Finance your boat purchase.
Do you wish to buy a boat but you don’t have the money for such major investment? You can use a boat loan option to get the boat of your choice and join that exclusive club of boat owners—the captain of their sails.
A boat is a luxury property and one of the best treasures you can get. If you are someone who likes sailing, it is even more lovely to have your own boat. But it is not everyone who has the money to buy a boat outright, it costs a lot of money regardless of the one you’re getting, but you don’t have to write off your dream just because you don’t have the money for it at that point. The next best thing to buying a boat with cash is to buy it with financial products such as loans. At Waterford Boat Club, we provide options for financing your boat purchase through our lending partners who offer the financial products.
Finding the right boat loans is not as simple as it sounds. First, it is not every lender that offers boat loans, and the ones who do may come with terms that might be stringent for you. That is why you need someone who understands the market, and that is what we offer you. As a reputable boat club, we have access to the best lenders in the market from the traditional lenders to the non-traditional, from the general lenders who offer all types of loans and niche-specific lenders who only offer boat loans.
When you have access to boat loans, you can bypass the issue of not having the money to buy the boat when you want. The sizable capital needed to get a boat is not something that just anybody can afford, and thankfully, there are lenders who provide that. We have access to those lenders, and using us will give you access to a wide range of finance boat loans. You don’t have to worry about the suitability of the boat loans because we thoroughly scrutinise the loans before offering them to you.
Every boat loan we present to our clients are assessed based on the following factors, and we always advise any potential borrower to consider these factors too.
You should consider the repayment structure before you take a boat loan. This will usually include the length of the loan, how much you have to repay monthly, and all other factors. While you may find loans with low monthly repayment, this is not always a great deal because it means you will be paying the loan for a longer period and the interest is always constant. But you must make sure you choose a repayment structure that is convenient, and you won’t be paying any unnecessary interest. The key here is choosing a repayment structure in which you will be paying the maximum amount you can afford without affecting your financial stability. You might not be able to determine this outright, but you can use a finance calculator to do it and arrive at a good estimate.
The interest rates and charges on the finance product is something that you must fully consider before making any decision. This is because it determines how costly the finance product will be in the long run and if it is not favourable which when it is too high, we usually advise our customers not to take such loans because it will be a bad debt in the long run. Since interest rates are usually constant except in some cases, you should make sure you negotiate a good rate because you will be stuck with it throughout the life of the loan.
The lender may require deposits in some cases and where that is the case, you have to consider if it is favourable or not. The upfront payment isn’t always bad as it means less money to pay back and less interest. This is why it is advisable to save some money beforehand so you will be able to cover the deposit if there is any and cover the extra costs that come with the purchase.
Another thing a potential borrower should note is the credit Score. Your credit score has a lot of say in the loan you get. It might even disqualify you from some loan if it is too low, but it doesn’t have to be very low before it affects you. It generally influences the terms you get. Your credit score shows your capability to repay the loan and the higher it is, the lesser risk the lender will be taking, which means the less interest on the loan and the more favourable the terms. You should always make sure your credit score is in good shape and avoid bad debts that will hurt your credit score. But a credit score does not necessarily determine whether you will get a good loan or not. There are non-traditional lenders who don’t really consider your credit score to offer you a loan.
There are various types of boat loans available. Most times, it depends on the lender. Our wide network of lenders means we have several types of loans for you. Here are some of the average available:
This is a new form of loan which is designed for luxury purchases like boats. The lenders that offer these loans understand the markets and provide loans to help you get what you want.
Banks and other traditional lenders offer this type of loan, and it is best used to complete the money you have saved already. It is usually limited and has high interest due to the lack of security.
There are also Home Equity Loans, among others.
DISCLAIMER. THIS INFORMATION IS ONLY AVAILABLE AS A GENERAL GUIDE ON THE GOVERNMENT POLICIES. IT IS DERIVED FROM THE OFFICIAL AUSTRALIAN GOVERNMENT SOURCES. WE DO NOT BEAR ANY RESPONSIBILITY FOR THE COMMENTARY AND ANALYSIS OF THIS PUBLIC DOMAIN INFORMATION NOR ANY LIABILITY FOR HOW THE FACTS ARE INTERPRETED. IT IS RECOMMENDED THAT YOU SPEAK WITH AN ACCOUNTANT OR FINANCIAL ADVISOR TO GET PRECISE INFORMATION AND ADVICE ON YOUR SITUATION.