If you are thinking about buying a boat and you need marine finance, here are some quick tips that will hlep you choose the loan product that is right for your needs.
Should you buy or lease?
Buy: You will get to keep the boat at the end of the loan term.
Lease: You have to hand the boat back at the end of the lease, however this option can be more cost effective if you are using the boat for a mix of business and private use. See more about commercial boat leases.
If you buy...
- Get on a loan package that allows you to pay back more than the minimum monthly repayment. This will save you a lot of money over the loan term.
- If you want to minimise your monthly repayments, choose a loan product that offers a balloon payment at the end of the agreement.