Much of Australia might be enduring a very cold winter, but for boating enthusiasts, eyes will be firmly focussed on the upcoming start of the new boating season. Are you ready to cast off aboard a new boat? Now is the time to act and secure the best boat loan deals to buy that special vessel and plan your spring summer boating enjoyment.
Boat buying season will now be heating up, with popular makes and models sure to be in high demand. Jet skis, RIBs, wake boats and trailer fishing boats and cruisers are always popular with boat owners. Buyers may need to be well-organised with their finance sorted to secure their watercraft of choice.
Boating enthusiasts were out in large numbers at the recent Sydney International Boat Show which featured multiple new model releases. You may have attended and eyed off the models on display and are now ready to commit to a purchase. You may have taken your trailer boat out of storage and decided it’s time to upgrade. Maybe the family has grown, interests have changed, skill level has improved, and it’s time for a vessel to suit new adventures and experiences.
Whatever the reasoning and motivation behind the buy, Jade Boat Loans assists buyers of all types of watercraft, cruisers, fishing boats, trailer models and sailing boats to secure the best boat loan deals. Getting the best finance at the best interest rates, most workable terms and affordable repayments with fast approval. Here’s our tips to assist buyers plan their marine finance to buy a new vessel to start the 24/25 boating season.
Best Boat Loan Deals for Different Boat Types
The same types of loans apply to all types of watercraft – sail, power, PWCs, large and small. The Secured Boat Loan will be the go-to finance for new vessel buyers and many buyers of quality second-hand vessels.
Where the vessel is not considered suitable collateral for a secured form of finance, we provide an Unsecured Personal Loan option. When applying for finance, buyers will need to provide details of the vessel and we can confirm the collateral requirements.
Expert Tips to Prepare for the Best Boat Loans
Knowing what is required for the application form may contribute to getting faster approval and even a better deal. Loans for recreational vessels for private use are considered Consumer Credit, an area of the lending market regulated by ASIC.
The regulations stipulate that all lenders offering consumer finance, including dealers through finance companies, must adhere to the same requirements. These include eligibility requirements such as being over 18 and having verifiable income, fixed place of residence in Australia and a credit profile.
Once you’ve ticked those boxes, move on to paying attention to your credit profile. A good score and history are major contributors to being offered the best interest rates, which results in the best boat loan deals, and can result in a higher credit limit approval. If you haven’t checked your profile for some time, consider getting a copy of your Credit Report and see if any details can be improved.
In addition to improving your credit score, also work on improving your balance sheet – your debt to income ratio, assets to liabilities position. Pay off other loans and reduce that balance on your credit card.
While our experts work quickly to get applications processed and approved, delays can occur when applicants are not fully prepared with the required details and documentation. We are required to obtain a range of identification and financials from applicants. Gathering these ahead of applying may mean faster processing and improve the chances of quickly securing the boat of choice.
Use a Finance Calculator to Estimate Affordability
One mistake that some buyers do make is setting their sights on a watercraft which is beyond their budget. Going through the process of applying for finance for that vessel, only to have their loan amount request rejected by lenders.
To avoid this issue and potential delays in securing the vessel of choice, buyers can use our online calculator to quickly convert boat prices to finance repayment estimates. This device can be used to calculate estimated repayments on all types of boats at different price points. Allowing buyers the opportunity to match their boat to their budget as a first step.
Using Specialist Services to Secure Best Boat Loan Deals
Our major tip for securing the best marine finance deal is to use our expert services. Interest rates, credit limits and other approval criteria varies across the quite extensive consumer credit and marine finance lender market. Buyers can spend a lot of time, and risk damaging their credit profile, by applying for multiple loans to find the best deal.
By using our specialist marine brokers and taking advantage of our access to 80+ lenders, buyers can quickly have the best rates from the most suitable lender found for them. All done quickly and expertly to ensure prompt approval and access to funds to proceed with the purchase.
Whether buying the latest jet ski, a small family runabout or a top of the range Riviera, all buyers can easily access our services to secure the best boat loan deals on the market. With our experts handling the sourcing and application processing on the buyer’s behalf, we work with our lenders to include accessories and extras in the loan.
If you’re keen to get a new vessel for the opening of the boating season, talk with Jade Boat Loans on 1300 000 003 to secure the best boat loan deals.
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.
