We understand that adventure doesn’t just happen on the road – let us help you finance your Marine Vessel.
From speed boats, fishing vessels , to motor cruisers, jet skis and more. Getting a marine loan that’s right for you can save you time and money before you make the commitment.
How does Marine Finance work?
Marine financing options can help you purchase a new or used boat or other marine vessel for personal use. Marine vessels are often a high value purchase so financing options typically deal with larger loan sizes and may provide you with longer repayment terms. The value range associated with marine finance is between $5,000 – $1,000,000 and the loan terms will vary between 1 – 7 years. Depending on the type of loan, you may also elect for there to be a balloon payment at the end of the loan term.
What types of Marine Vessels can you Finance?
There are many different types of vessels which you can get financing for. Some of the most common include:
- Bass boats
- Bow riders
- Cabin cruisers
- Game boats
- House boats
- Motor yachts (no sail)
- Walk around
- Jet Skis
There are a number of other vessels which are also eligible for finance, but it is worth nothing that should the vessel have a mast & sail it cannot be purchase with secured Marine Finance. , This includes sail boats and yachts even if they have a motor as well as a sail
What can I include in my Marine Finance?
It’s important to understand the cost of a marine vessel before you apply for financing. While the initial value of the asset is one part to consider,it is important that you also factor in additional costs which are often associated with the purchase of a boat or marine vessel, some of which include:
- Boat equipment such as electronics, accessories, and safety equipment
- Operating costs and ongoing maintenance. These costs will vary depending on the type of boat/vessel you purchase and how you use it
- Storage fees, these differ depending on the size of your boat and where you store it
- Marine insurance which can vary depending on the type of boat you have and where you store it
- Registration costs
Further the transport you have may also qualify for finance so be sure to speak with your Amfin consultant regarding all of your boat expenses.
These additional costs cannot usually be factored into secured boat loans, although unsecured loans can sometimes allow the boat loan to cover these extra costs.
What fees are involved with Marine Financing?
The fees and charges associated with marine loans may vary depending on the vessel and lender. Common fees include:
- Application fees, also known as upfront fees
- Account-keeping fees
- Early exit fees
- Redraw fees
We will guide you on the best lender options once you share your brief with us to avoid any unnecessary fees and charges upfront.
When you apply for Marine Finance, you should have the following documents ready:
- 100 Points of ID, such as a passport, driver’s licence or medicare card.
- Employment details, including your employer’s name and contact details as well as copies of recent payslips
- Financial details, including information about your assets, debts, income and liabilities
- For self-employed individuals, you will need to have supplementary financial documents
How do I apply?
If you would like to know more or need assistance determining the best equipment financing solution for you, one of our experienced finance consultants are happy to assist, contact us today.
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We have friendly and experienced team members ready to help with your finance needs, whether they be business or personal.
Experience the Amfin difference. Contact us for a no obligation chat today.