If you fantasise about spending hours on end floating in peaceful solitude aboard your dream boat, or long for the day you can invite your family and friends out for a weekend on the water they’ll never forget, it’s time to make that dream come true.

Many people let misconceptions about how difficult it is to finance a boat stand in the way of the lifestyle they’ve always wanted.

Allow us to debunk some of the most common myths surrounding boat loans, and show you just how easy it is to buy the craft you’ve always wanted.

Myth: Big banks always offer the best boat loan deals.

Fact: If major banks and credit unions always gave the best value for money, independent financial lenders would not be able to stay afloat!

The reason 360 Finance attracts so many customers is because we compare the interest rates of all of the banks, credit unions, and major lenders to bring you the best possible interest rate.

Plus, we have worked hard to create the simplest, most streamlined approval processes in the industry.

When you get a boat loan with us, you’ll be saving yourself time and money.

Myth: Only people who are bad with money get boat finance.

Fact: This is one of the most commonly held yet, entirely untrue misconceptions surrounding applying for personal asset finance.

If only those that were irresponsible with their finances used boat loans, there would simply be no way companies like 360 Finance could survive.

The fact of the matter is that there are many different types of lenders on the market, and very few of them target irresponsible borrowers. Payday lenders offering ultra-high-interest quick-fixes for those unable to pay their household bills are very different from companies that provide finance for big-ticket items like a boat, that you want to enjoy now, and can pay off over time.

In fact, the vast majority of our customers have demonstrated their ability to pay loans off early or on time, showing future lenders they are financially reliable.

Fact: While banks, credit unions and other finance companies may not always offer boat loans to the self-employed, at 360 Finance we’ll help find a loan you can qualify for, that offers you the same interest rates that everyone else gets.

All self-employed customers need to do is supply us with recent tax returns and business activity statements, and their financial standing, not their employment type will determine the rates we can offer.

Myth: I won’t be approved for a boat loan because I already have other loans in my name.

Fact: If you have multiple loans, and you’re paying them off on time, then this could work in your favour when applying for a boat loan.

Having loans for different purposes (tertiary education debts, car loans, and mortgages) is normal. In fact, if people weren’t able to take out more than one loan at a time there would be no reason for companies to offer debt consolidation loans.

The number of loans you have will only affect your boat loan application if you are not repaying these debts on time, or your credit report shows that the number of loans in your name is excessive.

Myth: Lenders all require collateral for asset finance like boat loans.

Fact: This is one of the most pervasive myths surrounding personal finance. When we evaluate your ability to repay a loan, we usually just take into account eligibility criteria such as your credit history and your personal income to debt ratio.

Generally speaking, we offer “secured” loans, which use your assets as collateral for the finance, only if your credit history is not up to scratch, or you want to use your security to get a loan with the lowest interest rate possible.

Myth: Boat finance interest rates are unreasonably high.

Fact: Because our boat loans are mainly unsecured – that is, they are granted based on the borrower’s ability to pay them back, not on our ability to seize your collateral – our regular loan’s interest rates are slightly higher than those of secured loans.

However, if you plan your payments well and aim to have your loan taken care of as quickly as possible, you will avoid paying too much interest.

Plus, when you sign up with 360 Finance, you’ll never be forced into putting your valuable assets on the line.

Myth: I shouldn’t bother applying for a boat loan because I have “bad credit”.

Fact: While it is true that the better your credit history and credit score, the more likely it is that your boat loan will be approved, that doesn’t mean that your bad credit history will automatically stop you from getting approval.

The reason that your credit is “bad” will be considered when you apply. If it is because you weren’t very good at making repayments on time (but you still made them), years ago, you may still be approved. If your bad credit is because of recent defaults or you’ve been made bankrupt, you will find it harder to gain approval.

Myth: Applying for any boat finance online is too risky.

Fact: A lot can go wrong if you don’t do your research when navigating the depths of online loans. But that doesn’t mean there aren’t good online lenders out there. The key to finding a boat loan online is only looking at providers who are partnered with reputable lenders, accredited, and industry recognised.

At 360 Finance, we have strong relationships with Australia’s most trusted financiers, including all of the major banks and lenders. The Director of 360 Finance, Matt Burgess, is a full member of the Mortgage and Finance Association of Australia and leads a team of experienced personal finance professionals. 360 Finance also holds a current Australian Credit Licence, so you can rest assured knowing that when you do business online with us, it will always be smooth sailing.