Boat loans

Whether you are buying a new boat for the first time, upgrading your current boat or doing repairs on a boat you already own, boats can be expensive. As well as the cost of buying the boat in the first place, there are also other costs to consider, such as maintenance, operating costs, equipment, insurance, mooring fees and more. Chances are unless you have a lot of money saved up, if you’ve decided you want to buy a boat, you’ll need to work out an affordable way to finance it. Several alternatives are available, so it’s important to find the one that best suits your financial circumstances. 

If you are looking for a personal loan to cover the costs, Ozzie Loans offers simple and straightforward unsecured personal loans in Australia up to $50,000. With a quick and easy online loan application process, depending on who you bank with, the money could be in your bank account on the same day you apply. Contact Ozzie Loans today and ask us about our easy finance options. We’d love to help you turn your dream of owning a boat into a reality.

How do boat loans work?

There are different types of boat loans available, so you’ll need to weigh up the pros and cons of each option, as well as your own financial situation, before deciding on the loan that will work best for you. One alternative is to take out secured loans. In a similar way to a secured car loan, secured boat loans require you to provide collateral (such as the boat you are buying or another asset) as security. As a general rule, secured loans tend to attract a lower rate of interest than unsecured loans, but if you default on your loan, the lender can reclaim your asset to recoup their losses.

Depending on the loan, you may also be restricted to spending the money on buying the boat and may not be able to use it to cover additional costs such as running costs, mooring fees, maintenance and equipment. You’ll need to check the terms and conditions of the loan carefully before going ahead. Instead of secured boat loans, another alternative is to apply for an unsecured personal loan to finance your boat, where you won’t be required to provide an asset as security. 

As well as deciding between secured or unsecured loans, another decision you’ll need to make when choosing between boat loans is whether you want a personal loan with a variable interest rate or a fixed interest rate. If you like certainty, you may decide to opt for a fixed rate personal loan so that your repayments will stay the same over the life of the loan. It can make it easier to budget and give you greater peace of mind that you’ll be able to stay on top of your finances. 

Some money lenders, such as Ozzie Loans, have online personal loan calculators that you can use to give you an indication of your personal loan interest rates and repayments based on your desired loan amount, loan term and credit history. We are also upfront about any fees and charges such as establishment fees, monthly fees and overdue account fees, so you can factor these in when deciding whether a loan is affordable.

While the personal loan repayment calculator will provide you with approximate information only, once we have assessed your loan based on our internal lending criteria, government regulations and a successful credit history check, we can provide you with an obligation-free offer. Being responsible lenders, we don’t want you to borrow more money than what you think you’ll be able to afford to pay back comfortably.

How long are boat loans?

Whether you are buying a fishing boat, a small runabout, a yacht or a sailing boat, you can purchase boats at a range of price points. From short term loans to long term loans, the length of your loan will depend on how much money you are borrowing, what repayments you can afford, and the lender you are borrowing your money from, as well as your own financial circumstances. Some money lenders allow you to pay back your loan early without paying the penalty. For example, if you take out a personal loan with Ozzie Loans and discover the loan term is longer than you need it to be, you can pay the loan off early without being charged any early exit fees.   

If you are looking for boat loans in Australia, a personal loan from Ozzie Loans could be the solution. To apply for a personal loan at Ozzie Loans, you need to be at least 18 years of age, currently employed and an Australian citizen or resident. If you meet these criteria, we will take factors such as your credit history, income, expenses and existing debt into consideration when assessing your loan.

You can apply for our fast cash loans online in just 5 minutes. When you apply for your loan, you can allow us to get secure access to a read-only snapshot of your last 90 days’ worth of bank statements. Using this information, we can quickly and easily verify your income and other financial information without you needing to submit reams of documentation.

With our quick loans process, we’ll let you know the outcome of your loan application very quickly, so you won’t need to wait long to find out if your loan has been successful. If your loan is approved and you agree to the terms and conditions, we will then transfer the funds to your bank account. Transfer times will depend on who you bank with, but in many cases, the money can be in your account within an hour. If you are looking for hassle-free boat finance and want the cash today, contact Ozzie Loans today and see how we can help you. 

Whether you’re looking for boat loans, student loans, rent assistance, renovation loans, travel loans, Ozzie Loan offers same day cash loans for a wide range of purposes. As well as large and small personal loans ranging from $5,000 to $50,000, we also offer a line of credit up to $15,000 with interest-free terms on purchases. The line of credit works like a virtual credit card and can be conveniently managed from your mobile phone. It can be used to Tap n Pay instore, shop online, or you can even transfer money to your bank account.

Like with our personal loans, an Ozzie Loans line of credit also has a quick online application and assessment process. If you are looking for fast cash, apply online for a personal loan or line of credit from Ozzie Loans today.