If you’ve decided this is the year to make a long-held aspiration of boat ownership a reality, Jade Boat Loans is ready to assist you with all you need to know and the services required to secure affordable first boat buyer loans. You may have had other loans for other goods – cars, motorbikes, properties, but this may be the first time you have required finance for a marine craft. While there are similarities with consumer credit for all types of goods, there are aspects which can be unique to each market. Being up to date with the marine lending category may simplify the process of securing credit and may result in a more affordable outcome at a lower interest rate.
As specialists in the marine lending sector, Jade Boat Loans has the lenders, resources and expertise to assist with low rate, affordable first boat buyer loans. Our services are available to assist all types of buyers purchasing all types of new and used watercraft for recreational purposes.
The Right Lenders for First Boat Buyer Loans
When buyers of goods such as watercraft require credit, the initial steps are typically to head to the internet and search for as many banks and lenders offering funding. Many will request quotes and even submit applications online to get as many quotes as possible in their search for the best offer. What most don’t realise about this approach is that those multiple quote requests and applications can be reported to credit agencies by the lender and may be considered a negative on a credit profile.
There is a better and faster way to find the best offer and that can involve understanding the marine lending market. Yes, there are many finance companies and banks that offer consumer credit for goods such as watercraft. But the products can be generic and there can be significant differences in the interest rates and in the guidelines that lenders follow when approving applications.
The way around these differences is to use our specialist marine lending services. As your broker, we take on the complete task of finding the lender with the approval criteria to best match your profile and as such the lender that will make the most affordable offer.
Our choice of lenders is extensive with over 80 banks and finance companies and that includes non-bank lenders that specialise in marine credit. By providing access to these specialist credit sources, we provide buyers with a fast and simple way to find vessel financing that suits them and the craft being purchased.
First Boat Buyer Boat Loan Options
Buyers that have sourced credit for other goods such as cars, will be familiar with the format of a secured credit product. For those making their first finance application, the format is quite easy to understand. Our Secured Boat financing features a fixed rate, fixed term and fixed repayments with the boat the primary, and in some cases the sole, collateral for the credit.
This type of credit is the popular choice for all types of new vessels across all categories and price ranges – cruisers, power, trailerable, sail, cabin and half cabin, fishing vessels, speedboats, wakeboarding craft and PWCs.
With used vessels, the type of credit product required may depend on the lender decision about the vessel as suitable collateral. The condition of used vessels is assessed as part of the application approval process. If a lender deems the vessel unsuitable security, the secured product would not suit that buyer. In these instances, our Unsecured Personal Loan option is worth considering.
An unsecured product is highly versatile as it can be used for many purposes. The rate is higher than for secured products, and collateral may be required, but the financing can be versatile and workable for many buyers.
The purchase of many smaller craft – PWCs, small cruisers and fishing craft, a trailer will be needed to transport the vessel. Many dealers of trailerable vessels will offer buyers combination packages which include the vessel, the trailer and the motor. Some buyers may be required to make separate purchases for trailer, motor and vessel.
Buying the entire package from the one dealer can present a number of advantages. For starters it’s convenient and removes a number of steps from finally getting to step aboard your own vessel. Another advantage is that our brokers can usually include the complete package in the one credit package. Buyers can repay the total purchase price with the one monthly instalment.
Securing Best Rates on First Boat Buyer Loans
Lenders offering consumer credit are required to adhere to the ASIC regulations around approving applications and making offers. Credit profiles and histories are checked. Where this is a first credit application, our brokers will guide customers through the information that we are required to collect for the application. A range of information on income, employment and financials is required but holding a boating licence is not a requirement.
Your Jade broker handles the lender negotiations to achieve the best marine finance rate through the right lender. With your Jade broker focusses totally on sourcing you the best watercraft credit at the lowest rate in a prompt timeframe, we’ll have you stepping aboard your own vessel as quickly as possible.
For fast service and best rates on first boat buyer loans, contact Jade Boat Loans on 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.