Introduction
You might have always wanted to own a boat but haven’t had the money. Boat finance is ideal for people who want to get into boats but don’t have all the cash upfront. With an easy application process, flexible payment terms and no deposit required, it’s not just easy to get approved for boat finance – it’s also a great way to get your dream boat!
Quick application process
The application process can take a few minutes to complete and requires you to provide basic information, such as your name, date of birth and contact details. You will also need to confirm the type of boat you want to finance and how much money you hope to borrow.
Flexible payment terms
One of the biggest benefits of boat finance is that it allows you to make payments on your boat at a pace that works best for you, monthly or yearly. There are three main types of payment terms:
- Minimum payments – You can choose to pay only the minimum required amount each month, which will save money in interest but may take longer to pay off your loan
- Interest-only payments – This option allows you to pay only interest on your loan until it is paid off completely, saving money in interest and possibly reducing your overall cost by thousands of dollars
- Payment holidays (or repayment holidays) – Some lenders allow specific periods throughout the year when no principal or interest payments are due
Fast approval process
One benefit of boat finance is that it can be approved in less than 24 hours. The loan process is streamlined, so you don’t have to wait weeks or months for your loan to be processed. This can be a great help if you’re trying to get your dream boat as soon as possible!
Another great thing about this type of financing is that no credit check is required for approval, which means more people will have access to it than other types of loans.
No deposit required
When you finance a boat, no deposit is required. This means there is no need to sell your existing boat to get financing. It also means that there’s no need to pay for a survey and valuation of your current vessel; these costs are included in the loan amount.
No deposit required also means that you won’t have to pay for insurance and storage fees while awaiting delivery of your new boat.
Finance new boats, second-hand boats, motorboats, jet skis and more.
You can finance a wide range of new and second-hand boats, motorboats and jet skis.
There are many benefits to boat finance:
- You don’t have to save up a large deposit.
- You can utilise the money you save to make improvements to the boat.
- Your payments will be set for the life of your loan, so you know exactly what to budget each month.
- And being able to use your marine lender’s expert advice on maintaining your vessel in good condition – helping ensure that it is well cared for over its lifetime.
Fixed interest rates.
The interest rate is fixed for the term of the loan. It will not change during your contract term, which means you can pay off your boat loan with certainty.
Conclusion
It’s easy to see why boat finance is popular for Australians who want to buy new or second-hand boats. With its quick application process and flexible payment terms, boat finance can give you access to the boat of your dreams without worrying about paying off a loan for years. And with no deposit required, anyone can apply for boat finance!
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