We know the world of finance isn't always straighforward and simple to navigate.
It can be confusing figuring out how loans work and whether you're eligible. We thought we would share some of our more frequently asked questions we receive at Aussie Boat Loans to help shed some light on the loan process. If you have a question that isn't answered in the list below, please contact us.
All working or self-employed individuals who are Australian residents and 18 years/over are welcome to apply for a personal loan for a new or used boat.
Large-scale fishing operations using boats and trawlers qualify for commercial boat loans, while small-scale fishing charters, boat tours, and diving schools don’t. However, they may qualify for a lease or hire purchase. Individuals who teach fishing as a side-job do not qualify for a commercial boat loan.
Simple boat loan applications may be approved in just a few hours, while more complex applications may take up to 48 hours.
Aussie Boat Loans offers a wide variety of boat finance options including personal and business finance, boat leasing, hire purchase, Jet Ski Finance, marine equipment finance, competitive boat insurance and more. We also offer a boat search and broker service through Aussie Auto Search to help you easily find your new water vessel.
Boat loan applications include the following costs:
Account keeping fees (varies per financier and state)
Government taxes like REVS, FID, GST and stamp duty
Your Aussie Boat Loans contact will provide you with a quote of applicable fees before the loan application is submitted to the credit provider.
Yes. Interest calculation is based on your daily repayment balance. The smaller your remaining balance, the lower the interest rate you’ll pay.
You will have to sign the loan documents then within 24 hours you’ll be able to take home your new boat. The loan repayments will start soon after (between 14-30 days depending on the terms).
You may be allowed to make a zero deposit depending on your credit profile. If not, we will get the lowest deposit approval for you.
You can get a good credit rating by making timely loan repayments, creating a long credit history.
If you have a bad credit rating or are have declared bankruptcy in the past, you can avail our second chance finance product. This loan product considers different criteria for approval. However, it generally has a higher interest rate because of the higher risk of your application. Each application will need to be assessed and it is not guaranteed that it will be approved.
The interest that you will pay is calculated daily based on a fixed-rate.
In approving your application, lenders will consider all your personal finances including the following:
Based on this information, Aussie Boat Loans will make a preliminary assessment to determine your creditworthiness and ability to repay the loan. Then, we will send a proposal to one or more lenders from our panel that will suit your needs and objectives.
Aussie Boat Loans can maintain and hold your pre-approval for 31 days. If you can’t find the right boat within that duration, call us so that we can extend it.
This is a type of loan that uses the purchased boat, jet ski, or other marine vessels as collateral for the loan. If you default on the loan, Aussie Boat Loans have the legal right to sell the purchased item to recover the remaining unpaid amount that you owe. Secured boat loans generally have lower interest rates.
An individual application has its own requirements depending on the applicant’s profile and credit guidelines of the proposed lenders. You can call and speak to one of our professional consultants to discuss your application. You can also apply online.
Give us a call and one of our professional team members will discuss your payout figure with you.
Yes, you can. You can pay off your loan completely in advance or make extra repayments any time by cash, cheque, direct deposit, and BPAY. Applicable fees may apply.
It will be 14 days (if fortnightly) or one month (if monthly) after the settlement of your loan. For commercial boat loans, the first monthly repayment is due on the settlement day. Succeeding repayments are automatically deducted from your nominated bank account.
This type of boat finance applies to individuals or companies who are purchasing water vessels that will be used for business purposes more than 50% of the time. A Commercial business loan has a lower interest rate compared to personal boat loan and it has a variety of structures like hire purchase, chattel mortgage, or lease. Each of these can be the best solution to specific business needs.
At Aussie Boat Loans, we welcome purchases from dealerships, auctions, and private sellers. We can help you finance the boat of your dreams. We also accept boat refinancing. Used boats of any age are also eligible but may require inspection prior to purchase.
Yes. A valid insurance policy is required in all of our boat finance products.
No we don't provide unsecured loans.
We are associated with a reputable lender who is able to provide competitive rates. However, each interest rate is based on a number of factors, including your credit-worthiness, employment status and individual circumstances.
Yes! At Aussie Boat Loans, we take online privacy very seriously. You can check out our privacy policy here.
Yes, you can. Getting a pre-approved boat loan before shopping around is a good idea. A pre-approved loan gives you more bargaining power in the showroom, giving you an upper hand when negotiating.
Aussie Boat Loans need to know the type of vessel you’re looking to buy and its current market value so we can evaluate the total loan amount. We also have to verify that the vendor isn’t fraudulent.