Topping a list of great benefits, our Secured Boat Loan solves two of the biggest issues for buyers seeking credit for a new boat – collateral and affordability. Having enough assets to put up as a guarantee is solved by using the boat as the security guarantee. Affordability can be solved with our experts finding you the best boat loan interest rates and individual terms and conditions.
Making it quick, easy and achievable for many boaties to buy that first boat, next boat or dream boat. Simply provide the boat as the security against the loan using a secured finance format and use our specialist marine lending services to find you the right lender, best rates and the most affordable secured boat finance.
Secured Boat Loans can suit the purchase of a large selection of recreational vessels – cruisers, yachts, fishing boats, family runabouts, jet skis, RIBs, speedboats, wake boats, catamarans, and even houseboats. From budget outboard tinnies through to high-end, luxury motor cruisers.
Let’s talk Secured Boat Finance for the boat you’re planning to buy. Speak with one of our brokers about how we may make this popular credit product work for your purchase.
Secured Boat Finance has a simple format and can suit new and many second-hand watercraft. When a lender is assessing an application for credit, a key consideration is the risk factor – lenders want a guarantee that if the loan is not repaid, they have a way to recover what is owed to them. That is the security element of a Secured Boat Loan.
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The boat being financed is accepted as that security or guarantee by the lender. If the borrower fails to meet their repayments and defaults on the loan, the lender repossesses the boat and sells it to recover the outstanding debt.
This security over the boat by the lender is registered with the PPSR – the Personal Property Securities Register. When the borrower finalises the loan, the lender officially releases their interest over the vessel.
In addition to having the boat as security against the funds, lenders also require boats under finance to be insured. The borrower must take out insurance on the vessel. Your Jade Finance broker can assist with competitive marine insurance providers.
With the guarantee safeguards in place with a secured loan, lenders are better placed to offer more competitive interest rates, no deposit financing, and higher lending limits.
To be accepted by a lender as suitable security, the value of the vessel must be in line with the amount of the loan with second-hand boats are assessed for age and condition.
A number of possible outcomes can result from the lender assessment: the boat is accepted as the sole form of guarantee for the loan, additional collateral is also requested, the full purchase is not approved as the loan limit and a deposit is required, the boat is not accepted as suitable security and an unsecured loan may be considered by the buyer.
The criteria for approval for secured boat finance can vary across the lending market, with specifics of the applicant and with accepting boats as suitable security. With our access to 80+ lenders, we select the lender that is the best match for our customers and the boats they are buying.
Secured Boat Finance is extremely popular as it can suit all types of recreational boats and provides many benefits to buyers. Benefits include lower rates, simple repayment structure, potential for higher borrowing limits to purchase higher-priced vessels, and easy access to buying a boat with credit.
The alternative to secured boat finance is an unsecured personal loan. While unsecured loans can be flexible and versatile, they do attract higher interest, may have lower lending limits, and some buyers may still have to provide some form of guarantee to get approved.
For a quote on a Secured Boat Loan for your purchase, contact us online or by phone.
Our guides offer quick comparisons and simple explainers to help you cruise through the financing process with confidence.
Secured Boat Loans are straightforward and can provide easy access to boat ownership for many buyers. When the credit application is submitted, details of the boat being purchased are required to be included. These can include the type, make, model, year, age, accessories, variants, and other specifics. This information is critical to the lender’s assessment of the boat as suitable security which is critical to approval of the loan application.
From this information the lender assesses if the boat is suitable as the only security or part security for the loan. Where it is accepted as the sole security, the buyer does not need to provide additional collateral. This removes the need to tie up other assets as security. Where additional collateral is required, it can be provided with other acceptable assets and in some cases a personal guarantee. Your Jade broker will assist with these aspects of the process.
Collateral plays a part in approval of the loan amount requested. This can be especially important where no deposit finance is applied for. Lenders assess the value of the boat against the loan amount requested. Where a lender considers this acceptable, a higher limit may be approved. Where not considered acceptable, the applicant can pay a higher deposit to reduce the loan amount required.
When the security aspect of the loan is confirmed, we negotiate with lenders on the interest rate and loan term, to establish the repayment schedule. Rates and terms are fixed to provide a fixed monthly repayment over a set timeframe. When all the repayments are made, the security over the boat is released by the lender.
To discuss the suitability of the boat you are considering as security for a loan, speak with us.
Secured loans attract lower lender rates as lenders have the guarantee of loan recovery. But rates still vary across the consumer credit market. Making it time consuming, confusing and with a potential risk to credit scores, when buyers try to cover the market for the best rates.
We handle that for our customers. Accessing the best rates from across our 80+ lender market. A lower rate means savings in total interest payable, the total cost of buying the boat, and lower repayments. Using our Secured Boat Loan Calculator, buyers can see exactly how the interest rate impacts repayment estimates. Comparisons can also be made with the higher rates on unsecured options.
Our brokers cover the market as part of our comprehensive boat loan service and without impacting credit scores. Simply provide our brokers with the necessary information around your financial position and details of your boat, and we will source you the best offer, from the right lender.
All offers are individually sourced to suit individual buyer requirements. Request a quote today and be that much closer to boat ownership with an affordable Secured Boat Loan.
The format of a Secured Boat Loan is straightforward and so is our application process. Applications can be made by phone or online. Applicants will need to provide us with information on their financials, income, employment, residential details, debts, residency status, and the boat they are buying.
From there, we handle the rest, getting back to you promptly with a quote, getting approvals, structuring and negotiating offers, and assisting with settlement. Many applications are approved in 24 hours.
Head to our Secured Boat Loan Calculator for estimates, or just apply today and buy a boat tomorrow!
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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 16/09/2024 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.
Secured credit can be approved for the full purchase price of the vessel, subject to lender guidelines and assessment of the boat, amount requested, and credit profile.
The boat is accepted as collateral for secured credit. Subject to individual lender assessments, many buyers may not need to provide extra security.
Secured credit products offer lower rates than unsecured products. Rates vary with the lender, the credit product specifics, and individual applications.
Lenders register an interest in the boat when accepting it as security. The borrower owns the boat in title, and it is registered in the borrower’s name.
Unsecured credit does not have the boat as collateral for the loan but some collateral may be required. Secured loans have the boat as loan security. Interest rates are higher on unsecured compared with secured credit and secured products can offer higher loan limits.
Boat buyers can use a loan calculator to work out estimated repayments on secured credit.
Lenders release their interest in a boat used as collateral for a secured loan when all payments have been finalised.
Lenders require boats under finance to be insured so that if the vessel is damaged in an accident, or stolen, they can recover the monies owed to them on the loan.
Second-hand boats can be financed with secured credit where the lender accepts the vessel as suitable security.
Where a lender does not accept a boat as suitable collateral for a secured credit product, alternatives include unsecured personal loans.
