Based on reports of sales and orders following this year’s boat shows, many boat buyers took full advantage of the opportunities by arranging their boat finance in advance so they could order at the show. 2022 has been a great year for boat shows as these must-attend, iconic events return after a pandemic-induced hiatus.
Sanctuary Cove was the first big boat show of the year with this iconic showcasing the some of the most luxurious vessels on the market. The show included many premieres with leading boat builders including Riviera, Horizon and Whitehaven on display.
The Sydney International Boat Show was held mid-year and attracted huge attendances and was hailed a great success and was followed by the Brisbane event. For those on the west coast, the Perth Boat Show in September offered the ideal opportunity for buyers to check out many makes and models and form their buying decisions.
The Melbourne Boat Show was buyers last major chance to see many big boat brands on display as the show celebrated its comeback from with a great new location at Dockside. Great brands with plenty of boats from across the spectrum – yachts, cruisers, fishing boats, jet skis, to check out and make that all important buying decision.
And of course prospective boat buyers had the opportunity to attend many smaller regional outdoor and lifestyle shows where boats were on display and available to order. Many buyers took full advantage of these events and proceeded with the purchases. But there will be many more boat buyers that prefer to take their time to consider their options in greater detail and depth.
With the weather warming up and the boating season now officially underway, the time to make those decisions and proceed with that new boat purchase, may have arrived and there may be a sense of urgency to arrange the boat finance and acquire the vessel. For boat buyers that have chosen to defer buying until after recent boat shows, Jade Boat Loans provides a fast and streamlined service for boat finance.
Boat Finance Options
Whether purchasing a large luxury cruiser, a trailer boat, family runabout, yacht or a PWC, the Secured Boat Loan will suit most buyers of new boats. This finance product can be utilised to purchase the boat only, a boat and motor package and for trailer and boat combined purchases. The provision with including the motor and/or the trailer is that they be bought at the same time and preferably from the same seller.
Many boat dealers offer package deals with many ready to launch. With supply issues in some markets persisting, sourcing a boat which is available right now may be the way to ensure you are on the water this summer.
The Secured Boat Loan is a very versatile finance product where the boat becomes the security against the finance. The finance term is fixed as is the interest rate, which provides buyers with a fixed boat finance repayment.
No deposit finance can be applied for which allows buyers to include the full purchase price of the boat in the finance. It may also be possible to include additional items in the finance. These may include life jackets and other safety gear, upgrade packages, additional covers and canopies, optional accessories such as bait tanks, upgrades to electronics and similar items. As with the note about motors and trailers, these items would also need to purchased concurrently with the boat to be included in the finance. Having a quick conversation with one of our consultants can clarify the situation around specific items and circumstances.
If a buyer is going shares in a boat with friends or family and requiring finance only for their share, it may not be appropriate for the boat to be offered as security against the finance. As such, the Secured Loan would not be suitable. In these situations, which are extremely popular, we can offer an Unsecured Personal Loan.
Still a little unsure of exactly which model will be ‘the one’? Then pre-approved boat finance may be the way to go. Finance is arranged prior to purchase so buyers can do those last minute inspections and comparisons and be ready to say ‘yes’ when the final decision is made.
Boat Finance Interest Rates
As most will be aware of, the Reserve Bank has raised the cash rate six times in the past six months and further increases have been flagged. These rises do flow through to lending markets including marine finance. Lenders will make individual decisions around how much to vary their rates and when an increase may be implemented.
With rates already varied across the boat finance market, the latest rate increases may make it even more challenging for buyers to source the cheapest boat finance interest rates. When engaging us to handle the finance, the challenge is overcome. Through our specialist marine finance lenders, we are able to quickly source the cheapest rate that suits the individual buyer.
The rate actually offered to an individual will be dependent on the lender assessment of the application which includes the credit profile. Rates advertised are for applicants with a good credit score.
Fast, Streamlined Application Processing
For buyers wanting to make a quick boat purchase, we can provide fast finance approvals to expedite the entire process. So if you didn’t place an order at a recent boat show but now wish to proceed, then request a finance quote so we can assist you with securing your finance and your boat in time for a great summer of boating.
Contact Jade Boat Loans on 1300 000 003 for boat finance on all types of boats.
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.
