Frequently Asked Questions

Below are the answers to our most frequently asked questions about applying for and obtaining a boat loan from 360 Boat Finance. If you have another question that hasn’t been answered here, contact our friendly staff and we’ll be able to give you the information you need.

1. Who is 360 Boat Finance?
We are your local boat finance experts with extensive knowledge and experience in the Australian finance market. We are wholly Australian owned and operated, and have developed strong partnerships with more than 20 bank and non-bank lenders to give you the widest choice possible in boat loans and finance products.

Our friendly team is comprised of professionally trained Finance Consultants who will help you find the best loan available, every time.

2. Why do I need boat finance?
Boat finance is the easiest way to get out on the water sooner, because it allows you to finance your watercraft instead of buying it outright. This means you won’t have a large sum of money tied up in your boat, and will have more cash available to use on month to month expenses.

We can provide flexible boat loans to fund any new or used watercraft, so you can enjoy being a proud boat owner without putting a large dent in your savings.

3. How do I apply for a boat loan?
We have made the application process as fast and simple as possible, to help you get started right away! You can either;

  • Apply online for a free, no-obligation quote, or
  • Call one of our Financial Consultants on 1300 361 360 for a pre-approval within minutes
4. How long does the finance process take?
At 360 Boat Finance we want to have you on the water enjoying your new boat, yacht or jet ski as soon as possible, so we take all the information we need from you over the phone or by email. There is no need to meet face to face, unless you prefer to do it that way.

Once we have all the information we need from you, we can have you approved for a boat loan within four hours and the goods paid for on the same day! We like to make the finance process quick and easy.

5. What information do I need to apply for boat finance?
The initial application process is very simple; you only need to fill out a few basic details about yourself and the type of loan you are looking for. Once we have reviewed your application, we will contact you for any further information we require. This may include things like your employment situation and current income, your credit card/s, if you own a home or other assets, and if you have ever filed for bankruptcy.
6. Should I get my finance approved before purchasing a boat?
Having your boat finance pre-approved before shopping for your new or used vessel is beneficial in two ways: It will save you time at the dealership by narrowing your search to boats that are within your budget, and it will give you an affordable limit to bargain down the price of boats that are just outside of your budget. Dealerships are more accommodating to customers with pre-approvals as it shows that the customer is genuine and has the ability and financial stability to make a purchase.
7. How long does a boat loan pre-approval last for?
The great thing about a pre-approval is that it will last as long as your circumstances don’t change. By keeping in contact with your 360 Boat Finance broker, you can keep the process moving and reignite your application when the right new or used boat comes along.
8. I’m self-employed with no financials. Can I still get boat finance?
Unlike car finance, boat finance is slightly more difficult to get approved. Most lenders will require you to demonstrate that you can afford the new loan facility, which does not necessarily mean by way of your latest tax return.

If you are unsure of what information will be required to apply for a boat loan, give one of our trained Finance Consultants a call today to discuss your personal situation. We’ll be able to advise you of your chances of getting approved without any hassle.

9. Can I buy from a private seller?
Absolutely. We’ll carry out all the checks on your behalf to verify ownership and title, and we’ll liaise with the vendor to make sure the funds are transferred to their nominated account so you can take delivery of the goods being purchased.
10. I’ve got a boat finance quote elsewhere. Should I still get a quote from you?
As Australia’s largest online broker, we have access to lenders, products and rates which are not available to other brokers and most dealers. It only takes a quick phone call and we’ll be able to work out whether it is worthwhile for you to apply with us. We’ll only take your details if we’re sure that you will save by doing so.
11. Do I need a Boat License to get a boat loan?
As long as you are at least 18 years old and you meet the lender’s other guidelines, you will be able to be considered for boat finance without a Boat License. This is helpful when you are still yet to sit for your Marine License.
12. I’ve been declined for a loan elsewhere. Should I apply again?
We won’t ever put an unnecessary credit check on your file unless we are confident that an approval will be given. At 360 Boat Finance we have a huge range of lenders and even more finance products to choose from, so by dealing with us you’ll have access to boat loans covering nearly every situation.
13. I’ve been bankrupt or in a Part 9 or 10 Debt Agreement. Will I be able to get approved for boat finance?
We may need to ask for more information from you, but being bankrupt does not preclude you from being considered for finance. We have access to a wide range of lenders and specialised products designed specifically for people who have had previous financial blemishes.
14. How long does a boat loan last for?
We offer flexible boat loan terms ranging from 1 to 7 years, so you can tailor your loan to suit your budget and personal circumstances. Select a shorter term if you are looking to pay off your loan quicker, or choose a longer term if you’d like to pay it off more gradually and in smaller repayments.
15. What is the Boat Finance Calculator?
Our easy online Boat Finance Calculator will give you an idea of how much you can afford to borrow and approximately how much your repayments will be. You can enter and adjust the loan amount, the loan term, the interest rate, and whether you would like to make extra repayments or apply a balloon payment to your loan. The calculator will then provide you with the details of your loan, so you can work out if it fits your budget and situation.

Please note that our Boat Finance Calculator only provides an estimate, and for a more accurate figure you should get in touch with us directly or apply for an online quote.

16. Can you help me find a boat?
Absolutely! From years of source boat finance for customers Australia wide, 360 Boat Finance has built up strong working relationships with trusted boat dealerships right across the country. Talk to your 360 Boat Finance manager on 1300 360 360 about sourcing the right boat for your lifestyle today.