FAQs

Interest rates on boat financing vary with lenders and with individual loan applicants.

The type of boat – new or used can affect the interest rate on the loan. The loan amount can also affect the rate.

Secured boat loans typically have a fixed rate of interest. Where an Unsecured Personal Loan is used to purchase a boat, a variable interest rate may apply.

Secured loans offer lower rates than unsecured loans.

Lenders set the own rates they offer in their different markets based on economic conditions, market conditions, their own costs and forecasts, and the RBA cash rate.

A Comparison Rate shows the annual percentage rate for a specific boat loan when lender fees and charges are included.

To get a better interest rate offer, applicants may improve their credit score, reduce debt, improve their financial position, or request a lower loan amount.

Fixed interest rates do not change over the term. Variable rates can change over the loan term.

The rate offered on a jet ski loan will be subject to individual lenders and the assessment of the application.

No. The RBA sets the overnight lender rate which is the cash rate. Lenders typically use this as a base for setting their own rates.