FAQs

Leasing, Chattel Mortgage, CHP and Rent-to-Own are all options to finance a trawler. The best option will be the one with features that suit the accounting approach and objectives of the business.

Interest rates vary with the credit facilities, with different lenders, and for individual applicants. Lenders advertise their best rates and individual rate offers are made after an assessment of the application.

A range of financials is required for commercial financing. Where a new operator does not have those financials, they may use a broker to source low doc and no doc loans.

Balloons, residuals and buybacks are the amounts of commercial financing which are due to be finalised after the last repayment. Balloon is the term associated with Chattel Mortgage and CHP, residual for Lease, and buyback for Rent-to-Own.

Repayments on Lease and Rent-to-Own are tax deductions. The interest part of repayments for CHP and Chattel Mortgage are deductions.

Yes. Second-hand vessels can be financed with the selection of asset acquisition credit facilities.

Jet skis being purchased for a hire business can qualify for commercial financing, subject to the business meeting eligibility criteria.

Where a trailer and vessel are being purchased in the same package, from the same dealer, both assets may be combined into the one loan arrangement. Subject to individual lender approval.

The commercial finance application form requires financial documents including tax returns, bank statements, annual accounts, profit and loss statements, turnover, and similar credentials.

Commercial financing products allow for the vessel being financed to be the security for the funding. Subject to lender approval. Some applicants may be required to provide additional security.