Finance your boat purchase
The high cost of boats means not everyone can afford it. But that shouldn’t be so, especially for those who have had the dreams of owning a boat for years. Luckily, there are boat loans. With boat loans, those who can’t afford boats outrightly can get it and repay the loan in instalments.
If you are thinking of buying a boat, but the money for purchase has been a challenge, the solution to that challenge is boat loan. You just need to know how to go about it, and we can help. Your dream of owning a boat can easily become a reality with boat finance, and Austin Boat Mechanic can help you to process one. There are several finance options available depending on your financial position, and we make sure you get the best finance deal for you.
Due to our long years in the industry, we have established a solid reputation in the marine industry, which has given us access to all kinds of lenders who cheap interest rate boat loans and finance. We have lenders who offer all kinds of loans and finance for any purpose you can think of including buying boats, and more importantly, we have lenders who are only focused on the marine industry and will give you the finance for anything you want to buy that is marine-related.
There are two kinds of boat loans that you can get;
Secured Boat Loan
A secured boat loan is one that comes with collateral, which is a property of equal or similar value to the loan you need that is used as security for the loan. When you have collateral on your loan, a default in terms of the loan such as when you fail to repay on schedule might lead to loss of the collateral. The collateral can be anything, such as a car, house, or even the boat you are buying. Where the collateral is the house, it is a mortgage loan, and it is advisable you avoid this kind of loan because it is highly risky. You can also do a chattel mortgage where you use the loan you are buying as collateral for the loan. It is usually open to business loans, so if you are buying the boat for commercial purposes, you can take advantage of this. The advantages of a secured boat loan are that the chances of getting it is higher since the requirements are less strict, and the interest on the loan will be lower.
Unsecured Boat Loan
A unsecured boat loan without security which means the lender is not going to ask for collateral on the loan. Given the substantial amount of money involved in getting a boat, not many lenders will lend you that amount of money without collateral. Even the ones who will offer the loan will charge high interest due to the risks involved. that is why it is advisable that you should have saved part of the money for the boat so that you will only be using a loan to complete the rest, thereby making it easier
It doesn’t matter what kind of boat you are buying exactly, the lenders are available for you, whether you’re buying a loan for leisure or for business, whether it is a large or small one, there are lenders ready to finance your dream, and we have access to them. Before giving you a loan, the lender will usually check your credit score. This is how they determine your ability to repay the loan based on previous financial dealings. A good credit score is good for you not only because it will increase your chances of getting the loan but also because you will get better terms. The lower your credit score, the more careful the lender will be about the risk, and they will give terms that justify such a huge risk which might not be very good for you.
Why you get boat loan through us
Swift application process
Many people are used to the idea of a complicated loan process with protracted negotiations and stress. But when you are dealing with us, all that can be avoided totally. We handle the loan process on your behalf and handle all the hard work for you. All you have to do is submit certain documents, and we will do all the rest of the work, such as finding the lender that will give you the most suitable deal, negotiating with the lender, explaining the terms of the finance to you, etc. At the end of the day, all you have to do is sign the agreement, and you will get the finance.
We deal with the lenders directly
We will be submitting your application and negotiating with the lenders on your behalf. You can go to a lender yourself to apply for a loan, but when you go through us, you have leverage. Our long years of working with many of the lenders have earned us their trust, and they are more likely to accept an application when it is coming from us. We also use our relationship as a bargaining chip to get you the most favourable deal.
We are a dealership
Instead of going to finance companies and brokerage firms and then looking for a dealership again, you can just come to us. We are a dealership, which means everything can happen in one location in one sitting. We also ensure that you understand the financial implications of the finance you are getting before signing the contract. We are not just looking to close the deal; we look out for your best interest too.
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.