Addtional Boat loan and Marine finance information
The articles below are included to help you find out more about boat loan and marine finance options. If you have any questions, please contact us.
Boat loan case study
Successful commercial fisherman Brett wanted to expand his fleet of commercial fishing boats. Brett paid cash for his first fishing boat, but he was realistic enough to know that the business would benefit from financing the next boat to increase revenue as quickly as possible.
So Brett needed to find a boat loan to fund the purchase but didn’t know which lenders offered a commercial boat loan or boat finance alternatives. 360 Financial Services were able to get pre-approval on his boat loan within 24 hours and completed the boat loan in just a few days.
Let 360 Financial Services find a boat loan to suit you.
The reality of boat loans
Wanting the boating lifestyle but don’t have the cash to pay for your dream boat upfront? A boat loan is the obvious answer, but finding one can be time consuming and fraught with knockbacks.
Not all banks readily offer finance in the form of boat loans. They may offer a personal loan which is generally unsecured and therefore has a high interest rate. A secured boat loan is often possible through specialist boat lenders.
There is the perception that all boat loans are inflexible offering rigid terms and high rates, but the reality is that a specialist marine finance broker can often provide a boat loan alternative that offers some or all of the following benefits:
- Your boat loan may be able to include insurances and warranties
- You may be eligible for a boat loan with a flexible terms up to 7 years)
- Fixed or variable rates may be available on a boat loan
- A deposit may not be required when taking out a boat loan
- Depending on the usage of your boat, there may be tax benefits applicable to your boat loan
- A balloon repayment may be available to enable a smaller repayment over the life of the personal boat loan.
Commercial boat loan case study
Successful commercial fisherman Brett wanted to expand his fleet of commercial fishing boats. Brett paid cash for his first fishing boat, but he was realistic enough to know that the business would benefit from financing the next boat with a boat loan to increase revenue as quickly as possible.
So Brett needed to find a boat loan to fund the purchase but didn’t know which lenders offered a commercial boat loan or boat finance alternatives. A broker who specialised in boat loans was able to get pre-approval on his boat loan within 24 hours and completed the boat loan in just a few days. Brett ended up with a secured boat loan and because the boat was used for business, he was able to claim the boat loan interest as an expense for tax purposes.
Luxury boat loan case study
Philip had always dreamed of a large cruiser for trips to the Whitsundays and the Great Barrier Reef. Whilst he was in a well-paid executive position, he didn’t have the spare hundred thousand plus that he needed to fund the boat’s purchase.
Philip had always used a mortgage broker to find funding for his property purchases, so knew he should find a specialist broker to source a suitable boat loan.
Philip wanted a good interest rate and low repayments, so he opted for a secured boat loan with a seven year term. He now uses the boat at Christmas and Easter with his family and on weekends for local day trips and overnight stays.
Boat loans made easy
Don’t have time to run around to several lenders to find the best boat loan? An online boat loan application can save you time and effort! A specialist marine broker can assist you with a boat loan, starting with an online application, they can offer you a boat loan option to suit your financial situation.
From yachts, to motorboats or commercial fishing vessels, even jet skis 360 Financial Services can assist with a boat loan. Contact one of 360 Financial’s trained boat loan financal consultants on 1300 361 360 or Apply for marine finance online.
The ideal boat needs the ideal boat finance option
When buying a boat, choosing the size and model to suit is an exciting experience. But once you have decided on the perfect boat for you, finalising the transaction can be more stressful than exciting. The reality of purchasing a boat is that you will need to finance the boat in some way. Ready cash is ideal, but not a reality for most people, which is where boat finance comes in.
The boating dealership will most likely offer you some sort of boat finance. This is often not the ideal boat finance for your financial situation. Don’t be lured into this seemingly easy boat finance. Financing a boat is an important decision so you should aim to find boat finance that meets your needs, not those of the dealer.
Start by becoming educated about all the variations available to finance your marine purchase. Often a broker is the most efficient way to source marine loan options. Look for a broker that offers an online application for boat finance to save even more valuable time. For example, a simple boat loan or personal loan may not be the best option for you. Ask your boat finance broker about the various options such as chattel mortgage, hire purchase and leasing.
Depending on your situation you may be able to take secured boat finance or unsecured boat finance. You may also have the option of a long or short finance term to enable you to match your boat finance repayments to your cashflow.
The do’s and dont’s of boat finance
- Do shop around for boat finance – a broker can help make this easy
- Do use the internet to research and apply for boat finance
- Do ask your boat finance broker lots of questions
- Do seek insurance through your boat finance broker
- Do consider all forms of boat finance from marine loans to chattel mortgages
- Don’t blindly take the boat dealer’s boat finance option
- Don’t think that because you are buying an older boat that you won’t be able to get boat finance
- Don’t worry that because you’ve been knocked back in the past that you won’t get approval on boat finance
A boat finance broker can help smooth your boat purchase by helping you understand what you can afford, advising on boat insurance, sourcing the best boat finance for you and ensuring an easy settlement.
Get your dream boat sooner by contacting 360 Financial Services regarding boat finance to suit your budget.