Boat Finance Rates
How Does Interest Work on Boat Loans?
Boat loan interest generally works in the same way as the interest you would pay on a home loan or car loan.
When you take out a boat loan, you will repay the principal amount borrowed, as well as the interest charged by the lender. The borrower repays the principal and interest in weekly, fortnightly, or monthly repayments.
How Are Boat Financing Rates Determined?
The interest rate you pay on your boat loan will depend on your individual circumstances.
You might see low rates advertised for boat loans, but not everyone will qualify for these low rates. Lenders can offer more competitive rates to those who have an excellent credit history, as these borrowers are seen as being a lower risk to the lender.
Your boat finance rates are determined by the lender and will depend on several factors, including:
- Your credit history and credit score
- Your current financial circumstances
- The asset you’re financing
- Whether the loan is secured or unsecured
Some lenders will be able to offer you a better rate than others. You can shop around for rates, but with the vast number of lenders in Australia, this can be very challenging and time-consuming to do on your own.
This is why we recommend going through a reputable finance broker like Credit One. We have access to an extensive panel of Australia’s top lenders, and we can do the hard work to find the best available rate for you.
What Else Should You Consider Besides Rates?
The interest rate on your boat loan is essential and will impact the total cost of your loan. But it’s certainly not the only thing you should look at when comparing options. Simply choosing the loan with the lowest rate often isn’t the best approach.
The loan offering the lowest rate may end up being more expensive than others if the lender charges high fees. Aside from the interest rate, you should also take the following into consideration:
- Fees and charges
- Length of the loan
- Repayment frequency
- Early payout fees
Each of these factors will impact the overall cost of your loan and shouldn’t be overlooked.
Personal Boats Loan Rates
Some clients choose to take out a personal loan to buy a boat. Unlike boat loans, which are secured against the boat, a personal loan is unsecured. It can also be used for other expenses besides purchasing a boat.
Starting with a full breakdown of your available boat finance rates. We can help you obtain a personal loan for your boat or jet ski purchase if that’s your preference. However, because the loan is unsecured, lenders will typically charge customers a higher rate than on a boat loan.
How Credit One Helps You Get the Best Rate
We have access to an extensive panel of the top lenders in Australia. Our experienced consultants have in-depth knowledge of each lender and their rates.
When you apply through Credit One, the broker you work with will review your personal circumstances and find which lender can offer the best rate based on your situation. Our team will save you time by comparing the options for you.
Used Boat Finance Rates
Credit One can assist you in getting finance for both new and used boats. However, financing a used boat will typically attract a higher rate compared to a brand new boat.
Lenders will also consider the age of the boat being financed when determining the interest rate.
As well as used boats from dealerships, we can also finance private sale purchases.
Boat Loan Rates Frequently Asked Questions
How Can I Find My Boat Loan Rate?
Wondering what rate you are eligible for on your boat loan? Start by beginning an enquiry on our website.
Once you have submitted your enquiry, a Credit One broker will contact you to discuss your circumstances. After an initial discussion, the broker will be able to give you an estimate on the rate you would be eligible for.
The broker can then assist your loan application and assist you in applying for pre-approval.
Who Is Eligible for a Boat Loan?
Before we can get you a boat financing rate through one of our partnered lenders, we will need to determine your eligibility. At Credit One, we require all loan applicants at a minimum to be 18 years of age and be an Australian Permanent Resident.
Beyond that, other requirements include being currently employed and being able to prove regular income. Depending on your unique financial circumstances and objectives, there may be additional credit and approval criteria.
Can I Still Have Access to Boat Financing Rates with Bad Credit History?
Whilst bad credit history is likely to lower your chances of getting a loan from one of our partnered financiers, we understand it is not the whole story.
We are proud of the strong relationships we have with all our lenders, and we work hard to continually negotiate the best outcome for you. We are also fortunate enough to have other options that other finance firms do not have available to them, such as accreditation with private financiers to help get you a loan.
Is It Better to Buy a New or Used Boat or Marine Leisure Craft?
With the boat loan rates offered by our partnered lenders, Credit One customers have the flexibility to select between buying either a new or used boat or other marine craft.
It is important to consider that the interest rates available to you will fluctuate with your choice to finance a new or used boat. Factors such as boat age, condition, service history, and future service requirements will all be considered by our brokers when determining the most suitable finance options for you. A new boat will attract a much lower interest rate than a second-hand boat as a general guide. Since many financiers will only permit a loan period relative to the age of the vehicle, our partnered financiers will consider the age of the boat at the beginning and end of the lease period to determine eligibility.
Apply for your Marine Finance Online
Our finance specialists will save you time & money by comparing 40+ leading lenders to get you bank-beating boat finance. Best of all your application is obligation-free!Get Started