Our brokers are experts in refinancing for marine loans, and work with customers on an individual level to source boat loan refinancing options that optimise outcomes and maximise the benefits. Whatever the personal reasons and individual objectives, whatever the type or size of boat, our specialist services may assist boat owners achieve their goals through refinancing boat loans.
When a boat loan is no longer working for the borrower or where a better solution is possible, refinancing can present a way to obtain a more suitable option. The objective may be lower rates, lower monthly repayments, or changes to terms and conditions. The reasons may derive from changed circumstances or changes in interest rates.
The concept is straightforward – replace an existing loan part way through the term with a new loan. The process of marine loan refinancing can be less simple – finding the right lender from the vast Australian lending market, sourcing the best interest rate, and negotiating the financing structure to achieve an optimum outcome, can require specialist lending services.
Refinancing a boat loan is the process of replacing a current loan with a completely new loan. The key objective being to achieve a better solution for the borrower. The same process is followed when applying for a refinanced loan as well as an original loan. Financials, income and credit scores are assessed and reviewed by lenders.
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The amount required for the loan is typically the total owed on the original loan. Break fees or exit fees may apply when the original loan is finalised prior to the fixed end of the term. These fees and any other lender charges, plus the outstanding capital and any interest payable, is incorporated into the new, refinanced loan. The original loan is finalised.
The loan type may be the same as the original loan or a different option. Borrowers may opt for refinancing with the same lender as the original loan or allow us to source boat loan refinancing options from other lenders. Personal loans and business marine finance can be refinanced.
A key consideration is that the boat would be subject to rates, terms and conditions applicable to second-hand boats. Even if the boat was originally purchased new, it would now be a few years old and treated as used goods. Rates on used boat loans can be different from those for new. For secured boat loans, the lender must accept the vessel as suitable security. If this is not the case, we can source quotes on an unsecured credit product for consideration.
The loan amount required is subject to lender approval. The value of the vessel is assessed in relation to the loan amount requested and the financial position of the applicant.
Our experts can assist with explaining the boat loan refinancing options to suit the boat and work towards achieving the objectives of the boat owner. For a quote to refinance your boat loan, contact us to use our expert marine financing specialists.
As specialists in marine loan refinancing, we work with each customer to understand their specific objectives and source the most suitable refinancing option. The key reasons to seek refinancing are to achieve lower interest rates, to change the repayment schedule, and to change or ease any loan conditions.
Refinancing may be beneficial in achieving lower interest rates, where the rate market has changed since the original loan was arranged, and/or if the individual’s financial position and credit score has improved since the original loan was arranged.
Our guides offer quick comparisons and simple explainers to help you move through the financing process with confidence.
Our brokers will be sourcing the lowest rates from across our vast lender base of 80+ lenders. Selecting the lender that is matched to the profile of the applicant, to ensure the maximum benefits, including lower monthly repayments, are achieved. Reducing monthly payments may assist with easing budget pressures while still allowing the borrower to enjoy boat ownership.
Changing repayment amounts and schedules may be achieved by achieving a lower rate or by changing the finance term. A changed repayment schedule may benefit those seeking a longer time to repay the loan or looking to finalise the commitment earlier. Finalising a loan earlier may free up credit capacity to acquire other goods with finance. A longer term may result in lower monthly payments.
Refinancing may also be used as a way of having any special loan conditions eased, changed, or eliminated. These may include other assets used for additional collateral. Our brokers negotiate directly with lenders to achieve the most beneficial outcome for each customer.
To be eligible for marine loan refinancing, personal loan holders will need to meet consumer credit requirements, and businesses meet the requirements for commercial finance. An application for credit will need to be completed with current financials and income details provided for lender assessment. Credit scores are integral to rate offers and overall loan outcomes and will be reviewed by lenders in preparing any offer.
The boat itself will be integral to the application process. The age and condition are considered in relation to suitability as collateral for a secured credit product. The value of the boat is considered relative to the loan amount requested. This is known as loan to value ratio or LVR.
Applying for refinancing for marine loans with Jade Finance is a simple and fast process. Provide our brokers with your details, details of the boat, and of your current loan. On your behalf, we can contact the lender for a payout figure which may represent the amount required for the refinancing and handle the refinance process from there.
We source the best quote, process your application, and when accepted, arrange settlement of the original loan with the lender. Apply via our convenient online resources, or call and speak with one of our brokers.
As specialists in marine loan refinancing we work with individual customers to target their objectives in seeking a new boat loan. We advise customers to compare any offers we present with their existing loan, to ensure a real benefit will be obtained.
Consideration should be given as to whether or not, the new loan will place the borrower in an improved position and achieve their individual objectives. The factors which may impact achieving a lower interest rate can be the rates applied to second-hand boat loans, and the current interest rate market. If rates have increased since the original loan was obtained, acquiring a lower rate may not be realistic.
Boat loan refinancing may be a better option in a number of scenarios and dependent on personal circumstances. Where the current monthly payments are placing pressure on the household budget or where personal circumstances have changed, achieving a lower monthly amount may be extremely advantageous.
Where the borrower seeks to free-up assets tied up as collateral on a loan, refinancing may achieve that objective with changed loan conditions. Where a borrower seeks to finalise their loan and own the boat in a shorter timeframe, a shorter loan term may achieve that outcome.
We present customers with the boat loan refinancing options available and do not advise a change unless it will be of benefit. Request a no-obligation quote from us to assess the benefit you may gain from boat loan refinance.
Refinancing boat loans can be sought by both private and commercial boat owners for a wide range of vessels. From personal watercraft including jet skis and other brands of PWCs, through to the top of the range luxury motor yachts and cruisers.
Finance on fishing boats, runabouts, sailboats, catamarans, houseboats, wave and speed boats, and large cruisers and yachts may all be subject to refinancing with Jade Finance. We specialise in marine finance, have specialist marine lenders, and the expertise to source individual solutions to suit all boats and boat owners.
Have an initial conversation around boat loan refinance with one of our brokers to see if this is an option for you and your vessel.
To refinance a boat loan, borrowers need to submit an application for a new loan to a lender or engage a broker to handle the process.
Where multiple quotes are sought by an individual for refinancing, that process may negatively affect their credit score. Where the process is carried out by a broker, there is no impact. Refinancing itself should not impact the credit score.
Refinancing may seek to alter the term of the loan which may deliver lower monthly payments.
No. Refinancing may be sought through the same lender as the original loan or through another lender.
Exit and break fees apply to many loans and are payable when finalising a loan prior to the end of the fixed term. These fees would be incorporated into the refinanced loan amount.
If interest rates across the market have fallen since the original loan was secured, or if the borrower’s credit score and financial position has improved, a lower rate may be achievable with refinancing.
All types of boats including personal watercraft may be refinanced.
Refinancing is the process of replacing an existing boat loan with a new credit contract. Refinancing can include secured and unsecured loan types.
Whether or not the same interest rate as the original loan is offered with refinancing, will depend on the changes in the rate market over time; the current credit status of the borrower; the condition of the boat and the relevant second-hand boat loan interest rates.
Yes. Boat owners with secured and unsecured personal boat loans may consider refinancing.
