FAQs

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.