Frequently asked questions
Taking out finance for anything can be a potential minefield, but can be an extremely effective way to get ahead of the game and secure that asset that you are looking to acquire, such as a boat. Let’s cover a few of the common questions that come up when people ask about how to get a boat loan.
- I’ve heard of home loans and car loans. Can I really get a loan for a boat? What is a boat loan?
- Absolutely, and it’s very common! Boat loans are available for all your marine needs, from jet skis to fishing boats. This type of loan uses security over the boat, jetski, etc. A secured loan will also generally have a lower interest rate.
- What is a secured boat loan?
- With this type of loan, the purchased boat, jet ski, or other marine vessel is used as collateral for the loan. If you default on the loan, the lender can sell the boat to recover the remaining unpaid amount that you owe.
Secured boat loans usually have lower interest rates.
- What information will I need before looking into a boat loan?
- Like any loan, credit-worthiness is going to be a major factor. On that basis, prepare as much information as you can relating to your financial position, such as employment status, income, previous tax returns, any liabilities you have, and so on.
- How much can I borrow?
- How much you can borrow is going to depend on your specific financial situation, credit score, and much more. If you do want to enquire further on this topic, CreditOne specialists are available online or by phone 1300 273 348, 6 days a week.
- Can I obtain pre-approval before buying a boat?
- Yes! Obtaining a pre-approval is a fantastic way to buy a boat. Knowing how much you can borrow allows you to shop with confidence. You can also use this power when negotiating the price of the boat giving you the upper hand.
- If I choose to borrow, can I make extra repayments or pay off the loan early?
- Certainly, and it will likely end up better for you, as the interest is calculated on a day-by-day basis. So, if you can put a bit extra in every week to reduce the principal of the loan, the amount of interest that you pay will go down.
- Are there any fees or charges associated with a boat loan?
- There will be some fees and charges, as well as some from government authorities. Things like stamp duty, transfer fees, and similar, are all relevant to consider. Additionally, ensure to factor in your boat license fees if relevant. As always, if you need assistance or more information in regard to this subject, CreditOne is here to help, just give us a call.
- How do you deliver the best interest rates?
- At CreditOne, we strive to deliver the best possible interest rates to our clients. We achieve this by comparing and working with over 40 different lenders, including some of the biggest around.
- If I apply, how long will I be waiting for a response?
- CreditOne strives to deliver the best service in Australia, and speed is, of course, a part of that. As experts in our field, we are able to deliver the best possible service quickly, in most cases delivering same-day responses.
- If I get approved, what happens next?
- If you get approved for your loan, we’ll send you some loan documents, which you will need to sign as soon as possible. About 24 hours after sending those completed documents back, you’ll be able to purchase and secure your new boat.
- Do you offer any additional services?
- A key additional service that we offer is insurance to cover your boat, motor and trailer (BMT). As an agent for several marine insurance partners, CreditOne is poised to assist you completely throughout your boat purchasing process. If you are interested in insurance, call our boat insurance team on 1300 273 348 or enquire online, for an obligation-free quote.
Of course, if you have any questions not covered above, CreditOne is always ready to receive your call, online or by phone 1300 273 348, or send us an email: boats@creditone.com.au. We look forward to helping you with your boat finance needs and getting you out on the water faster!
