A different finance product may be sought from Chattel Mortgage, CHP or Leasing.
Boat Refinancing - Cheap Boat Loan Rates
Replace an existing finance contract with a new lending deal.
Why Use Jade Boat Loans?
Cheap boat loan interest rates
We try harder for our customers. As professional brokers, we’re working for you and we use our negotiating skills and strong bargaining power with our vast selection of lenders to get you the best rates.
Your Jade Boat Loans consultant is only focused on your interests and has the skills and industry experience to know who will offer the best rates on your particular loan specs.
Your Jade Boat Loans consultant is only focused on your interests and has the skills and industry experience to know who will offer the best rates on your particular loan specs.
Using Jade is the right decision
Engaging a specialist marine finance broker to arrange your boat loan is an astute financial decision. We are a leading Australia specialist in marine financing and our depth of experience is your competitive advantage in securing a better watercraft loan
Jade Boat Loans is the broker that specialises in leisure and watercraft finance and can source you the best loan.
Jade Boat Loans is the broker that specialises in leisure and watercraft finance and can source you the best loan.
A company that delivers
We try harder for our customers. As professional brokers, we’re working for you and we use our negotiating skills and strong bargaining power with our vast selection of lenders to get you the best rates.
Your Jade Boat Loans consultant is only focused on your interests and has the skills and industry experience to know who will offer the best rates on your particular loan specs.
Your Jade Boat Loans consultant is only focused on your interests and has the skills and industry experience to know who will offer the best rates on your particular loan specs.
Refinancing is available across all types of loans
For businesses, the refinancing can be for a different type of finance than the existing loan. That is changing from a lease to a Chattel Mortgage for example. The choice of which finance product is most suitable should involve a discussion with your accountant.
What is a refinancing and how can it help you
Refinancing is the process of replacing an existing finance contract with a new one, commonly done to obtain a cheaper loan deal. It is sought after by individuals and businesses for various reasons, such as changes in financial circumstances, business structure, or the desire to consolidate multiple finances.
But by far the most common reason for sourcing refinancing is to get a cheaper loan deal. That may mean achieving lower repayments or getting finance at a cheaper interest rate.
Recently, interest rates on lending have been reduced due to the RBA’s monetary policy as part of the nation’s coronavirus stimulus measures. This has led to significant cost reductions for borrowing in various sectors, including recreational and commercial marine vessels.
You can achieve lower repayments with us
If your financial circumstances have changed since you established your existing loan, you may be looking to reduce your outgoings by reduced your boat loan repayments. Whatever your objective, reason or purpose, we can assist you with a great deal at cheap interest rates on marine refinancing.
Our consultants ensure the process is easy and streamlined for our customers by handling the entire process from your initial call through to settlement. We have access to the full spectrum of personal and business finance products and can source and structure a refinancing deal for the specific lending types that will best meet your requirements.
All refinancing deals are sourced at our current cheap interest rates. Rates that are likely to be significantly below the rate on your current lending.
Refinancing a residual or balloon payment
If it is nearing the end of your commercial marine finance contract, you will need to be addressing how you will finalise any balloon or the residual amount included in the deal.
In refinancing a residual or balloon:
The features and benefits of the loan type selected apply to the new loan, including the option for a balloon/residual based on the amount of the new loan.
A new loan quote is sought and it does not have to be in any way associated with the lender that is a party to the original finance.
Our current low-interest rates would apply to the refinanced finance.
As this refinancing is not paying out an existing loan but financing a new amount, no payout fees should be charged by the current lender.
As this refinancing is not paying out an existing loan but financing a new amount, no payout fees should be charged by the current lender.
Great rates, great deals and great financing
As part of a highly respected financial services group, which handles millions of dollars worth of loans every month, Jade Boat Loans knows how the banks and lending institutions operate and we know how to get the best out of them, for you!
Our consultants not only have the knowledge and experience, they are also skilled negotiators who will broker you a great refinancing deal for your boat.
- If you want lower boat finance rates and it is out there we will find it for you.
- If you want lower monthly repayments to ease your budget, we will structure your refinancing to suit.
- If you want to refinance the residual on an existing commercial loan product, we will present you with an attractive package to suit your cashflow.
- If you just want a better deal on your personal marine loan, we will negotiate one for you.
Some banks are restricted by their corporate rules and do not have the flexibility that Jade has available to them. We have greater flexibility to assist a greater range of people, including those with bad credit boat finance, to finance a greater range of marine craft and offer a great range of options.
Request For Refinancing A Boat Loan Quote
There is no necessity for you to be at the mercy of the financial tides. Contact us to request a boat refinancing quote and start riding the wave of cheap interest rate boat loans.
To discuss your refinancing options, call 1300 000 003
Boat Loan Refinancing Calculator
So what might refinancing cost you? What might your possible repayments be? We make that easy to work out with our refinancing calculator. You can use it whenever suits you. While you’re enjoying time on your boat, working in your business on or off the water, at home dealing with your finances, day or night, our calculator is open for business.
The boat loan repayment calculator is easy to use and can be an incredible assistance in planning how you would like your refinancing deal structured.
- Enter the amount you want to pay out existing finance or for a balloon or residual.
- Enter a preferred lending term.
- Enter the interest rate which we are currently advertising for the financing product you want.
- If business lending, select the amount you would like for a balloon/residual.
The device automatically calculates the repayment estimated on those values. Not all fees and charges are allowed for, neither are specifics pertaining to your loan, so it is a guide only but a great loan tool.
Once you have the basics entered, it’s time to go to work and realise the true potential of this calculator. The loan amount will be constant as you know how much you need to finance. But by varying the other values, you can see how the repayments change.
- Vary the loan term – longer term gives lower repayments, shorter-term gives higher repayments.
- Vary the interest rate to that for another loan product to see how repayments vary for say Chattel Mortgage compared with Leasing.
- Vary the balloon/residual amount, see how that changes the repayments to assist in deciding how you would like us to structure your refinance.
A quick call to us and we’ll source you a quote to clarify the results generated.
Compare Lower Boat Loan Interest Rates
If you took out your existing loan when lending rates were at a peak, then chances are you’re keen to secure a cheaper interest rate loan. Currently, interest rates are at historic lows as the RBA implements measures to stimulate the economy due to the coronavirus pandemic. The current low-interest rates are available on new loans and refinancing.
While rates are low across the board, individual lenders still offer varying rates on different lending types and in different market sectors. A small basis point difference in rates may seem insignificant on one level, but when calculated out over the full term of marine financing, that relatively small variation can be a significant amount in dollars. And that is real money you’ll be paying over the odds.
Sourcing the cheapest interest rates on refinancing starts with comparing rates across lenders. For consumers, we’re prepared a lender interest rate comparison chart to easily see how our rates come out cheapest against a selection of other lenders in the boat loan scene.
For business borrowers, we have compiled a chart that compares interest rates across the different finance products. Allowing you to easily compare repayments on Leasing against Chattel Mortgage and against CHP for your refinancing requirements.
When arranging to refinance, we do so at fixed interest rates. So with your refinanced loan, you can enjoy our cheaper interest rates across the full fixed term.
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THE COMPARISON RATE IS CALCULATED ON A SECURED LOAN OF $30,000 FIXED FOR A TERM OF 5 YEARS, NEW GOODS, EFFECTIVE 21/11/2024 AND SUBJECT TO CHANGE. WARNING: THE COMPARISON RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT COMPARISON RATE.
We work harder to secure the best rates.
Boat Refinancing FAQs
Refinancing a boat loan requires careful consideration of a number of issues. We’ve covered off on many of them on our web page and add to that information with direct answers to specific questions here. As with all Jade boat loan enquiries and applications, each refinancing request is treated on an individual basis. To directly respond to your specific queries about refinancing your boat loan, please reach out to our expert consultants on 1300 000 003.
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.