Flexible boat finance for smooth sailing

There are several benefits to using boat finance to buy a boat:

• It allows you to spread the cost of the boat over a period of time, making it more affordable.
• You can often pre-approve for boat finance before you start shopping for a boat, which can give you more bargaining power with the seller.
• Some lenders offer features such as interest-free periods and fee-free early repayments.

The requirements for getting boat finance vary from lender to lender, but there are some general requirements that most lenders will have:

• You must be over 18 years old and an Australian citizen or permanent resident.
• You must have a regular income and be able to afford the monthly repayments.
• You must have a good credit rating.
• You will need to provide a deposit, which is typically between 10% and 20% of the purchase price of the boat.

There are two main types of boat finance available:

• Secured boat loans: These loans are secured against the boat itself, meaning the lender can seize the boat if you default on the loan. Secured boat loans typically have lower interest rates than unsecured loans.
• Unsecured boat loans: These loans are not secured against any collateral, so the lender cannot seize your boat if you default on the loan. However, unsecured boat loans typically have higher interest rates than secured loans.

Interest rates and loan terms for boat finance can vary depending on the lender, your creditworthiness, and the type of boat you're financing. Typically, loan terms can range from 2 to 20 years, and interest rates may be fixed or variable. You can use our simple boat finance repayment calculator to estimate how much your repayments may be.