Have you been thinking about financing a boat or caravan and don't know where to start?
Then read on.
In this article, we answer all of your frequently asked finance questions regarding equipment purchases.
Can I finance up to 100%?
Absolutely yes. If you are looking to finance the purchase of a boat, car, caravan, jet ski or any other piece of equipment, you can borrow 100% of the object's purchase price.
Unlike home loans, you don't need to have a deposit to meet lender policy. You just need to be able to prove that you can comfortably meet repayments.
Would I qualify for a loan?
Everyone's financial situation is different. Sometimes, certain individuals can find it harder than others to obtain a loan. This could be because they already have excessive amounts of debt and cannot prove they can comfortably meet repayments, they are currently unemployed, or they have a history of bad debts.
That said, if you have stable employment and income, a good credit history and can prove loan serviceability, obtaining a loan shouldn't be too difficult.
If you are thinking about taking out a loan to purchase a caravan, jet ski, boat or other piece of equipment, make sure you speak to your local mortgage broker. They can help you obtain loan pre-approval and source the sharpest rate for you from hundreds of loan products on the market.
For how many years can I have the loan?
This will vary according to lenders, but loan terms are typically between one and five years.
Can I finance a used vehicle?
Certainly yes. Your Mortgage Choice mortgage broker can source you the most suitable car loan for your needs and ensure you receive a competitive interest rate.
They will scour through multiple loan products to find you the right one for your needs – both now and in the future.
What are the steps for financing?
Speak to your Mortgage Choice broker who will look at your finances and ability to service a loan.
They will work with you to find the most suitable lender or institution to suit your financial situation.
Don't just go straight to your lender, make sure you do your research and speak to your broker about the most attractive deals on the market.