With particularly cold temperatures prevailing across many areas of Australia, it may not seem like the time to think about buying a boat. But savvy buyers know that winter can be a great season to purchase boats, especially in the second-hand market. EOFY sales, boat owners not wanting to store boats over winter, and mid-year clearances, can bring many great value models onto the market. The second-hand market can be particularly popular with buyers, and we assist purchasers to anchor a bargain with our great deals on used boat loans.
While pricing on second hand vessels in winter can be attractive, many buying decisions will still hinge on the finance. Jade Boat Loans assists savvy winter boat buyers capitalise on the second-hand market with great deals on used boat loans at the best rates and attractive terms. Rates and terms which deliver affordable monthly repayments and may make watercraft ownership a realistic option for more boating enthusiasts.
Types of Craft We Finance with Used Boat Loans
The second-hand market covers a wide range of vessels of varying types and sizes. We provide financing for all vessels and watercraft including PWCs, yachts and power boats. Funding for cruisers of all sizes from family runabouts and small fishing vessels, up to the top of the range luxury cruising models. Financing all makes and models of PWCs, RIBs and wake boats.
Many second-hand vessels will be sold as a total package. This can be different from some new vessel sales where vessel, motor and trailer may be sold as one or as individual items. Where buying a second-hand package, our funding options can cover the entire package. Simplifying the purchase and the payments.
Credit Options for Used Boat Loans
While new vessels are generally accepted for secured credit products, second-hand vessels are subject to lender assessment as suitable collateral. The lender decision can determine the type of credit product required for the purchase. The options are a Secured Boat Loan or an Unsecured Personal Loan.
Many quality, second-hand vessels are accepted as suitable for secured financing by our lenders. Enabling buyers access to the best rates and most convenient funding arrangements. Our secured finance is arranged with a fixed rate of interest over a fixed term to deliver a fixed repayment schedule.
Where the vessel is not deemed suitable collateral for secured credit, our Unsecured Personal Loan can provide a very workable option for boat ownership. Rates are higher than on secured products and may be fixed or variable. But still individually sourced by our experts to ensure the best possible rates are achieved and an affordable funding solution obtained.
Getting Best Used Boat Loans Interest Rates
Whether buying new or second-hand, the funding commitment can be the key issue with purchasing decisions. The interest rate is integral to affordability for many buyers. The rate determines the monthly repayment, the total amount of interest that the loan accrues, and ultimately the cost of the vessel.
While much attention is paid to the Reserve Bank’s interest rate decisions, buyers requiring finance have other aspects to consider. Interest rates on marine finance vary with lender, with credit products, and with individual applications. With our access to many lenders, especially our marine financing specialist lenders, and with our expertise and experience, we have a proven track record in securing the best rates on second-hand watercraft finance.
A very important issue for buyers to consider is their credit rating and history. Credit scores are checked by lenders to determine creditworthiness, interest rates, and even finance approval. Prior to applying for finance, buyers may like to get a copy of their credit report and review Moneysmart for ways to improve their rating.
Get Pre-Approved Used Boat Loans for Quick Buying
By their very nature, second-hand vessels are a one of a kind offering. If a buyer misses out on a purchase, they may have to wait some time until a vessel meeting their requirements comes onto the market. So buyers – be aware and be prepared!
When buying online through private sellers or in person at a dealership, being ready to buy can mean the difference between being the successful buyer and walking away without the vessel. Getting pre-approved for finance is a great way to be prepared.
Buyers can apply for finance with a rough idea of the type of boat they are seeking, and an estimate of the amount required for financing. We process applications with quotes, through to conditional approval stage. This allows buyers to know that yes, they are approved for financing. The final stage is to provide specific vessel details and loan amount, so any offer can be amended, and final approval and settlement provided.
What is Needed to Apply for Used Boat Loans
Recreational vessel finance is consumer credit and regulated by ASIC. This means lenders, including Jade, must request a range of financials, income details, employment specifics, and other information from applicants. Applicants have to be 18+ years of age. Holding a boating licence is not essential.
Buyers can apply with Jade online or by phone, using our simple, streamlined services to achieve their second-hand watercraft finance. If you have a second-hand boat on your wish list, be savvy. Don’t huddle down for winter, head out and capture a great deal.
Speak with Jade Boat Loans on 1300 000 003 to pre-arrange used boat loans for savvy winter purchases.
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.
