Boat loans
From a tinnie to a cruiser. Boat finance from lenders that know what a boat is worth, and price it that way.
Secured loans for new and used boats from dealers, brokers and private sellers, with the trailer, motor and electronics on the same loan. Plenty of lenders don't do marine, so we go to the ones that do, and tell you what you'll pay each month before you make an offer.
Who we help
Three kinds of boat, three different lender lists
Weekend and family boats
Tinnies, bow riders, half cabins and trailer boats, usually with the trailer and motor on the same loan. Fixed repayments over three to seven years, sized so the boat costs what you expected, not more.
Cruisers, yachts and larger vessels
Higher values, longer terms, and lenders that want a marine survey and proper insurance. Fewer lenders work here, and the ones that do price well for the right file. We know which.
Jet skis and personal watercraft
Treated differently by many lenders, with shorter terms and tighter age limits. We send the application where it fits, so it isn't declined for the wrong reason.
What we finance
If it floats and has a hull number, we can usually finance it
- New boats from dealers
- Used boats, dealer or private sale
- Trailer, motor and electronics bundled
- Jet skis and personal watercraft
- Cruisers and yachts
- Fishing boats and centre consoles
- Refinancing an existing boat loan
- Secured and unsecured options
- Fixed rate, with or without a balloon
- Boats used in a business
Using the boat for charters, fishing or another business? That's a chattel mortgage with the GST treatment to match. See equipment finance.
How boat loans are usually put together
Secured on the boatThe loan is secured against the vessel, which keeps the rate well below an unsecured personal loan. The lender registers its interest on the Personal Property Securities Register and removes it when the loan is paid out.
Term and balloonTerms commonly run three to seven years. A balloon lowers the monthly payment and is paid, refinanced or covered by the sale at the end. We set it against what the boat should still be worth, not a number pulled from the air.
Age and value limitsMost lenders cap the boat's age at the end of the term and lend a percentage of its value, checked by valuation for used and private sales. We check both before you pay a deposit.
Insurance and surveyComprehensive marine insurance is a condition of every secured boat loan, and larger or older vessels usually need a survey. We tell you what the lender will want up front, so it doesn't hold up settlement.
FAQ
Common questions
Can I finance a boat from a private seller?
Yes. The lender will want the hull identification number, the engine serial numbers, a clear title check and often an inspection or valuation. We handle that, and the lender pays the seller directly at settlement so nobody is handing over cash on a jetty.
Can the trailer and motor go on the same loan?
Usually, along with electronics and safety gear on the same invoice. Ask the dealer to itemise the quote and we present it to the lender that way.
How much deposit do I need?
Often none for a new boat with a clean credit file. Used, private sale or older vessels, and files with a few marks, usually need some. The quick scenario tells us where you'd land before anything is lodged.
Is a boat loan the same as a car loan?
Close, but fewer lenders do marine, age limits are tighter and the valuation matters more. The rate usually sits a little above a car loan and well below an unsecured personal loan.
I'm self-employed. What will the lender want?
An ABN, usually two years trading, and either financials or bank statements. Some lenders accept an accountant's letter for smaller amounts. We tell you which lenders fit what you have.
What does it cost to use a broker?
The lender pays us a commission when the loan settles. On some asset finance we also charge an origination fee of up to $1,990, which is set out in a credit quote before you commit to anything, along with whether it is paid up front or added to the loan. Full details are in our credit guide.
Know what it costs each month before you shake hands on it.
Five minutes online, then a call from us with real options. Nothing goes to a lender until you say so.