Compare boat loans

How does a boat loan work?

If you're buying a new boat, you might qualify for a secured boat loan, which often offers larger amounts and lower interest rates.

For secondhand boats or ones that don't meet secured loan criteria, an unsecured personal loan could be an option. Secured loans may offer better rates if you use the boat as collateral, but make sure to compare carefully for features like balloon payments, which can make monthly repayments look lower but leave you with a larger final payment.

How to compare boat loans

Finding the right financing for your boat is important. When you're comparing your options, keep the following questions in mind:

• What is the interest rate? The interest rate for this type of loan varies depending on what provider you go with, but rates for secured loans are generally low. Make sure you select a loan with a competitive interest rate that will help you save money in the long run.
• Are there fixed repayments? Some boat loans offer fixed repayments. It's important to think about whether you want fixed repayments or if you prefer a variable loan to take advantage of market fluctuations.
• What is the loan limit? The limit of your boat finance also varies with providers. Have in mind a rough estimate of how much money you need to borrow and find a boat loan that meets these needs. It's important you don't borrow more money than you need and are able to make repayments so you don't default.
• How long will your loan term be? The length of your loan term tends to be longer with a boat loan, but some may extend only up to seven years. It's still important to select a loan that gives you enough time to pay off your debt. Do your calculations and figure out how long it will take you to pay off the amount you want to borrow.
• Is the loan secured or unsecured? Boat loans can be secured or unsecured, so you need to consider which one is the better option for you so you can select a loan that matches up with what you want.

Compare alternative boat financing options

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Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
Harmoney Unsecured Personal Loan Fixed3 - 7 Years $2,000 - $70,000	Interest Rate (p.a.) 5.76% to 24.03%	Comp. Rate (p.a.) 6.55% to 24.98%	Application Fee $575	Monthly Fee $0	Monthly Repayment $623.7	Go to siteMore Info Compare	You'll receive a fixed rate between 5.76% and based on your risk profile. Apply for a loan up to $70,000 and repay your loan over 3, 5 or 7 years terms.
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$75,000) Fixed1 - 7 Years $5,000 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $450 min. $250	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
NAB Personal Loan Unsecured Variable Rate Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 8.49% to 20.49%	Comp. Rate (p.a.) 9.88% to 21.78%	Application Fee $250	Monthly Fee $15	Monthly Repayment $654.15	ContinueMore Info Compare	You'll receive a variable rate between 8.49% p.a. and p.a. (9.88% p.a. to p.a. comparison rate) based on your risk profile Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

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What are the benefits and drawbacks of boat finance in Australia?

How to apply for boat finance

All you have to do is check out the comparison table on this page and look at your options. Once you have selected a boat finance option that is right for you, click "Go to Site" to start your application.

To apply for a boat loan you will most likely have to be 18 years or older. You may also need a good credit rating and be able to provide details about your current financial position, using bank statements or employment details, to get approved. The application is generally quick and easy to complete.

What types of boats can you finance?

• Bass boats. A small boat that's designed to fish bass or other panfish. It usually comes with features such as swivel chairs, storage bins for fishing equipment and a live well to store any fish that you might catch.
• Bowriders. Called so because of their roomy bow area, this is a boat ideal for skis and wakeboards.
• Cabin cruisers. Similar to a bowrider except for its top cabin, these boats offer creature comforts such as water heaters, power generators and even heaters and air conditioners.
• Catamarans. Known as "cats", these boats can be small vessels designed for sailing and fishing up to naval navel ships. These boats come with two hulls.
• Centre consoles. These boats are made for fishing adventures. You'll usually find a bait well as standard as well as fish lockers and a cabin.
• Cuddy cabins. Cuddy refers to a small room or cupboard on this boat, which is used primarily for fishing, watersports and other family boating activities.
• Dinghies. These small boats can be towed by larger boats into shallow waters or as the main boat for fishing in calm water.
• Gameboats. Also built for shipping, this is a larger boat that can come equipped with cooking galleys and sleeping berths to make the boat comfortable for longer trips.
• Houseboats. This is a type of vessel that's used primarily as a home, whether for vacationers or permanent dwellers. Many of these are not motorised because they're kept moored at a specific location,
• Motor yachts. You'll find various amenities on this boat, which is designed for ocean cruising. Sleeping berths, air conditioning, plumbing and galleys are usually standard.
• Runabouts. You won't usually find a cabin on a runabout, which is a smaller boat designed for tow sports or fishing.
• Sailboats. "Sailboat" can refer to various types of sailing craft, but the common feature is their reliance on the wind for movement.
• Ski and wakeboard boats. If you're looking for a boat for watersports and tow sports, this is the type of vessel for you. The propulsion on these small boats allows for waterskiing jumps and tricks possible.
• Trawlers. You can use a trawler for commercial fishing or recreation, but you'll see a distinction between the two. Fishing trawlers will always have a displacement hull but you'll only find a semi-displacement hull on trawlers designed for recreation.
• Walkarounds. Called such because you can walk the full way around to anywhere on the boat, these medium-sized boats come with stowaway seating and a central cabin.

Looking for a jet-ski instead? Compare a range of jet-ski loans.

Frequently asked questions

• What types of boat loans are available in Australia?

  You can choose between secured and unsecured boat loans. Secured loans use the boat as collateral, often resulting in lower interest rates, while unsecured loans do not require collateral but may have higher rates.

• How do I qualify for a boat loan?

  To qualify, you generally need a good credit score, proof of income, and a stable financial history. Lenders may also consider the type and age of the boat when assessing your application.

• Can I get pre-approved for a boat loan?

  Yes, many lenders offer pre-approval for boat loans, which can give you a clear idea of your budget and make the purchasing process smoother.

• Are there any additional costs when taking out a boat loan?

  Additional costs may include insurance, registration, and maintenance fees. Some lenders may also charge application or early repayment fees, so it is important to review all terms carefully.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

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Richard has written 562 Finder guides across topics including:

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