Jade Boat Loans FAQs

Possibly yes but that is dependent on a number of factors. This will depend on the interest rate on your existing loan compared with the current interest rate. In 2020 interest rates hit historic low levels which would make repayments on a marine loan sourced at those rates less than at the higher rate applicable in previous years.

Another consideration is that in refinancing you will be seeking a used marine loan rather than possibly the new watercraft loan that you originally arranged. Individual lenders may attach different interest rates to some older boats.

The interest rate offered on all marine loans is subject to the credit profile and financial circumstances of individual applicants. If your financial situation and/or credit profile has significantly improved since you arranged your existing  loan, you could be offered a cheaper interest rate in refinancing.

Yes. Businesses have the choice of a number of loan types for marine finance including Chattel Mortgage, Leasing and CHP. Refinancing involves establishing a new loan and that can be established under a different finance facility.

You may choose to move from a Chattel Mortgage to a lease or vice versa. When refinancing, consideration should be given to the fees and charges applied by the individual lender in establishing the new finance deal. These charges should be included when considering the overall costs of refinancing compared with continuing with the existing loan.

The reason an individual has to refinance a marine loan will vary. These may include changes to their financial circumstances where they would be seeking a lower repayment or different conditions on their loan. The original loan may have been established at a much higher than the current interest rate and a benefit is perceived in refinancing at the current lower rate.

If the original loan involved joint ownership of the watercraft and that ownership structure has changed, a refinance of the loan may be required. Refinance may also be requested by individuals as a result of change to a partnership or marriage.

Businesses may choose to refinance due to a change in the business structure or financial situation or as part of a wider restructure of a business’ financial arrangements. A business may also be seeking finance at a lower interest rate.

Refinancing will incur the costs and charges applicable to establishing a new loan and these should be taken into account in the overall cost of the change.

Refinancing involves a Jade consultant sourcing you a quote for a new watercraft loan based on what is owed on your existing loan. This involves establishing a new loan which may or may not be with a different lender to your existing secured loan.

You, or your Jade consultant on your behalf, will need to source a payout figure on your existing loan to establish exactly the amount that needs to be refinanced. Sourcing a loan quote follows the same procedure and requires similar application details as establishing the original loan.

Secured Marine Loans include break fees if you payout your loan early. These fees need to be covered when refinancing and should be considered. If the refinancing quote that we source you will not improve your current watercraft loan situation, we would not recommend you proceed.

If you purchased your vessel new your original loan was established as a new marine loan. Refinancing will be based on used watercraft loan conditions and requirements.

In requesting a refinance quote, there is no obligation to proceed with the loan.