Online loan calculators have been available for quite some time and are extremely popular and useful. We provide a boat loan calculator and strongly encourage boat buyers to use our loan calculator boat to assist with their boat selection decisions. But we also strongly advise that users read the detailed information about its use and buyers to contact us for a firm quote.
When it comes to making decisions for major purchases such as boats, buyers need to be fully aware of how loan calculators work, what the results calculated represent, how to interpret the calculations and what calculators are not capable of.
In other words, calculator users should be clear on what buying and finance decisions they should and should not make definitively, based entirely on information acquired by using a boat loan calculator. This does not bring into question the issue of trust in calculators. Our boat loan calculator can be trusted to deliver information as intended. However, users should be aware of the limitations of all these types of devices.
Boat loan calculators are a great resource when used correctly. We provide this explanation by elaborating on the specific use of the information received when using our boat loan calculator.
Using a Boat Loan Calculator
Most boat loan calculators and calculators for other types of loans work essentially in the same way. But there may be variations. So we’re referring specifically to our device in this piece. Our Boat Loan Calculator is provided free of charge and can be used by anyone who accesses our website.
The basic use is quite simple. Just enter the values for the loan amount, interest rate and loan term and click CALCULATE. The device automatically calculates the repayment estimate based on the figures entered. It is that simple.
You can use it over and over again, changing say the loan term to see what loan term gives you the repayment estimate you’re looking for. Or change the loan amount to see what the repayments may be on a different boat at a different price.
When considering several boats at different prices, the calculator offers a quick and simple way to translate the price into estimated loan repayments.
What the calculations represent
We stress ‘estimated’ repayment in all our references to the use of loan calculators. Users must grasp this aspect. The repayment amount that is calculated and displayed is only an estimate. It is a calculation based on the amounts entered at a given interest rate. It does not account for all and any fees that the loan may attract.
Most users will input the interest rate which we are displaying as our cheapest current achievable. Rates advertised by ourselves and other lenders will typically relate to applicants with a good credit score buying new boats. For those and other reasons around the loan application, a different interest rate may be offered. This would change the repayment estimate.
Another factor to consider is the loan term. Users can input any number of years/months they like. We do offer up to 7-year loan terms. However, the decision as to what loan term is approved is subject to lender guidelines and the loan applicant’s credentials.
What the repayment figures do not represent
To illustrate what the calculation repayment figure does not represent, consider this scenario. Two individuals with completely different employment, income, asset and financial positions use the calculator. Let’s say one is long-term unemployed with little to no assets while the other is a high-wealth individual with long-term secured employment, own home, large income and extensive assets.
They both input the same values into the calculator and receive the same repayment estimate. What the calculator has not done is take into account the individual aspects of the loan applicant. The details that would form the applicant assessment process by lenders. In this example, it would be highly unlikely that both these individuals would be offered the same loan.
So what the calculator does not represent is a loan offer or a loan approval. The result displayed is an estimate, not an offer. It is a buying resource and not a loan approval.
Boat loans for individuals fall under the Consumer Finance area which is regulated by ASIC. Lenders are not allowed to make loan offers that are deemed unsuitable for the individual. So any loan application must go through the correct approvals process to achieve an actual loan offer.
Proceeding after using a boat loan calculator
So what decisions or conclusions can be made based on a loan calculator and what should you do after using one?
As a buying resource, a loan calculator can be extremely useful in getting a rough ballpark figure on possible repayments on different boats. For translating prices into possible and estimated repayments. For saving time eyeing off boats that are beyond your budget. It can provide a general idea that buyers can assess in the context of their budget.
It’s also great for making comparisons when tossing up between different priced vessels. But if you proceed to order a boat based entirely on the results of the calculator and then apply for a loan, only to be offered a loan with repayments significantly more than shown, it could be problematic. You may not be in a position to proceed with the purchase and you may lose your deposit.
If the repayment estimate shown on the calculator is comfortably within affordability and allows for the additional amount to cover the usual loan fees and possibly a higher interest rate, then buyers may feel comfortable to proceed to place an order.
But the preferred action is to proceed to request a firm quote.
Confirming and clarifying boat loan calculator results
The calculator offers an easy to use, free resource, especially for those considering a pavati boat. But to receive a confirmed quote, you will need to contact us. Our consultants will source the cheapest boat loan interest rate loan that meets your application specifications and present you with a quote. Don’t worry that we will delay your purchase. We provide quick quotes and fast approvals to ensure our customers can proceed with their boat purchases as quickly as possible.
Once accepted, we proceed to process the application for approval and work with our customer and the boat seller through to settlement.
With the Sydney Boat Show coming up, keeping our boat loan calculator handy on your phone can be a great buying tool for quick repayment estimates when inspecting boats on display.
To confirm a result achieved by using our boat loan calculator, contact Jade Boat Loans by calling 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 MIS-PRESENTED DATA AND DETAILS HEREIN.