If you boats are your thing, then you may need to find out more about boat loans and financing.
Free Credit Report provide Free Credit Scores for you and there’s no obligation there, but after that often people ask, how can I get a loan for a boat.
What is the maximum loan amount for a boat?
There’s no real maximum for a boat it depends on the type of boat, the person that’s borrowing the money to buy the boat they are purchasing; the capacity to repay is the biggest determining factor.
Buying a boat is a little bit different to a car.
What sort of minimum deposit would I need for a boat or can I just borrow the whole lot?
Okay usually 20 to 25 percent deposit is required and it depends whether there’s other alternative security or not. But as a rule of thumb you’re going to need between 20 and 25 percent deposit.
What’s the maximum loan period for a boat and what’s the minimum?
Usually five years is the maximum and you’re looking at 12 months as a minimum.
How does the bank secure the loan on the boat?
They take security over the vessel so that if it’s sold the loan has to be repaid.
Can I use my mortgage capacity to borrow for the boat?
Yes, that’s possible but that’s going to depend on your bank whether you’ve got equity in your property and that sort of thing. Obviously that’s going to be the lowest sort of interest rating you’re going to get and that obviously depends on your property and your circumstances.
If I needed to do that, you can help with refunding to their home loan or whatever property loans as well.
Yes. We can help to get that structured. Call 1800 100 100 for further information.