Boat Finance

Common Questions about Boat Finance

• Why choose Credit One for boat finance?

  Credit One is an independent, unbiased marine finance service and brokerage, offering accessible finance for all. We’re passionate about helping Australians enjoy marine leisure without restriction; we deliver the best boat loan options Australia has to offer. There’s a reason we’ve been named ‘Broker of the Year’ three years in a row.
  
  We’ll compare your financial needs with all lenders featured on our extensive panel in order to deliver the best options tailored for your personal circumstances and credit score. With established relationships with over 40 of Australia’s most trusted lenders, including lenders not available directly to the general public, our boat loan and online boat financing options are sure to work for you.

• What types of boat finance are available, and which is right for me?

  At Credit One, we offer a range of boat finance options to suit different needs. These include secured loans, where the boat is used as collateral, and unsecured loans that don’t require collateral. The right option for you depends on factors like your financial situation, whether you’re buying a new or used boat, the type of boat you’re purchasing, and whether you prefer lower interest rates or more flexibility. Our team can guide you to the best solution for your circumstances.

• How much can I borrow to buy a boat?

  The amount you can borrow depends on your income, financial history, and the value of the boat you want to purchase. Loans typically range from $5,000 to $500,000 or more, depending on your lender and the boat’s price. Use our boat loan repayment calculator to get an estimate of your borrowing capacity, or speak to our team for personalised advice.

• What’s the typical deposit required for boat finance?

  Deposit requirements vary depending on the lender and the type of loan. Some secured loans may require a deposit, usually around 10-20% of the boat’s value. However, many lenders offer 100% finance for eligible borrowers, meaning you may not need a deposit at all.

• What documents do I need to apply for boat finance?

  You’ll typically need:
  
  

  • Proof of identity (e.g., driver’s licence or passport)
  • Proof of income (e.g., recent payslips or tax returns)
  • Details of the boat you’re purchasing (e.g., make, model, price, and seller information)
  • Statements for existing debts or liabilities

  
  Our team will guide you through the process and ensure you have everything needed for a smooth application.

• Can I get finance for a used boat or one from a private seller?

  Yes, we offer finance options for used boats and those purchased from private sellers. Our team will handle additional checks, such as verifying the boat’s condition and ownership, to ensure the transaction is secure and straightforward.

• How will my interest rates be determined?

  Interest rates vary based on factors like your credit history, the loan amount, the loan term, and whether you opt for a secured boat loan or an unsecured boat loan. Secured loans typically offer lower rates because the boat is used as collateral, while unsecured boat loans will often charge higher rates to balance the lack of collateral. At Credit One, we compare rates from Australia’s leading lenders to find the most competitive option for you.

• Are there any hidden fees or costs I should be aware of?

  We pride ourselves on transparency. While some lenders may charge application or account maintenance fees, we’ll make sure you’re aware of any costs upfront, including any monthly or annual fees. Our goal is to provide you with clear, straightforward information so there are no surprises.

• How long does the boat finance approval process take?

  The approval process is fast and efficient. In many cases, applications are approved within 24-48 hours, provided all required documents are submitted. Our team works hard to get you out on the water as soon as possible.

• Can I make extra repayments or pay off my loan early without penalties?

  Some lenders allow extra repayments or early payoffs without penalties, while others may charge early repayment fees. We’ll help you understand the terms of your loan upfront and find a lender that aligns with your preferences.

• What happens if I can’t make a repayment?

  If you’re unable to make a repayment, it’s important to contact your lender immediately. They may be able to offer solutions such as adjusting your repayment schedule or providing temporary relief. Ignoring missed payments could result in late fees or impact your credit score, so addressing the issue promptly is key.

• How does working with a broker help me compared to going directly to a lender?

  Working with a broker like Credit One gives you access to a wide range of lenders and loan options, allowing you to compare boat loans and increasing your chances of securing the best deal. Instead of being limited to one lender’s terms, we compare multiple options to find the most competitive rates and flexible terms for you. Our team also handles the legwork, making the process faster, easier, and less stressful.