Boat Finance

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Boat finance Australia

Looking for something sporty, something upline, something hardy and practical? No matter what you’re looking for in a boat, there’s a finance solution to make it a reality.

Your trusted boat finance broker

Boats are an expensive investment, so you want to make sure you’re getting the best bang for your buck. But navigating the waters of finance is no smooth ride. It can take a long time to get your head around the finance jargon and loan technicalities.

Loan brokers are the people who act as middlemen between you and the lender so your interests are protected. They review loan options to find financing that will suit your particular situation, needs, and desires. Once you’re happy with your choice they can negotiate on your behalf to get terms and conditions tailored to you.

With a boat finance broker, you can rest easy knowing your finances are in expert hands. And with Oceania Finance you’re getting access to a portfolio of over 30 lenders and specialist brokers with over 20 years of experience.

When the sea calls to you, we’re here to help you answer.

Boat finance options

You can get boat financing for all your boating needs, including:

• New and used boat loan – a specific type of personal loan used to purchase a boat, which is used as security for the loan.
• Secured personal loans – a general personal loan that uses an asset as security for the loan. You could borrow more than the cost of the boat for this loan and use it for other purposes. For example, you could take out a secured debt consolidation loan to pay off your debts in one payment and finance your boat at the same time.
• Unsecured personal loans – an unsecured loan lends you the cash you need without using any assets as collateral for the loan. These loans tend to have stricter eligibility requirements and may not allow you to borrow as much as a secured loan.
• Business boat loans – a finance option to suit businesses looking to finance a single boat or fleet of boats.

How to finance your boat purchase

The finance process will vary from person to person depending on their own situation, requirements, and chosen lender. But generally, getting a boat loan will involve the following:

• Consider how much you need – knowing how much you need to finance your boat will help narrow down lenders and suitable offers.
• Review boat loan lenders and options – there are many banks and private lenders in Australia that offer loans for boats.
• Decide on a lender – review your options carefully before you make your decision.
• Complete the loan application – most major banks and private lenders will have an online application available.
• Submit your supporting documents – including information about the boat, your identity documents, income statements, and any further information about your assets and liabilities.
• Wait for further contact from the lender – often they will need to verify your identity or ask for more information.
• Receive an offer – review the document carefully to ensure everything is correct.
• Sign the loan agreement – if your loan is approved and you are happy with the terms, conditions, and amount being offered.
• Receive the money – the money will either be transferred directly to the dealer or into your chosen bank account.

Loan amount

You can borrow up to $100,000 for a new or used boat through Oceania Finance.

Boat finance rates and fees

You can expect different rates and fees from different lenders.

Boat financing options through Oceania Finance are flexible, fixed-rate loans. You can get a loan term of 3, 5, or 7 years depending on the age of the boat.

Boat finance interest rate

Interest rates are calculated based on several factors, including your credit score, income, type of loan, and age of the boat.

Balloon payment

Some people prefer to have a balloon payment arrangement in place and others find it to be unsuitable for their situation. A balloon payment is when you pay a lower scheduled amount for the duration of your repayments. And you pay off the remainder of your loan in a lump sum at the end of your loan term.

If you prefer to pay less in installments over the term of the loan, this could be a suitable option for you. But keep in mind that some people find it difficult to cover the entire cost of the remaining debt in one payment at the end. It’s also important to remember you will need to pay the accumulated interest with the balloon payment.

Boat finance requirements

Eligibility

The following are the basic eligibility requirements to qualify for a boat loan:

• Be 18 years old or over
• Have a regular income
• Have not filed for bankruptcy
• Be a permanent Australian resident or relevant visa holder

Required documents

The exact document requirements will depend on where you apply for a boat loan. Here are the basic document requirements for applying for boat finance in Australia:

• Certified copy of your passport or identity document
• Proof of income and employment details
• Proof of address
• Assets and liabilities
• Details of the boat, including age

Loans for every adventure

Need a personal loan for another type of vehicle? Learn more about these personal loans:

• Car finance
• Motorbike finance
• Caravan finance
• Vehicle finance