Australians naturally gravitate to the water, so it’s no surprise that 2.6 million households own a boat. Better still, becoming a boat owner doesn’t mean you have to be a high income earner. Research shows that middle-class Aussies are more likely to own a boat than wealthier people.
Boat loans – ready to set sail?
Whether it’s a speed boat, cruiser, yacht or a humble tinny that you’re interested in, it’s important to think about how you’ll finance your boat.
The beauty of a personal boat loan is that they can be very quick to organise. So when you see the vessel you like, you’re well-placed to make an offer and get out on the water sooner.
In addition, personal loans come with set repayments that are easily slotted into your budget. You also have the flexibility to decide the loan term that suits your cash flow.
What about dealer finance?
If you are buying a boat through a professional dealer, you may be offered finance on the spot.
This can sound like a convenient option but it could turn out to be an expensive arrangement. The reality is that boat loan rates are often far lower with a personal loan than dealer-arranged finance.
What sort of boat can you afford?
While you probably have a particular type of vessel in mind, it can be difficult to know exactly how much you can afford to borrow.
This is where a Mortgage Choice broker can offer expert support.
Your Mortgage Choice broker uses specialist software and a boat loan calculator to give you a clear idea of your borrowing power, your likely monthly repayments, and the total cost of the loan.
And with over 20 different lenders to choose from, Mortgage Choice can help you select the boat loan that’s right for your needs and your budget.
With a personal loan expert on your crew, you’re free to devote more time to finding the boat of your dreams – and ultimately, enjoy more time in your favourite marine environment.
To learn more about how personal loans work – and how they can help you set sail with a boat of your own, click here.