Jade Boat Loans FAQs

No. Requesting a quote is not considered as an obligation or an indication to proceed with a marine loan. It is merely requesting a quote.

Jade will source you a quote for the cheapest loan that meets your requirements from across our lending panel. The quote or loan offer we present to you will be valid for a set time period.

That timeframe will be indicated when you receive the quote. You are not obligated to proceed with a formal loan application based on a quote. If you do choose to accept the quote, then your application will be officially processed.

No secured marine loans at a fixed interest rate. The rate is based on the interest rate current at the time the loan is established and your individual application. The interest rate charged on your loan will remain at that fixed level for the full term of your loan.

If you miss a payment that is known as defaulting on your loan. When a borrower defaults on a secured loan, the lender could have the right to repossess the watercraft being held as security. The repossession procedure does not always commence after one missed payment. There is a process which is usually adhered to under these circumstances. It may initially involve reminders from the lender in regard to the missed payment(s) and further follow-up by phone or other means. After multiple missed payments a loan is deemed in default and repossession procedures are commenced by the lender. If you normal repayments are resumed and the missed payment made, no further action may be applied by the lender. Missed payments are usually recorded in your credit history and that will reflect negatively on your credit profile which may impact future loan applications. Fees, penalties and additional interest may also be incurred.

Yes. Borrowers are permitted to make additional payments at any time throughout the loan term. These can be intermittent payments or you can choose to make regular extra payments.  By making extra payments while still maintaining the fixed repayment schedule the loan will be paid out earlier than the fixed loan term. Break fees will apply for paying out a loan early. The break fees are minimal on secured loans but should be taken into consideration when making the additional payments. In some cases any extra payments are paying forward the loan schedule repayments and therefore allow you to pause payments in line with the extra payments made. Alternatively, continue paying the regular repayments plus the extras and finalise the loan earlier and pay less interest.

A Secured Marine Loan has a very straightforward format. The lender accepts the boat as security against the loan and the borrower repays the loan in equal monthly repayments over the agree loan term. This type of loan is set at a fixed interest rate and has fixed repayments and a fixed loan term. When the loan is finalised, the lender relinquishes any claim over the vessel. This type of loan is the most commonly used form of boats used for personal use and can be used to purchase most types of boats.