Do I need to provide any other security in addition to the boat for the loan?No, usually the boat is the only security.
Would I qualify for a boat loan? There are four main things that Finance Companies look for when approving a loan – these are:
- You need to show that you can make the finance payments from your annual income.
- If you require 100% finance, you will need to show that you have some ‘tangible’ net worth such as equity in Real Estate or investments. The Finance Companies will NOT want a mortgage; they simply want to feel comfortable that you have the ability to make good any shortfall between the second-hand value of the boat and the amount that they initially financed.
- You have a good ‘credit history’.
- You have been in stable employment.
How many years can I have the loan for? Usually up to 5 years, if required a residual of up to 40% can be structured into the loan in order to keep payments lower. The residual can be refinanced for a further period of up to 5 years at the end of the initial term.
Can I Finance a USED BOAT? Absolutely, at least 50% of all boats financed are used. Typically, the boat would need to be no older than 15 years for this finance however, there are always exceptions. Recently someone financed a 1953 Halvorsen Bridgedeck Cruiser. You can also finance boats which are being privately sold.
Click here to find out your estimated repayments or visit the Finlease houseboat, on the North East corner of the marina adjacent to Pyrmont Bridge at the Sydney International Boat Show (2nd-6th Aug).