Want to get out on the water but don’t have a spare $50k to get a boat? Then it’s time to look at your finance options. From personal loans to secured ABN loans, there’s a complete range of finance options available to help you get the boat of your dreams. Enjoy a day out on the water on your jet ski or live the life of luxury on your new yacht with Loantec boat financing.
Our Finance Technicians are experts in securing low-interest loans for our clients. We take the time to discuss your financial situation and figure out the best option for you. We have access to more than 40 different lenders with access to the best rates across Australia. All you need to do is fill out our pre-qualification form and one of our team will be in contact to assist with securing the best loan available.
How Loantec Secures Boat Financing
The Loantec team has the expertise to compare all your finance options and secure the best loan for your boat. We’ve made the process of applying for a loan easy. By simply filling in our pre-qualification form, our Finance Technicians will be able to assess your situation and find the right boat finance for your needs. From there, our team will take care of the rest. You can just sit back, relax, and let us take care of it.
Credit History
Before finalising your loan, lenders will do a credit check to assess your financial history. After running this check they’ll receive your credit score. This affects your interest rate and how much you’ll be approved to borrow. At Loantec, your credit score doesn’t impact your loan as harshly as compared to most other lenders.
Every time a lender checks your credit file it leaves a record that can hurt your credit score. Here at Loantec, we operate a little differently than most lenders, our pre-qualification system gives you your borrowing capacity and factual options without running a credit check. When you work with Loantec, a credit check will only be run as the final step before final approval.
When our Finance Technicians look through your credit history, they’ll often find marks on your credit file that have been put there in error or without the proper procedures being followed.
We may be able to remove issues negatively impacting your credit score. To see if your credit rating can be improved, reach out to our team through our online contact form or give us a call today!
Provide Evidence for Your Current Income
Your regular income indicates how much you are capable of repaying. Your repayments on the loan will need to be less than you earn. You’ll be asked to send in some payslips as evidence of your income. Lenders want to establish how secure your current job is, and factors like how long you’ve been with your current employer or the type of employment you have, influence if you’ll be approved for a loan.
Additional sources of income can help increase your borrowing capacity and lower your interest rate. Also, if you do any freelance work, make money from rentals, or receive any government payment, they can help you secure a better loan.
Your Current Debt & Repayments
The amount of debt you have, and the rate of your repayments, has an impact on how much you can borrow. In the eyes of lenders, the amount of debt you’re paying back directly reduces the amount of income you have available to make the repayments on the loan they’re giving you.
Loantec’s team will assess all your debts and help you secure your loan. If debt has become a problem, or you just want to lower the amount you need to pay back, our debt consolidation service may assist in improving your loan applications and reduce the total debt you’ll need to pay back.
What Type of Boat Financing is Right for You?
The correct finance option for you will depend on why you’re getting the boat and your financial situation. If you plan on using the boat for recreation and have no intention of using it for business, you’ll most likely get a personal loan. If it’s for business or commercial use, a marine ABN loan is the right choice.
Marine ABN Loan
There are some constraints when you apply to get a boat for commercial purposes. A marine ABN loan often has a lower interest rate, but will also have some extra conditions. Some lenders require you to use the vessel for business purposes for more than 50% of the time to qualify. You’ll also need to provide details about your business before getting approval for the loan.
Unsecured Boat Financing
When you apply for an unsecured loan, you won’t be putting up anything as collateral against the loan. Unsecured loans generally have a higher interest rate than secured ones. However, you won’t need to be worried about potentially losing any assets you’ve used to secure the loan. If you don’t want to risk any additional assets being repossessed, an unsecured loan is a right choice for you.
Secured Boat Loan
It’s possible to reduce the interest rate of your loan by choosing the secured loan option. When you get a loan for a boat, the vehicle itself acts as security on the loan. But you can also add additional collateral to get a better loan. The downside of getting a secured loan is that you run the risk of losing your boat and the additional collateral if you default on the loan.
Our Finance Technicians know how to help you make the most of your finances. We’ll provide you with all your factual options to ensure you can get your finance.
We’ve made it easy to get financing for your boat, just fill out our pre-qualification form and our team will be in contact with you.
Read more – Boat Financing:
- Affordable Low-Interest Business Car Loans
- Everything You Need to Know About Getting a Personal Loan
- A Guide to Loantec’s Debt Consolidation
New or Used Boat Financing
New Boat Loan
You’re more likely to get approval for a new boat than a used one. When you get a loan for any vehicle, it acts as security against the loan. Meaning if you default on the loan, the lender will repossess it to recoup the cost of the loan. So, because you can almost guarantee a new boat will be in the best possible condition the lender will be able to recoup their costs if they need to repossess it. Meaning there’s less financial risk.
Used Boat Loan
The cost of a used boat is typically less than a new boat. So you’ll need to borrow less to buy one. But a lender is less likely to approve a loan for a used boat because it’s more difficult to judge the value. This can be an issue if the lender needs to resell the boat to recoup costs. Therefore many lenders will err on the side of caution.
Getting your dream boat can change your life. You’ll gain the freedom to spend the day cruising the ocean, water skiing in dams and fishing the day away. Loantec is here to help you turn this dream into a reality. We’ve made the process of getting your boat as simple as filling in our pre-qualification form. Shortly after submitting your form, one of our Finance Technicians will be in contact to walk you through the process of getting your brand-new boat. If you have any questions about securing the best loan available to you, give us a call or reach out to us through our online contact form.
*The information contained in this article is of a general nature only & does not constitute financial, legal, or taxation advice. Loantec recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article