Any secured loan uses the item purchased (in this case a boat, jet ski or other marine vessel) as collateral for the loan. Should there be an issue with servicing the loan which results in a default the purchased item can be sold (by the lender) and used to pay back some or all of the principal left owing. A secured loan generally has a lower interest rate than an unsecured loan because of the this.
Below are the criteria we look at when approving a secured boat loan:
- Our minimum secured boat loan is $5,000.
- We prefer boats and marine vessels no more than 8 years old (classic and restored boats will be considered).
- Your boat finance will be secured on the vessel you purchase at a fixed interest rate that will not go over a 3 to 5 year term.
Aussie Boat Loans also provides a wide range of insurance products for motor vehicles, trucks and leisure vehicles, and a unique 2nd chance finance service for people with bad credit or just having difficulty getting a loan.