Realise your boating ambitions with the right finance solution.

“Perhaps you’ve been considering buying a boat, but the recent uncertainty has put your boating ambitions on hold? Well all I can say is that now could be a perfect time to consider making that dream purchase as a number of factors are in your favour.

Interest rates are at 49 year lows and boat importers and dealers are still willing to negotiate. Just remember that choosing the right product can make a big difference to making your pleasure boat more pleasurable. Here are a few points worth remembering.

We advise clients that it’s a good idea to get your boat finance in place and obtain a pre-approval for your boat loan before you go shopping. We suggest putting in an boat finance application for a ‘hypothetical boat’ for a given sum of money. Then once you have your approval you can confidentially negotiate on a boat knowing that the finance is ready to go. At Finlease, this is an obligation free service, so if you eventually decide not to take up the finance, there is no charge.

What are lenders looking for? Your ability to service the boat loan is important. If you’re looking for 100% finance, you need to prove that you have ‘tangible’ net worth. This can be property or investments etc, basically financiers simply want to feel comfortable that your have the ability to make good any shortfall between the second hand value of the boat and the amount owed. They also want to see that you have good credit history and have stable employment and income.

From your point of view, think about how long you are likely to keep the boat? Will it be purely a pleasure boat, or could there be some business use? At Finlease, we can help you evaluate one finance proposal over another and will make you aware of obligations like your minimum commitments, the boat loan’s security and any special conditions which apply.

Don’t limit your options by securing your boat finance against real estate. If your bank wants to ‘cross collateralise’ the loan against your home or other assets, find another option. At Finlease, in 99% of instances the boat stands as its own security for the boat finance. We also advise clients not to put all your loans with the one financier.

Finlease had a great time at the Sanctuary Cove and more recently at the Sydney International Boat Show, and we noticed the increased confidence in the market. So if you’re after a bargain you’d better hurry, there may never be a better time than now.”
Finlease Aust Pty Ltd
1300 FINLEASE (346 532)
www.finlease.com.au

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