Australia has no shortage of beautiful coastlines and one of the best ways to soak up the sun is by boat.
Owning a boat may sound like a privilege only the wealthy can enjoy, but these days there are a range of options to suit different budgets.
On top of that, you can take out a loan to buy a boat, which means you can get out on the water sooner rather than later.
In this article, we’ll answer four common questions about taking out a loan to purchase a boat.
1. Can I borrow up to 100%?
Yes, you can borrow 100% of a boat’s purchase price. Unlike home loans, you don’t need to have a deposit. You just need to be able to prove that you can comfortably meet repayments.
2. Would I qualify for a loan?
This depends on your financial circumstances. Sometimes, a person may find it harder than others to obtain a loan. This may be because they have excessive amounts of debt and cannot prove that they can comfortably meet repayments, they are unemployed, or they have a bad financial record.
However, if you have stable employment, a steady income, a good credit history and can prove loan serviceability, obtaining a loan shouldn’t be too difficult.
Your Mortgage Choice broker can take the guesswork out of getting a loan. They’ll look at your finances and ability to service a loan and recommend a product for your current and future situation.
3. 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.
4. Can I finance a used boat?
Yes. Your Mortgage Choice mortgage broker will compare hundreds of loans on the market to source the most suitable one for your needs and ensure you receive a competitive interest rate.
Buying a boat is a financial investment so you should take the time to do your research before taking the plunge.
Make an appointment to speak to your local Mortgage Choice broker who can work with you to find the most suitable lender for your financial situation. They also will be able to answer any of your financing questions so that you can make your purchase with confidence.