Once that decision has been made to purchase a sailboat, fishing boat or jet boat, its important to look at the possibilities of marine finance. In view of huge costs involved in purchasing a watercraft, its likely that some type of financing will be necessary. Boat loans, secure loans (borrowing against an asset), or a unsecured loan are the usual suspects.
If you’re dreaming of purchasing that yacht you always wanted, its to be expected that you will have it financed for a long time to come. This makes it essential to locate a fixed rate loan that offers a favorable monthly repayment fee, often over a term of 10, 15 or 20 years.
Alternatively, if purchasing your very first runabout, it might be more beneficial to locate a boat loan that offers more flexibility in relation to its terms, to allow for early repayment or to trade in.
Also, what percentage of the value of the vessel will the marine finance cover. Down payments can range from as low as 10% with one company, up to 20% with the next. Its best to comparison shop until locating a package to fit you and your budget.
Age dependent, it might be necessary to arrange for a survey report to carried by a independent surveyor. Some lenders will ask for a survey on a boat loan where the vessel is 5 or more years old. This varies with each company, so remember to check this point if aiming to finance a boat that isn’t new.
If you’d like an indication of what to expect as a monthly payment, but don’t wish to jump straight in at the moment with completing an application form, its possible to use one of the online boat loan calculators.
Taking the time to locate the ideal marine finance package can often help when you take into account all the other related costs in purchasing a boat.
If you’re interested in getting a more detailed look at Marine Finance, including sources for the Boat Loan Calculator, and take a look at www.natloans.com.au/boat-loans.html.
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