What is boat finance?
Boat finance or marine finance allows businesses and eligible individuals to purchase a boat without paying the full cost upfront. The purchase is funded over an agreed term with fixed repayments, helping manage cash flow while securing the vessel you need.
Boat finance is typically secured against the boat for business use, depending on lender requirements.
Benefits of boat finance?
Boat finance gives you access to a vessel while keeping capital available for other priorities.
Predictable repayments
Spread the cost of your boat over time with fixed, predictable repayments that suit your budget and help you plan effectively.
Balloon payment options
Reduce your regular repayments by including a final balloon payment at the end of the term, providing flexibility for cash flow planning. Availability depends on the type and age of the vessel.
Tax effective structures
With a chattel mortgage, repayments and interest may be tax-deductible if the asset is used for business purposes, helping you manage your tax obligations efficiently.
Access modern and reliable boats
Upgrade to newer boats with advanced safety, navigation, and efficiency features to enhance operations and reliability.
Protect business cash flow
Avoid paying the full cost upfront, keeping working capital available for day-to-day business expenses.
Quick and simple approval
Applications can be processed efficiently, enabling your business to get the vessel on the water without unnecessary delays.
Things to consider when applying
Types of boats covered
Boat finance can be used for a wide range of vessels, including:
Commercial and charter boats
Work and utility vessels
Fishing boats
Yachts and sailing vessels
Jet skis
Eligibility criteria
To qualify for boat finance, you generally need to meet the following requirements:
Minimum 6 months trading history with an ABN
Satisfactory business and personal credit history
Identification for business owners or directors
Business owner 18 years or older
Australian citizens, permanent residents, or eligible visa holders
Business term loans summarised
Maximum loan amount
From $10,000 up to $1,000,000+
Loan term
12 to 84 months
Repayment schedule
Weekly, fortnightly, or monthly depending on lender
Purpose
Commercial, charter, or approved use depending on lender policy
Security options
Secured against the boat being financed
How to apply for boat finance?
Applying for boat finance is straightforward if you follow these steps:
Step 1:
Determine Your Eligibility
Provide basic details about your situation, the boat you want to finance, and consent. We assess eligibility and structure options without impacting your credit score.
Step 2:
Finding the Right Lender
We compare lenders to find the most suitable option based on the boat, its age, usage, and your financial profile. We'll then submit your application to the chosen lender and monitor its progress.
Step 3:
Approval and Settlement
Once approved, we coordinate settlement with the lender, finalising the finance. Allowing the boat purchase to proceed quickly and smoothly.
Let's get started