Spring is here and with it, the official start of the boating season is just weeks away. With La Nina set to kick in, the forecast is looking like a warmer, drier summer in most areas. Ideal boating weather – if you have a boat! If you haven’t yet sorted your new boat for this season, then it may not be too late to get organised and on the water. Jade Boat Loans assists buyers to quickly and efficiently achieve cheaper rates and a cheaper boat loan on all types of watercraft - sail, power, and PWCs.
Using our expert marine finance broker-style lending service allows buyers to cover more choices of lenders faster by having the cheapest loan option sourced for them from across our panel of over 80 lenders. No more having to chase around multiple banks and finance companies to get quotes, to compare rates and loan conditions. Just one call to us and the cheapest rate and cheapest loan option will be sourced for you.
Know Your Boat Loan Options
So what type of boat loan are you looking for? Knowing the differences in the loan options can quicken the process and ensure the right loan is secured to suit you and your vessel. The two choices are essentially a Secured Boat Loan and an Unsecured Personal Loan. The difference is in the security or collateral.
With a Secured Boat Loan, the lender accepts the boat as suitable security against the loan. The buyer then repays the loan in equal monthly instalments. This is a straightforward loan and will suit buyers of most new and many second-hand boats. We source this loan type with a fixed interest rate and over a fixed boat loan term so the repayments are fixed each month. Comprehensive insurance is required.
An Unsecured Personal Loan is an option where either the lender does not consider the boat as acceptable security or for whatever reason, the buyer does not offer the boat as security. This may suit older vessels. When applying for finance on used boats, including options like no doc boat financing, the lender will assess the vessel regarding age and condition when deciding if it is suitable security. This type of loan can be sourced with a fixed or variable rate and provides a workable alternative for many buyers.
Loans for Different Boat Types
We handle loans for all types of recreational vessels. That includes sail, power and all brands of PWCs, new and used. The same loan types as described above can be used for all boat types. When purchasing a combination package such as a trailer boat with a trailer or a boat with a motor, the entire package may be included in the same loan.
Many buyers will want to purchase a range of extras and accessories with their new boat. These may be fixtures and fittings, upgraded devices or additional safety gear and equipment. The costs of these can add up so speak with our consultants before purchase to see how and if we can include these expenses in the boat loan.
Getting Cheaper Boat Loan Interest Rates
The overall cost of the loan and hence the boat, can hinge on the interest rate. We focus on securing the cheapest rates to ensure our customers get the cheapest loans. While that is our focus, there are a few pointers that buyers should be aware of when sourcing boat finance.
Interest rates on boat loans can vary with the different banks and finance companies offering marine finance and can vary with lenders at different times. Lenders can react differently to RBA rate decisions. Factors that can make it a frustrating and time-consuming task for buyers to find the cheapest rates at any particular time.
We have accreditation with more than 80 lenders to ensure we have access to which lender best suits the customer and is offering the cheapest rate at that time. We do the work and deliver the cheapest offer.
Buyers can improve their prospects of being offered the cheapest rates by addressing their credit profile and reducing other debts to improve their creditworthiness.
Get Cheaper Boat Loan Repayments
If the objective is to get the lowest possible monthly repayments, buyers can consider several issues. First, the total amount for the loan requested. Reducing the total will of course reduce the repayments. Consider whether or not paying a deposit or requesting no deposit finance is the best option for you.
Another factor that affects the repayment amount is the loan term. A longer term results in lower monthly boat loan repayments but a higher total in interest is payable. Conversely, a shorter term results in a higher monthly outgoing but less total interest. Using our boat loan calculator can help buyers clarify their objectives and their preferred options.
Getting a Cheaper Boat Loan Quickly
Getting that boat loan quickly can be as easy as calling Jade Boat Loans. We handle the entire financing process from your initial call to settlement. All while you finalise the boat purchase. There are only a few weeks until the boating season gets underway, so call us today to start your boat loan process and make your summer boating plans a reality.
Speak with Jade Boat Loans on 1300 000 003 to quickly secure a cheaper boat loan for summer boating.
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.