- These rates are based on the ‘best achievable’ on new goods and what you are offered will depend on your loan application details. But for the purpose of sourcing a rough ballpark repayment, use the rates as shown in your calculations.
- For personal boat loans, an advertised rate and comparison interest rate is shown. The comparison rate relates to a specific boat loan example as the details explained. For more information on comparison interest rates, refer to our web page.
- Business buyers should refer to our Interest Rate Comparison for our current rates on commercial marine finance.
Decide on Loan Amount
You will need to insert a total loan amount in the calculator. That’s how much you are looking to borrow.
- We offer no deposit finance so the loan amount can be 100% of the purchase price.
- Consider the additional items you may purchase at the same time as the boat which you may like to include in the loan. These may be optional accessories, upgrade packs, safety gear, extra electronics and similar. By purchasing at the same time as the boat and from the same dealer, these items can often be included in the boat loan.
- If purchasing a trailer boat, the total price of the package including motor, boat and trailer can be included in the loan amount, when purchased together.
Determine Loan Term
Next is how long you want to repay the loan. Terms on boat loans are available from 1 to 7 years, subject to lender requirements. Our consultants will be negotiating hard to achieve the repayment terms you want.
Using the Boat Loan Calculators
Now to the final steps, actually calculating the boat loan repayments. We offer two calculators for private buyers and both are easy to use.
- With the Lender Comparison Calculator simply enter the loan amount and term in the fields/boxes situated at the top of the table.
- The calculator automatically does the complex computations to reveal the repayments against each of the lenders.
- With the Boat Loan Calculator, you enter all the values around your boat purchase and loan including our cheap interest rate.
- You can vary the amounts to see how those variations change the repayments.
- A longer loan term results in lower repayments but a larger amount of interest is payable. A shorter loan term results in higher monthly repayments but a lower total interest bill and you’ll actually own the boat sooner.
- With the business boat loan calculators, buyers can also include a balloon value.
By playing around with the calculators, varying the amounts and terms, you can get an idea of how you’d like your boat loan with cheap interest rates structured when you speak with one of our consultants. You can also compare as many different prices of the boat makes and models to see how much more or less each month the different options would cost you. Don’t forget to write down the results you calculate as the devices don’t have a memory to retrieve the loans you have calculated.
These are of course only estimated repayments as the calculators do not have the functionality to take into account personal loan application details.
So no advanced maths skills required. Just simple online form inputs and you can calculate the estimated repayments on your boat loan.
For a confirmed quote on repayments contact 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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