If you want the lowest boat loan interest rates on the market, our loan experts at Jade Finance have you covered. It is important to understand that the loan amount a borrower is offered is completely dependent on their credit score, loan amount, loan term, loan type, and specific lender policies.
The way we calculate interest on boat loans is simple. For example, a $30,000 boat loan at a 5% interest rate over 6 years will require a borrower to pay approximately $482.13 per month. This results in seventy-two total repayments and approximately $3,155.36 in interest over the course of the loan.
Buying a new or used boat is exciting. So don’t burden yourself with unexpected surprises. Use our boat finance repayment calculator for quick and easy monthly loan repayment estimates to understand the total cost of your loan. The calculator requires you to input the loan amount, loan type (secured or unsecured), loan term and repayment schedule, and the interest rate (if different from the autogenerated one). Harness an easy-to-understand breakdown of your monthly repayments and the overall rate of interest.
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The total amount of money you wish to borrow for your new or used sailboat, yacht, jetski or other marine vessel purchase is known as the ‘borrow amount’. When inputting this amount, it should include any additional costs. These costs can include registration and insurance for the vessel.
When inputting the interest rate, borrowers should enter the competitive interest rate being offered by Jade Finance for either secured or unsecured boat credit facilities at that point in time. Entering a rate that is representative of your credit profile and the lending market is crucial because it will significantly affect the repayment amount shown by the calculator.
In this field of the calculator, borrowers are required to indicate the length of time they intend to repay their boat over. Typically, boat loan terms range from 1 to 7 years. It is important to know that longer terms lead to lower monthly payments but can increase the overall interest paid, and vice versa.
Marine loans can be repaid monthly, bi-weekly, or weekly. In the repayment schedule field, borrowers must decide the repayment frequency that works best for them. Borrowers should spend time choosing a well-thought out schedule because it will directly impact their cash flow.
Our sailboat, yacht, jetski or other marine vessel loan repayment calculator provides borrowers with an estimation of their repayments, not a finance offer or approval. When you contact us for a quote, the actual loan amount we provide may vary to the one provided by the calculator due to fees and charges imposed by the lender.
Each borrower’s funding application is different. Our calculator is unable to account for these differences which can often mean the final repayment amount may be higher or lower than the estimate provided. Credit score, loan type, rate type and more are all factors that can impact the total amount a borrower may be required to repay on their boat purchase.
Our online marine loan calculator is designed to calculate repayments with compound interest and does not work for interest-only loans. By adjusting the amounts inputted into the calculator, car buyers can physically see how different loan terms will affect their repayment amount.
To get an exact quote or to further explore your loan options, give our experienced Jade Finance team a call or connect with us online.
If you’re in the market for a yacht, jet ski or boat loan, our online loan repayment calculator can help you compare various personal loan options. To get started, simply enter and adjust the loan amount, interest rates, and terms to see what works best for you.
Borrowers can choose between fixed or variable interest rates, with each offering unique benefits. Fixed rates provide predictable monthly payments which can assist with budget stability, while variable rates fluctuate, possibly offering significant savings if rates drop.
Available boat loan types range from 1 to 7 years. Borrowers who opt for a shorter term will experience higher monthly payments but less overall interest, while longer terms result in lower monthly costs but can increase the total interest paid over time.
Our marine loan calculator allows borrowers to find the best possible finance for their specific needs and requirements.
The dream of owning your own boat can quickly be dashed if you discover the boat loan repayments don’t meet your expectations or suit your budget. Our boat loan calculator allows you to find out what possible repayments might be, before you even create that wish list. A few minutes or a matter of seconds, spent using the calculator for the boats you are interested in, can go a long to avoiding disappointment and setting your course for a successful boat purchase. Hopefully these FAQs in addition to the information on our web pages will assist you in using the calculator. If not, give us a call 1300 000 008 for more information or to request a quote.
Yes. The boat loan calculator can be used to calculate estimated repayments on all types of boats and watercraft including PWCs. Loans are available for the leading brands – Kawasaki, Yamaha and Sea Doo – across all models, within our loan thresholds. You simply enter the amount you want for your loan, the loan term and our current interest rate and see what repayment is calculated. Some lenders have a minimum loan threshold for boat loans.
No. Use of a loan calculator is free of any charges and of any obligation. The calculator is a generic calculation device which you can use over and over again to calculate repayments on any number of boats at any time. Use of the calculator is not a form of loan application and not intended to infer or imply that any application has been made, considered or accepted. But if you like what you see with the repayments calculated, you can proceed to request a firm quote and/or apply for a marine loan either online or over the phone. There is also no obligation to proceed when you request a quote or make a loan application. The loan application process involves a number of stages where you can decide not to proceed further.
No. The calculator is not a loan application form or any form of official loan documentation. It is merely a general device, designed to provide our customers with a tool to assist with their boat buying decisions. It is structured to show repayments which are formulated only on the basis of the data that you enter. No consideration is made for your individual loan application details or the details of the boat you are buying. In using the boat loan calculator you are not applying for a boat loan and using the calculator does not in any way indicate that an application has been received, an offer made or a loan approved. In order to receive a loan approval, you will need to complete a loan application via a phone call or an online form. After an offer is sourced from a lender and having your application approved, you would then be advises that your loan is approved.
In general yes but specifically, not always. The calculator is best used to calculate repayments on new boats and high quality used as these types of boats can attract better interest rates than second hand boats. Lenders will take into account age and condition of a used boat and may apply a higher interest rate. But the calculator can be used for types of leisure boats. By that we mean speedboats, cruisers, fishing boats, cabin cruisers, jet skis, yachts, luxury cruisers, multihulls, trailer boats, tinnies, cuddy cabins, wake boats, ski boats and many others. The calculator applies to all major boat builders and manufacturers both local Australian businesses and for imported boats. For high priced boats, a longer loan term may be requested. Loan terms are subject to negotiating with lenders.
The repayment result that the calculator displays is a simple formulation which is based on the data that you have entered. When you change the amounts you enter, the repayment varies. If the repayment displayed is more than you had in mind to pay per month or doesn’t meet your household budget, you can change some of the values entered to get a different result. If you reduce the loan amount and keep the loan term the same, the repayments will decrease. This may involve you finding a lesser priced boat or paying a deposit to reduce the amount you are borrowing. Another way is to keep the loan amount the same and increase the loan term. That will also decrease the repayments. Always keeping in mind this is an estimate and lender fees and charges have not been included. Loan terms are subject to lender requirements.
The calculator has a field where you are required to enter an interest rate. The interest rate offered will vary depending on the lender that sourced for the quote, details around the boat you’re buying and specifics of your individual loan application. All that information won’t be known until you actually complete a loan application form. So for the purposes of calculating an estimate and general repayment which this calculator is designed to deliver, use more than the current advertised interest rate as displayed or use the Comparison Interest Rate as that is calculated based on a specific example of a loan but remember the rate may differ significantly from the boat you are buying.
Jade Finance simple fast approval application process quickly delivers back all the information you need to help you make the right choices on your finance needs. We pride ourselves on delivering better loan interest rates. Simply you will find our loan packages hard to beat.
