Get an approximate idea of how much your loan repayments* will be with our easy to use boat finance calculator.
To use our calculator, fill out the fields below for Loan Amount, Repayment Frequency, Loan Term and whether you will be using a Balloon Payment option, and the approximate repayment amount will automatically update. Click on 'View Details' for a breakdown.
This is only an estimate of your repayments and does not take into account your individual circumstances. For a detailed quote, please apply online or contact us on 1300 769 999.
Current Boat Finance Rates
Rate for Private Purchase
Rate for Dealer Purchase
Rate for Business Vehicles
Comparison Rates explained
As the name suggests, the comparison rate lets you compare the actual cost of a loan from different providers. It is calculated using a combination of the nominal interest rate and up-front and ongoing fees. It does not take into account all fees, however, such as early repayment fees or statement fees, nor does it include government and statutory fees as these are standard fees regardless of the loan provider.
While the comparison rate helps you compare the cost of one boat loan with another, its also important to consider other features from the loan provider such as flexibility of repayments, redraw and direct debit facilities.
What is a Balloon Payment?
Considered an optional extra, a balloon payment can help make your weekly or monthly loan repayments more affordable. Essentially, it is a one-off lump sum that you will pay off at the end of your loan. This lump sum amount is technically excluded from the loan amount that your repayments are covering, which decreases your repayment amount.
Once you have reached the end of your loan term, you have the option of paying your balloon amount, selling the item you got the loan for (e.g. your boat or jet ski) to pay off the balloon, or refinancing with your loan provider to pay off the remaining sum. Refinancing is a popular choice - you can either keep your boat and simply pay off the remaining amount with a new loan, or upgrade your vessel.
The balloon payment amount varies from lender to lender and takes into account the age and type of boat plus other factors. While reduced loan repayments are the primary advantage of using a balloon amount, other benefits include the ability to increase the size of the loan so you can potentially afford a better vessel, as well as helping to manage your cash flow.
For example, if you are purchasing a $60,000 boat, take out a five-year loan and choose to have a $15,000 balloon payment (25% of your loan amount), your loan repayments will be based on the remaining $45,000, plus interest. At the end of the five years, you will still have to pay the remaining $15,000 (or refinance as mentioned earlier).
Use our finance calculator above and include a balloon amount to get an idea of how it changes the repayment amount.
For more information or to discuss your options, contact Aussie Boat Loans today. We offer fixed-rate loans and flexible repayment options. Fill out our online application form or call 1300 769 999 to speak with someone.
Helpful information on obtaining boat finance:
- Advice For Getting Boat Finance
- Avoid A “Busy” Recent Credit History
- Lease vs Hire Purchase
- Choosing The Right Boat
* This loan simulation is not an offer and has no legal effect. It is a guide only. All interest rates, amounts and terms are based on a personal simulation by you and your assumptions of same. The repayment results in every case are approximate only. Please contact us for a formal finance quote before applying.