The Ins and Outs of Boat Finance

If you want to make your boating dreams a reality, you should seriously consider applying for boat finance. Not only will it help you fund that new or used boat you’ve been eyeing, but it’s also a super quick and easy process that will get you out on the water before you know it!

It doesn’t matter if you’ve been declined by other financers, or even if you’ve been bankrupt in the past. 360 Boat Finance has access to a huge range of specialised lenders and we’ll be able to find the perfect boat finance product for you, no matter what your financial history is like. Our rates are competitive and our terms are flexible, so you can tailor a loan that will have you ocean-ready without putting a strain on your budget.

Boat Finance: How it Works

Boat with finance graphsApplying for boat finance is the same as applying for any other sort of loan. You have plenty of options; low-interest loans, short term loans, long term loans, secured and unsecured loans, as well as extra financing options that you can tailor to your circumstances such as how often you make repayments, leasing, hire purchase, adding extra repayments or making a balloon payment.

For a general idea of what you could be eligible for with your budget, check out our Boat Loan Calculator – just enter a few details and you’ll get an immediate breakdown of how your loan would play out over the years.

Then you can either apply online or call one of our dedicated financial advisors. We can complete everything over the phone and through email, sourcing the perfect boat loans for you, and in most cases settlement can also take place the very same day! So there’s no need to wait around for days, or fill out any lengthy application forms. We’ll make sure it’s done as fast as possible so you can make that dream boat your own.

So what have you got to lose? There’s nothing standing between you and the wide open water except a simple boat finance enquiry!

Get Your Boat Loans Approved Faster: Our Top Tips

360_tipsForLoanDon’t forget, applying for boat finance means looking for the best deal for your budget. To do this properly, there are a couple of things you should keep in mind:

Be realistic. It’s very important that you think carefully about how much you want to borrow. This shouldn’t just be about the boat you want to buy, you need to also be capable of paying it back. So don’t borrow outside of your means – go through your finances, earnings and budget and come up with a realistic figure.

Make sure you also think long and hard about the boat you want to buy, and keep in mind the ongoing operating expenses. It’s one thing to buy that boat you’ve always wanted – you also need to keep it afloat. Think about fuel costs, engine upkeep, and mooring or marina space, and keep it within your budget.

Gather your information. Credit providers will prefer it if you can show that you will be able to meet your repayments for boat finance. Your bank account and income should demonstrate this, and if you’re in stable employment, even better! It’s also a good idea to check your credit record before you apply, and make sure there are no errors on your credit rating. If there are, you can get them fixed before the provider does their own credit check.

Be honest in your application. No matter what your financial history looks like, it’s always better to be honest when answering questions during the application for boat finance. If you’re not, you could run into serious problems down the track which will end up costing you a lot more than what you might save on your loan. The answers on your application will decide how much you can borrow, as well as the interest rate and term of your loan. Keep details on hand such as:

  • If you have ever filed for bankruptcy
  • If you own a home
  • Your current income
  • Your employment situation and how long you have been at your current job
  • How long you have lived at your current address
  • Your credit card/s
  • Your net worth

Get pre-approval. This will show that you’ve got money at your disposal, and will give you an edge when you go to bargain for your dream boat. When you apply for a loan with 360 Boat Finance, one of our first steps is to get you the pre-approval you need to move forward.

Shop around. This is one of the most important steps and will make sure you get the best deal on your loan. Compare the total repayments as well as any ongoing administration fees and charges, if there are any penalties for an early payout, if extra repayments can be made and if there are any limits on how much or when these can be made.

The great thing about going through 360 Boat Finance for your boat loan is that we will do all the legwork for you – we’ll compare lenders and loan products to make sure the deal you get is the best one possible, every time.