Marine Finance
Adventure doesn’t just happen on the road – let us help you finance your Marine Vessel
From speed boats to fishing vessels to motor cruisers, jet skis and more. Getting a marine loan that’s right for you can save you time and money before you make the commitment.
How does marine finance work?
Marine financing options can help you purchase a new or used boat or another marine vessel for personal use. Marine vessels are often a high-value purchase so financing options typically deal with larger loan sizes and may provide you with longer repayment terms.
The value range associated with marine finance is between $5,000 – $1,000,000 and the loan terms will vary between 1 – 7 years. Depending on the type of loan, you may also elect for there to be a balloon payment at the end of the loan term.
What types of Marine Vessels can you Finance?
There are many different types of vessels which you can get financing for. Some of the most common include:
- Bass boats
- Bowriders
- Cabin cruisers
- Dinghies
- Game boats
- Houseboats
- Motor yachts
- Trawlers
- Walk around
- Jet Skis
There are a number of other vessels that are also eligible for finance, but it is worth noting that should the vessel have a mast & sail it cannot be purchased with consumer-secured Marine Finance. This includes sailboats and yachts even if they have a motor as well as a sail. There are some instances where for commercial use a boat with a sail can be purchased with finance, but we recommend you talk with one of our consultants for more information.
What can I include in my Marine Finance?
It’s important to understand the cost of a marine vessel before you apply for financing. While the initial value of the asset is one part to consider, it is important that you also factor in additional costs which are often associated with the purchase of a boat or marine vessel, some of which include:
- Boat equipment such as electronics, accessories, and safety equipment
- Operating costs and ongoing maintenance. These costs will vary depending on the type of boat/vessel you purchase and how you use it
- Storage fees, differ depending on the size of your boat and where you store it
- Marine insurance can vary depending on the type of boat you have and where you store it
- Registration costs
Furthermore, the transport you have may also qualify for finance so be sure to speak with your Global Finance & Mortgages consultant regarding all of your boat expenses.
These additional costs cannot usually be factored into secured boat loans, although unsecured loans can sometimes allow the boat loan to cover these extra costs.
Frequently Asked Questions
Please reach us at mihir-patel@outlook.com if you cannot find an answer to your question.
The fees and charges associated with marine loans may vary depending on the vessel and lender. Common fees include:
- Application fees, also known as upfront fees
- Account-keeping fees
- Early exit fees
- Redraw fees
We will guide you on the best lender options once you share your brief with us to avoid any unnecessary fees and charges upfront.
- 100 Points of ID - Passport or Driver's License & Medicare Card
- Employment Details - Employer's name, contact details and recent pay slips
- Financial Details - Assets, debts, income and liabilities
- For Self-Employed Individuals - Financials & Tax Returns may be required. There may also be a requirement for ABN & GST registration for a certain period of time. (Generally, 2 Years registration is required for the major lenders)
☎️ 0415 075 657 📧 mihir-patel@outlook.com Torrensville, SA 5031
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Your complete financial situation will need to be assessed before acceptance of any proposal or product.
Credit Representative 531017 is authorised under Australian Credit Licence 384324
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