Financing Your Boat Purchase
Do you want to get a boat? Are you looking to bring your dream holiday to reality? Then, you’re on the right part. Getting a boat for yourself is something that you want to look towards. However, like with every purchase, you’ll need to expend a significant amount of money to get your dream boat. Even more, you’ll need to hold on to cash to complete other expenses that are incidental to using a boat.
When you consider all this, you’ll find yourself doubting whether it’s financially prudent to still buy that dreamboat. So, are you thinking of giving up on this dream? You don’t need to. You don’t need to bear the cost of the purchase all at once. You can now buy yourself financial convenience by opting for boat finance.
This is a financial agreement that allows you to get access to the boat purchase cost from an independent third party called the lender. The lender, usually an institution, provides access to this sum in return for interest. You then commit to paying back the loaned sum plus the interests over a while in a specific manner. Usually, this is based on the agreement of the parties. Once you complete the repayment, the agreement comes to an end, and you have completed the financing of your boat purchase.
We bet this looks attractive. You don’t need to lose all the cash with you and get broke or stranded. You can remain financially buoyant while you enjoy access to the boat. So, are you wondering how to access this option? Then, we have got you covered.
At Winning Yachts, we don’t offer access directly to boat finance. However, we have a wide range of lenders who are interested in providing this service to you. These lenders are our partners, and they are available to help you finance the purchase of your boat. This way, you enjoy the financial convenience that you desire. You can reach out to any of the top options in Australia today. From Jade Boat Loans to Stratton Finance to ANZ to Ratecity, you can contact any of them to get started.
What You Need to Know About Boat Finance
Boat finance is increasingly popular today. A wide range of people in Australia now maximise this option as a means to accelerate the purchase of their boat. However, have you ever wondered why people are interested in boat finance? It is thanks to the following reasons.
Boat Finance is Affordable
Boat finance is generally affordable. You won’t need to worry about paying a fortune in interest rate. There is a wide range of cheap boat finance that you can access. All you’ll need to do is assess the market and pick the one that suits you the best.
Promotes Your Financial Convenience
Another advantage that comes with boat finance that makes it attractive is that it promotes financial convenience. We are looking to ensure that we are not broke and can attend to every essential need. Boat finance ensures this as it allows you to keep your cash while you pay it back at your convenience.
Finance Options
There is a wide range of finance options that you can take advantage of if you’re looking to get yourself a boat through boat finance. We examine the popular options below. More Information also can be found here for boat finance
Best Boat Finance Rates
It pays to shop around for the best in interest rates when looking for cheap rates. Or you can find a marine lending specilaist who look for you and compare to find the cheap boat loan interest rates
Bad Credit Boat Finance
Generally, to qualify for boat finance, you’ll usually need to meet some requirements. One of them is having a good credit status. This establishes that lenders can trust you to repay the sum they borrow. In turn, some lenders will fail to allow you to access their financing option if you have a bad credit status.
If you fall under any of this category, you don’t need to worry about it. You can now access the boat finance through a bad credit boat finance. This is a special option for those with bad credit status.
You’ll need to pay more in interest. You’ll also be limited when it comes to the amount you can borrow. However, you get access to the financing option.
Unsecured Personal Loan For Boats
This is a loan arrangement where you’re not required to provide access to an asset to secure the loan agreement. Generally, as it is obvious under this loan arrangement, the lender bears more risk. This is because, in the event of default of payment, there is no asset that they can directly charge. As such, you’ll usually need to pay more interest under this loan arrangement.
However, it comes with a flexible term that allows you to get the unsecured personal loans for boat finance for as long as seven years. You can also opt for the balloon option to reduce your monthly repayment.
Secured Loan
This is a loan arrangement where you’re required to provide access to an asset to secure the loan agreement. Usually, you’ll use the boat in question as security for the loan arrangement. Generally, as it is obvious under this loan arrangement, the lender bears less risk. This is because the lender can revert to the asset in the event of default.
As such, you’ll usually need to pay lower interest under this loan arrangement. Also, it comes with a flexible term that allows you to get the finance for as much as seven years. More On Secured Boat Loans
So, if you’re interested in any of these options, you can reach out to any of our partners for more information. They will be ready to answer all your questions, consult with you and determine the appropriate loaning option for you.