As specialists in all forms of commercial lending, Jade Finance provides workable options with our low doc boat finance. Sourced through our specialist lenders, boat loans with no paperwork enable operators to obtain marine financing, acquire their vessel, and get their business underway.
As specialists in all forms of commercial lending, Jade Finance provides workable options with our low doc boat finance. Sourced through our specialist lenders, boat loans with no paperwork enable operators to obtain marine financing, acquire their vessel, and get their business underway.
Obtaining approval for minimal documentation boat loans is essentially obtaining finance without presenting all the financial docs required in the application form. Docs or doc, are simply short for documents or documentation. The difference between ‘low’ and the reference to ‘no doc’ is the quantity of the paperwork available.
Specifically in the commercial lending industry, docs refers to any or all of the financial paperwork, spreadsheets and records on the business. These cover the tax return, annual accounts, BAS returns, asset and liability details, turnover figures, bank statements, and cash flow details.
An operator that has been trading for less than a full year typically does not have access to all these records. Where a business is in the setting-up stage, they may not have any docs. These operators may be eligible to apply for no doc boat finance.
Securing low doc boat finance at our competitive rates, can present a favourable alternative for many operators, compared with other options.
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Where a small operator is not eligible for commercial financing due to lack of financials, they may need to take on a Personal Boat Loan. The rates are higher on personal credit compared with commercial, loan limits are not as high, balloons not always an option, and terms not always as flexible. In addition, tax benefits for the business operation may not be realised.
Another option may be to purchase the boat outright and bypass taking on finance completely. For some smaller boats such as dinghies and jet skis, this may be a possibility. But many individuals may not have immediate access to sufficient cash to pay for larger commercial vessels.
Seeking an investor as a partner may be considered. This may provide a pathway to immediate finance. But control of the business may need to be relinquished. For a low doc boat loan quote for comparison and budgeting purposes, or to proceed with an application, contact us.
Our guides offer quick comparisons and simple explainers to help you move through the financing process with confidence.
A key benefit of selecting Jade Finance to arrange your boat financing with low documentation is having fast access to the right lenders. We have a lender base of more than 80 lenders. Low doc boats loans are primarily available through our specialist non-bank lenders. Many of these only operate through selected brokers such as Jade, not offering services directly to business customers.
We provide a very individual and personal service, addressing the unique and specific requirements of each business. Assigned one of our brokers, customers are guided through the requirements for no doc boat finance to ensure the strongest application is prepared.
Using the leverage we have built up with our lenders, we negotiate the best rates and most workable terms. Providing customers with a flexible and straightforward way to obtain the funding they require. We work in your best interests, providing a fast and efficient service to ensure applications are processed and approvals received as quickly as possible. Alleviating worry and allowing operators to proceed with purchasing their vessels.
The paperwork required is reduced, the time to obtain finance is reduced, and concerns over how and where to secure financing is reduced. To start the process for your low doc boat finance, contact us via our email processes or by phone.
The categories of low and no docs boat loans relate to the business applicant. They are not specific and distinct credit facilities for financing boats. When a lender deems an applicant eligible for boat financing with low documentation, the business owner can specify the finance product required.
We provide a full portfolio of commercial marine financing products for applicants to select from for their low doc boat financing. These include Leasing, Rent-to-Own, Commercial Hire Purchase and Chattel Mortgage. Consulting with an accountant is advised as many of the features, and deciding factors, relate to accounting issues.
We arrange all credit products with a fixed interest rate, over fixed terms and with a fixed repayment schedule. Balloons, buybacks and residuals are structured to deliver the most workable package for our customers.
All options can suit all types of boats, from large trawlers and cruisers, through smaller power boats for fishing and tour groups, to jetskis and dinghies for hire businesses. For a quote based on your specific requirements, contact us with a request form or with a call to one of our brokers.
The eligibility criteria for boat financing with low documentation varies across those lenders that provide the option. Essential requirements are an ABN and ID. A good credit profile is a high priority consideration. Lenders will also be looking for financial stability and documents to prove income and/or potential income from locked-in contracts. Approvals can be achieved with as little as half of year of figures and we encourage customers to prepare and provide, what financial credentials they can on their operation.
The financials and credit profile of the business owner can be requested and assessed as part of the approval process. Applicants may be requested to provide additional collateral against the financing. This is additional to the boat being financed.
Low doc boat finance applications are by their nature more complex than fully documented applications. But our brokers streamline and simplify the process for our customers. Ensuring the process is as easy as possible, and approvals are received promptly.
Applications can be uploaded using our online resources, or over the phone. Start the process with a conversation with one of our brokers.
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THE COMPARISON RATE IS CALCULATED ON A SECURED LOAN OF $30,000 FIXED FOR A TERM OF 5 YEARS, NEW GOODS, EFFECTIVE 19/09/2024 AND SUBJECT TO CHANGE. WARNING: THE COMPARISON RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT COMPARISON RATE.
When approved eligible as a low doc applicant, businesses can realise all the features of the selected credit facility including the option to include a balloon.
Subject to lender loan limits and individual applications, the full boat price may be included in the low doc finance.
Security for low doc financing is subject to lender guidelines and individual applications. Some applications may be required to provide collateral in addition to the vessel.
Interest rates are typically higher for personal than business loans. Loan amounts can be smaller, no tax benefits are provided, and terms may not be as flexible for personal compared with business options.
Yes. Leasing is one of the credit facilities available to low doc applicants.
Applicants for no doc loans must have an ABN and ID as essential requirements.
All types of boats used in a commercial enterprise may be financed with no doc loans. Subject to lender approval.
Interest rates on minimal documentation boat finance are offered following the lender’s assessment of the application.
Low doc applicants have some but not all the financials required. No doc applicants typically have none of the required financials.
Low and no doc finance are not specific credit facilities. They are descriptions of the business that is applying for the loan.
