Tools to compare boat loans include online finance calculators, accessible from lender and broker websites, are easy-to-use for buyers to plan their purchase. These tools offer buyers a self-serve, DIY option to compare interest rates and prices of vessels. A quick and easy way to convert advertised boat prices to loan payment estimates to assess affordability before proceeding with a purchase or a loan application.
While browsing boats to buy, buyers can easily get prices. But when financing is required, the price may not provide an indication of affordability. To assess if they can afford to buy, buyers will want information on their loan payments.
Those payments can be very much dependent on the interest rate for the loan. With interest rates varying across the lending market and changing with Reserve Bank (RBA) decisions, these online tools can be invaluable for buyers to plan their purchase with financing.
If you’ve never used an online Finance Calculator before, we provide this handy guide on how to effectively use the device and optimise its functionality to plan and prepare before applying and buying.
What are the tools to compare boat loans?
Most lenders that offer marine finance will provide an online loan calculator. Our Boat Finance Calculator is the key tool we provide for buyers to compare boat loans and plan their finance and purchase. The device is accessible online from our website to any device with online connectivity. The device is free to use and carries no obligation to proceed with a loan enquiry or application.
The device is generic as it can be used by anyone. The tool will not ask for personal details or financials and does not check credit scores. This means the results that are calculated are general in nature. The loan offer you are offered when your application is assessed may be different from the results calculated with the tool.
While the devices provide general information, this information may be invaluable in assessing your loan and boat options before making a commitment.
How to Use Tools to Compare Boat Loans
Using our boat finance comparison tool is simple, with no specialist skill or finance knowledge required. The fields are clearly marked. You just enter the amounts you want to compare, or you would prefer for your loan.
The fields are interest rate, term and loan amount. A balloon field is for Chattel Mortgage business finance use only. The interest rate to use for comparison purposes can be the rate we currently offer on the type of loan you are after. Most buyers will be wanting our Personal Secured Boat Loan. This rate may not be exactly what you will be offered, but we recommend using our advertised rate as a guide for calculating estimates.
Enter the amount you want to borrow to buy your boat. If you have a deposit, deduct this amount from the price of the boat as a guide to the loan requirements. The terms may vary up to 7 years, subject to lender approval.
With the fields filled, your monthly repayment estimate and the total interest accrued over that term will be shown. All the amounts you have entered can be changed to compare other options. Note the results as the calculator does not store results in a memory.
Converting Boat Prices to Loan Payments
One of the key uses for a tool to compare boat loans is to convert prices to payments. The monthly payments may provide a much better indication of affordability compared with only considering prices. Use the price of the models you are considering as the loan amount and see how repayments vary with the different prices.
The tool is very handy to use while at boat shows, at dealerships, and when scrolling through boats for sale on the internet. Start building your list of possible, affordable purchases based on the finance payments.
Assessing Rates with Finance Calculator
Tools to compare boat loans can be used to compare boat finance interest rates. Rates on marine finance do vary across the lending market and can vary with fixed and variable rates available, depending on the lender and credit products.
Fixed rates are preferred by most buyers as they provide certainty with the rate and repayments remaining unchanged over the life of the loan. Variable rates can change with decisions on the cash rate by the RBA. The calculator does not differentiate between fixed and variable rates, both can be used for comparison purposes.
To compare rates, simply enter different rates while leaving all the other numbers the same and note the differing repayment estimates.
Clarify and Confirm Calculator Results
Using tools to compare boat loans is a great way to get started on your boat ownership or upgrade process. Especially for planning and selecting the boat with a price that is in your affordability zone, but the results are estimates. Contact our brokers for a quick quote to clarify exactly the rate you will be offered, the borrowing amount you will be approved for, and your repayment schedule.
To confirm results obtained with tools to compare boat loans, contact Jade Boat Loans on 1300 000 003 for a quote.
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
