The holiday season is here and for many, that can mean a change of vacation plans with new plans involving boating. Were meant to be going overseas skiing or travelling with mates but costs caused a rethink? Family visit to relatives interstate put on the backburner due to personal circumstances? Camping trip now involves fishing? Staycation ditched for boating vacation these summer holidays? Whatever the change in your plan, if they involve the need for a new watercraft and a fast boat loan, you may be worrying about how to make that happen in a short timeframe.
Worrying about being charged higher interest rates for needing finance quickly. Worrying about selecting the right credit option and finding the right lender. Worrying about how long the process to get finance will take and if you have time. Specialists in marine finance, Jade Boat Loans, provide a guide to getting a fast boat loan without compromising on interest rates or credit conditions.
Most importantly, there is no need to worry and commit to unaffordable finance in a panic. Our expert services with access to competitive interest rates from our vast lender base are available, quick and efficient. We assist buyers in a hurry with quick answers to questions about the process of arranging marine finance to a tight schedule.
What are the available fast boat loan credit products?
Whether planning weeks or months ahead or buying a new watercraft at the last minute, buyers still have the choice of a secured or unsecured credit product. Financing new watercraft of all types – fishing craft, jet skis, ski boats, large and small family cruisers, runabouts, tinnies, can all be financed with a Secured Boat Loan. This credit option may be offered by some lenders as a generic personal loan.
Secured credit products can also be used for many second-hand purchases where the vessel is deemed appropriate as finance security. It can also suit boat-and-trailer and boat-and-motor combinations when purchased as a package deal.
Part of the process of assessing finance applications for used watercraft involves checking the PPSR to confirm that the vessel is not ‘under finance’. The condition of the vessel will also be checked for suitability as finance collateral. While these are extra steps for used vessel finance, they are completed quickly by our experts.
Will I be offered a higher rate for a fast boat loan?
This is probably the greatest worry for many buyers. But the answer is no, you don’t to face higher rates based on the time required for approval. We ensure fast finance approval with competitive rates for all customers. If buyers opt for dealer finance with the misconception that this will be the fastest way to proceed, then they may be offered a higher rate than they may have been able to achieve from other lenders. We have access to over 80 lenders to ensure we can find the best rates.
Rates are based on the credit profile and financials of the applicant. Lenders assess the application when making a rate offer.
What steps are involved to get a fast boat loan?
The same steps are involved to apply for and get approved for finance despite the timeframe involved. Applications may be made prior to deciding on the vessel or finalising a deal. Pre-applying may speed up the process. How long a lender may take to process the application depends on the specifics of the application and their individual processes. Regardless of individual procedures, providers of consumer credit must adhere to ASIC’s guidelines. Our system and processes are extremely efficient and with one of our brokers handling each application, many approvals are received within 24 hours.
When offers are accepted, the application is processed. When the purchase details are finalised, settlement takes place. In order for the lender to pay the dealer, they will require details of the marine insurance. All goods purchased with credit must be insured. The vessel and any trailer included in the purchase will also need to be registered.
Hints and Tips for Buyers Needing a Fast Boat Loan
- Don’t risk losing time by inspecting watercraft that are not within your financing budget. A Boat Loan Calculator is a handy tool to estimate repayments based on the price of the watercraft, to assist with making an affordable selection.
- Be ready with all the required financial documents and details for the credit application. You will need specifics for lenders to verify employment, income, assets and liabilities and similar.
- Using expert marine finance broker services can provide quick access to many lenders. Circumventing the need to make multiple applications to lenders and facing the risk of a negative impact to the credit profile. We ensure the right lender and best offer is sourced to suit each customer. Using broker services can also ensure the best rates are obtained.
- Consider other options if considering dealer finance. Dealer finance can be convenient but offers no lender choice. Ensure you are getting the best rate possible by contacting us for a quote or reviewing our latest rates.
- Save time with settlement and taking delivery of your watercraft by getting marine insurance planned at the same time as applying for finance.
Contact Jade Boat Loans 1300 000 003 for a fast boat loan to secure your watercraft in time for your holiday.
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.
"
alt="">