Buyers in the market for a quality second-hand boat can wait some time until exactly what they’re looking for comes onto the market. When that happens, they need to act fast. Finding quality used boats can represent great value and a great opportunity for boaties. But demand can be hot with many buyers lined up for the same vessel. The buyer with fast access to the right finance, at the best finance rates for used boats, can be in prime position to act and secure the purchase.
Used boat financing is funding for the purchase of pre-owned boats. Funding which can provide access to boat ownership for many buyers who find new boat pricing outside their affordability zone. Boats are constructed to last a long time and used models can present excellent purchases for long-term recreational and commercial boating enjoyment.
A key difference between new and pre-owned boat loans is the consideration given to the individual vessel by lenders. The condition, age and specific aspects of the vessel play an integral part in the financing process. While most new boats are generally easily accepted as collateral by lenders for financing, second-hand boats require assessment by lenders for collateral suitability for secured financing.
This assessment can determine the type of loan required – secured or unsecured. We offer all options, to ensure our customers can readily access the solution to suit their vessel. Lenders also assess the value of the vessel relative to the loan amount when preparing offers for loan rates for pre-owned boats. Other conditions may also apply.
Request a Quote
Lender guidelines vary across the marine finance sector. Finding the lender that is the most suitable match for both the customer’s profile and the boat, can be key to securing the best used boat loan. Our lender panel of over 80 lenders includes specialists in marine financing that know vessel makes and models. Allowing faster assessments and potentially better rates and loans.
Connect with us to connect with financing for used boats to suit your vessel. Fast access to specialist marine lenders.
Financing for used boats is available for private buyers and business operators. Loans to purchase second-hand recreational vessels include a Secured Boat Loan and an Unsecured Personal Loan. The decision as to which is best suited depends on the lender accepting the boat as collateral or not. We individually source and secure both options with the best available rates and at a fixed term, to best suit the buyer.
Business operators acquiring vessels for their operation may have the choice of Leasing, Chattel Mortgage, Rent-to-Own and Commercial Hire Purchase, where the vessel is accepted as collateral. All these commercial credit facilities are individually sourced by our brokers with the lowest fixed rates, over a fixed term and with a fixed repayment schedule to suit cash flow and turnover. Unsecured Business Loans are available where the vessel is not deemed suitable collateral.
For rough estimates on the different options, use our used boat financing calculator. To discuss the loan option to meet your requirements, speak with one of our brokers.
Purchasing a quality, pre-owned vessel can be a smart investment, compared with the cost of purchasing new. By using our expert services for the financing, additional value may be added to the acquisition. We take a very personal approach in individually sourcing every used boat loan.
We negotiate with our lenders to tailor loan terms, achieve the lowest interest rates, and deliver a flexible financing solution. Our finance rates for used boats are extremely competitive to ensure a workable repayment schedule.
For business customers, each loan is optimised for the latest tax rulings and balloons, residuals, and buybacks structured to ensure the loan targets ROI expectations. Using our services is easy, with no referral required. Each customer is assigned their own broker to ensure prompt attention and fast service. Supporting customers to be ready with their finance and be the buyer to capture those great second-hand buys.
Our guides offer quick comparisons and simple explainers to help you rise above the financing process with confidence.
To be eligible for personal used boat loans, applicants must meet the criteria as set by ASIC for consumer credit, and individual lender guidelines. Business applicants must have an ABN and provide documentation on the financials of the operation.
Credit scores are integral to the lender approval process, rate offers, and the overall loan package. Lender guidelines and other criteria vary across the market. We assist by quickly identifying which of our 80+ lenders suit the individual profile. Expediting stage one of sourcing used boat finance.
Once the necessary information is supplied, our brokers handle the application process, working directly with our lender contacts. Many approvals can be received within 24 hours to allow buyers to act quickly and secure their chosen vessel.
If unsure of your eligibility or that of the boat you are buying, contact us for quick confirmation. If planning to buy a boat at auction or wanting to be in a great position to negotiate with a private seller, applications may be approved ahead of purchase.
Applications can be submitted conveniently online or via a phone call with one of our brokers
As specialists in marine lending, we provide financing for all types of boats – both new and second-hand. Pre-owned boat loans are available for recreational and leisure boats including PWCs, trailer boats, fishing and family runabouts, tinnies, RIBS, cruisers of all sizes, yachts and sailing boats as well as tow and sports power boats.
Where a boat and trailer are being sold as one, financing may be arranged for the entire package to streamline payments and provide an affordable purchasing solution.
Commercial operators in the marine sector are well catered for. Our services are provided for the commercial fishing industry, hospitality sector, hire and rental boat market, tourism operators, dive schools, and the marine engineering, construction and maintenance sector.
All makes and models may be eligible for used boat financing. If comparing different boat options, use our used boat financing calculator to quickly obtain loan estimates.
| Lender | Loan Product | Advertised Rate | Comparison Rate | Monthly Repayment |
| {{Lender}} | {{Loan Product}} | {{From - Advertised Rate}}{{Rate Type}} | {{From - Comparison Rate}}Comparison | ${{Payment Amount}} MONTHLY |
|
{{Lender}}
{{Loan Product}}
|
||
| {{From - Advertised Rate}}{{Rate Type}} | {{From - Comparison Rate}}Comparison | ${{Payment Amount}} MONTHLY |
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.
To confirm the suitability of a certain used vessel for a secured loan, buyers can contact brokers or lenders to check eligibility criteria.
Commercial operators without financials may use a broker to source No Doc Used Boat Finance through specialist lenders.
Leasing is one of the commercial credit facilities available to hospitality operators to finance used vessels.
Buyers of boat and trailer combos may apply for a loan which includes the entire package. Approval subject to lender guidelines.
Applications for marine finance may be submitted and assessed prior to purchase.
The age and condition can affect the loan. The lender assesses whether or not the boat is acceptable collateral. The value and age can also impact the loan amount and term.
Interest rates are based on the assessment of the boat and application by lenders. The credit profile is integral to being offered the best rates.
Commercial fishing vessels may be financed with pre-owned business credit facilities including Chattel Mortgage, Lease, CHP and Rent-to-Own.
Second-hand jet skis may be financed with a Secured Jet Ski Loan or an Unsecured Personal Loan, depending on the machine being suitable loan security.
The collateral required for used boat loans is dependent on the lender accepting the vessel as a form of collateral. A lender assessment of the application is required to assess the vessel.
