Commercial boat finance is available to both companies and individuals, providing that the vessel is going to be used predominantly for commercial use, i.e. more than 50% business usage.
Obviously large scale operations like fishing boats and trawlers qualify for commercial loans*. However individuals who might run small scale fishing charters, diving schools, cruises and boat tours, etc could qualify for lease or hire purchase boat finance. Unfortunately the avid angler who takes people out fishing for the day for a few hundred dollars “off the books” would not qualify.
Advantages Of Commercial Boat Loans
Commercial loans can attract lower interest rates which make them a more cost effective solution over a personal boat loan (if you qualify). Also, the variety of loan structures available (hire purchase, chattel mortgage or lease) can help us find you finance that meets your budget and maximise tax benefits.
If you’re not sure whether you are eligible for a commercial boat loan call Aussie Boat Loans or speak to your tax adviser to find out if you qualify.
*This is generally the case but every application for a commercial loan needs to be qualified by Aussie Boat Loans.