If you’ve left it to the last minute to buy that boat or jet ski for a summer holiday or you’ve only just managed to source the boat you want, then no, it should not be too late to source finance. There are actions that buyers seeking last minute boat loans before the holidays can take to streamline the finance process and still achieve cheaper finance.
Just because you’re in a hurry does not mean you will be required to pay a premium in regard to interest rates. An important issue is not to panic and make knee-jerk decisions which could result in a loan which is at a higher rate or has conditions that are not suited to your requirements.
Time-Saving Tips
Time is clearly a big issue as the clock ticks to finalise that boat purchase and get it set-up and ready to head off for the upcoming holiday season. Engaging a specialist marine finance broker such as Jade Boat Loans can significantly cut down the time required to source and finalise boat loans.
The boat loan market is quite extensive but it can take some digging to identify what loans are available from what banks and finance companies for boat acquisitions. Then to get a loan quote which is based on a specific purchase and specifics of the loan application may require making multiple applications and waiting on calls back with the quote.
Using our expertise, professional services and extensive lender network cuts that time to just the one contact and briefing one of our consultants. We utilise our accreditations with many banks and non-bank lenders and bargaining power to source the cheapest boat loan quote that meets the individual requirements. Saving customers from having to contact all those lenders themselves and work through multiple options and offers.
Using a finance calculator to generate rough loan repayments can ensure the boats you’re considering are within a price range you can afford or would like to pay. You don’t want to waste time inspecting boats that are outside your budget.
The calculator also allows for forming a view as to how you would like the finance structured in regard to the loan term and whether or not to pay a deposit or request no deposit boat finance.
Pre-approved boat loans are another good way to save some time. Loans can be applied for, quoted and applications processed through to ‘approved’ stage even before the purchase is finalised with the dealer. That way, buyers are ready to sign the purchase contract on first inspection and expedite the entire delivery process.
Keep in mind that some boats may need pre-delivery preparation by the dealer. Once buyers take delivery, there may be additional set-ups to be carried out including purchasing appropriate safety gear and calibrating electronics.
While on the subject of accessories, these can often be included in the boat loan when purchased concurrently with the boat.
Know Your Loan Options
Know what you want in the type of loan and understand the features and conditions ahead of time if possible. Being fully informed is essential to making wise finance decisions. There are two main types of loans for boats – Secured Boat Loan and Unsecured Personal Loan. Though there can be variations in the title of these loans depending on the lender.
The same loan types apply to all types of boats but potential differences can arise between finance for new and used boats. This relates to the security or guarantee aspect of the loan. Where the boat is not suitable as security against the loan, such as may happen with some second-hand vessels, the Unsecured Loan may suit.
Interest Rate Variations
While the basic structure of say a secured loan will be uniform across the market, the same can’t be said for the interest rate. First there are two different types of rates – fixed and variable. Secondly, the size of the rates vary across the market.
Our Secured Boat Loans have a fixed interest rate to ensure the rate and the boat loan repayments remain unchanged over the full term of the loan.
And as far as sourcing the cheapest rate applicable to individual requirements and application details – we’ve got that totally covered as detailed above. The RBA is likely to increase rates again on 6 December and this may result in rate rises from some of our boat loan lenders.
Application Process
While we can act fast, customers should appreciate that as a Licensed Credit Provider we need to adhere to the Consumer Laws and Responsible Lending Practices as regulated through ASIC. These include set steps regarding the information we must source from loan applicants and the information we must provide from our end.
Time can be saved when customers are prepared with the documents and details ready to complete the application form.
What you’ll need includes, but may not be limited to:-
- Identification documents.
- Income details including wage slips etc.
- Current employment and history.
- Residential details and history.
- Other financial-related documents and details.
Finalising the Finance – Taking Delivery
To assist buyers expedite delivery of their new boat, our consultants liaise between the boat dealer and our lenders for settlement. That stage involves our lender paying the funds directly to the dealer.
So if a new boat is in your holiday plans, it may not be too late to secure that finance.
Contact Jade Boat Loans on 1300 000 003 for fast, streamlined boat finance service.
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.
