Fast boat loan approval can be obtained when buyers are ready with financials and vessel details, with Jade Boat Loans offering 24-hour approval for many buyers. Many buyers may want or need quick finance approval so they can secure their purchase. Buyers that make last minute decisions to order at shows such as the November Sydney Boat Show may want the assurance that their finance is confirmed. Buyers wanting to secure a quality second-hand vessel before another buyer gets in first will definitely need their finance locked in.
As we approach the summer season, many buyers will be keen to secure finance to buy a boat for their Christmas holidays. Others may be looking to capitalise on deals and discounts on limited stock models and boat and trailer packages, especially during the end of year sales.
Securing finance quickly can be achieved for many buyers. We outline how you may be one to get quick 24-hour approval with our tips for applying for a boat loan.
What is the best finance for fast boat loan approval?
Applications for all marine finance facilities may be approved quickly. These include Secured Boat Loans which suit all new and many second-hand models and Unsecured Personal Loans where the boat is not suitable as collateral.
Lenders will need to approve the vessel as suitable collateral for secured finance. New boat finance applications may therefore be approved faster than used boat finance.
Buyers may expedite the processing of their application by reviewing the features of the credit products available and selecting the product that suits the boat they are buying.
What is required for fast boat loan approval?
Preparation and planning by the buyer and applying to a broker such as Jade, are our key tips for faster approval of finance applications. We cover off on a large lender base to match buyers with lenders that have approval criteria in line with their profile. Where a buyer applies to a lender that is not their ideal match, the application may not be approved as requested, require the buyer to adjust their requests, or, worst case scenario, a rejection and an application to another lender needed.
Buyers can be ready to fully complete their application quickly with these tips.
Knowing what loan you want and having a realistic evaluation of your borrowing capacity and your affordability for the vessel and the loan that you are after, can help. Applying for a loan that lenders assess is beyond your means to repay, may result in the need to re-assess your deposit and/or your boat selection. Using our Finance Calculator to get quick finance payment estimates can assist buyers match repayment estimates with the price of different vessels. Providing figures to assess against their budget and other financial commitments.
What may hold up approval or even getting approved is not having all the documents ready for the application. That includes your financial information and ID and the boat specs. As soon as you decide you need finance for a boat, prepare by gathering your documents. Documents required for applying for a boat loan include payslips, bank statements, tax returns, details of other loans and debts, regular outgoings such as house payments or rent, and general costs of living.
Whether buying new or used, small or large, lenders will need details of the boat being financed. If buying a used vessel, not having all the details and specifications required by the lender to assess collateral suitability may delay approval. Obtain as much information as possible from the dealer or seller to provide to the lender through us, to expedite the application processing time.
Insurance will be required if taking on a secured loan. You will need at least a cover note from an insurer before the lender will settle the finance. Plan ahead and contact a marine insurer such as Club Marine at the same time as finalising pricing with the dealer to get the necessary insurance sorted.
When sourcing finance through Jade, your broker will be handling all the details including finding the right lender, sourcing the best rate and loan and offer and the lender contacts. You just need to have all your details ready so we can quickly process your application.
Will fast boat loan approval cost more?
The cost of a loan is dependent on the applicant’s financials and credit profile and the interest rate. Having a finance application approved quickly should not result in a higher priced loan compared with a longer processing time. An exception being if the buyer applies to the first lender they find or opts for dealer finance without ensuring they are being offered their best interest rate.
By opting for a Jade broker to source your loan, you are assured that a large lender market has been covered to secure your most competitive interest rate.
How to Apply for 24-hour Boat Loan Approval
To apply for our 24-hour marine finance approval, contact Jade online or by phone. Have your financials ready and if the boat has been chosen, the details of the vessel also. Our brokers will do the rest to have your application approved as quickly as possible so you can proceed with your purchase.
For fast boat loan approval, apply for marine finance with Jade Boat Loans 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.
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