Want a boat or a caravan but even with our low rate funding, the prospect is outside your budget? Why not consider shared ownership options. Options are available through timeshare companies and buying with another friend or group of friends or family. Jade Finance opens possibilities for shared ownership with competitive rates on shared boat loans and shared caravan finance. Affordable funding to cover an individual’s cost of purchasing their share of a watercraft or RV with other parties.
This can be a great way to enjoy boating and the great outdoors at a fraction of the cost of buying the vessel or vehicle on your own. Not only is the monthly repayment outlay less on a share than the whole, other costs are also split – registration, servicing, repairs, insurance and storage and moorage.
Sharing ownership of recreational goods can be an astute decision for buyers that have limited time or access to use those goods. While some watercraft and RV owners will getaway every weekend or multiple times each year, some are only interested or available for occasionally using the craft. Sharing ownership and the costs, frees up funds to use for other pursuits and purposes.
To see if this could be a viable option for your boating and travel plans, consider our funding options or contact us for a quote.
Shared Boat Loans and RV Sharing Options
The way in which the joint ownership arrangements are approached may have a bearing on the type of funding available. There are companies that offering time share arrangements in both vessels and RVs. Buyers can select the package that suits them. Buyers can apply with us for the funding to cover the costs. Time share packages are usually a one-off cost which can cover a timeframe.
The other option to buy into a vessel or vehicle is in conjunction with friends or family. The process of buying a new model may be undertaken jointly. Alternatively, a friend may suggest you pay them a portion of the value of their vehicle or vessel to own a share. Arrangements made on this basis may require some form of formal documentation as an assurance for each party should anything go wrong.
Sharing Boat or Caravan Ownership – Competitive Loans
When applying for credit to jointly own a recreational vessel or vehicle, the suitability of a secured or unsecured credit product needs to be determined. If the applicant only owns a portion of the asset, in most cases, they would not be able to offer that portion as collateral. If purchasing a timeshare package, no asset would be available for security. The timeshare package may be able to be resold, but likely not considered suitable collateral by our lenders.
For most buyers considering any sharing ownership arrangement, an Unsecured Personal Loan will likely be the most appropriate credit product. This product can suit a range of personal acquisitions including all types of watercraft and RV where the goods are not available to use as collateral for a secured credit product.
While the credit is not secured by the goods ‘under finance’, applicants may still need to provide lenders with some form of collateral to get approved. This may be other unencumbered assets such as motor vehicles, cash or in some cases, a personal guarantee.
The interest rate on unsecured credit may be arranged at either a fixed or a variable rate. With variable rates, the rate may change if and when the lender changes their rates. This often occurs when the Reserve Bank announces an interest rate rise or cut. A fixed rate remains unchanged over the full credit term.
Additional payments can be made with this credit, extra to the scheduled repayments. This provides flexibility to pay off the share sooner if circumstances permit. With a variable rate loan, no break fees are charged when a loan is paid out early. With fixed rate credit, minimal break fees are charged.
Applications are assessed as per consumer credit regulations so the credit score and history will have a bearing on the rate offered and the terms and conditions approved.
Working Out Your Shared Boat Loans Repayments
Using our loan repayment calculator is a great first step towards buying a watercraft or RV – by yourself or with others. Simply enter the amount required, the interest rate for an unsecured personal loan, preferred repayment period and the monthly amount due will be displayed.
If the repayment estimate is above expectation, adjust the term or consider asking another individual to join your syndicate as co-owner! If our highly competitive rates deliver a monthly repayment way below what you expected, why not work out estimate repayments on purchasing the entire vessel or RV with a Secured Loan. We may be able to make sole ownership cheaper than you imagine.
Apply for financing to co-own a vessel or vehicle with shared boat loans or shared caravan finance with Jade Finance.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.