FAQs

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.