Jade Boat Loans FAQs

No. A marine broker handles sales while the other handles the finance side of the sale. On the finance side, they arrange the lending for the customer. A marine brokerage is a business which sells vessels either as a dealer for specific brands or on consignment for people looking to sell. They also source vessels for buyers. If a buyer is searching for a specific type or model, they will use their connections to source that vessel, often Australia-wide. In that way they are similar in the way they operate, using Australia-wide connections to source customers the solution they require. But one handles buying and selling while the other handles financing.

A wide range of loan types are available for both private buyers and business purchasers. For private buyers the Secured Loan is the most popular choice of financing. The vessel is used as security against the loan and the borrower repays in equal monthly repayments over a fixed lending term. Where the craft is not available for security, an Unsecured Personal Loan is available. This may have a fixed or variable interest rate and has fixed repayment term. Business buyers have a choice of a number of commercial finance facilities with Chattel Mortgage the most popular. They also offer a range of general business financing and credit options. Some will work across multiple sectors including marine, motor vehicles and business equipment.

Some may specialise in certain areas but in general, most will source lending for the full range of watercraft and vessels for both recreational use such as fishing, cruising, water skiing etc by private buyers and commercial work by marine businesses such as tenders, research vessels, tugs and other working vessels. The craft may be new or used and purchased direct from the manufacturer, from an authorised dealer representing a manufacturer, a general dealer or via a private seller. The watercraft may be Australian-made or imported from overseas.

Brokers are essentially the conduit that provides access financing for individuals and businesses. They are not a bank or a finance company as they do not hold funds or extend credit. They arrange the finance on behalf of the customer. A finance company, non-bank lender and banks are the actual lenders. Brokers are accredited with lenders which gives them the lender’s approval to approach them to source finance on behalf of their clients. They are required to be licensed and the more highly-regarded and experienced will have multiple accreditations with many lenders. This allows them more choices to source the cheapest finance for customers.

Both individuals and businesses can use finance broker services. It is a misconception that a finance broker is only available to businesses and high wealth individuals. Individuals of all income and wealth levels and profiles are able to use broker services for finance. In many cases, individuals with credit issues and other special requirements can benefit significantly by engaging the services of a finance broker to assist in sourcing a loan.

No. The role of a finance broker is solely to source finance on behalf of clients and assist in arranging that finance, structuring loans to meet the client requirements and finalising loan contracts. It is not our role, nor are we permitted, to advise clients in regard to their personal and individual financial situations. Under ASIC rulings in regard to consumer credit, a lender such as Jade is not permitted to advise clients to accept or not a loan quote.The role of a financial advisor is to provide specific advice and direction to individuals and businesses around their individual circumstances. They may be a licensed financial advisor, accountant, lawyer or a business’s financial officer or similar persons.

In most cases yes. They can definitely save you a lot of time and hassle in sourcing a loan by handling the entire process for you. So in those respects they definitely make it a much easier process to get a loan. For applicants that have special requirements, a broker can make it easier to get a loan by negotiating with lenders for special considerations and loan conditions. These special requirements may include not meeting all the strict requirements as requested by most banks, having insufficient documentation for the loan application or having credit issues.

When you apply for a marine loan yourself you are limited to only the banks and finance companies that accessible to the public. Most brokers have access to many lenders. These industry-only sources tend to be more negotiable on interest rates in some cases. Brokers are expert negotiators in bargaining down the interest rate which is the basis for a cheaper loan. As brokers, they are accredited with many lenders and this means we have more choices which can result in a cheaper loan than you can achieve yourself.