Boat Loans

Getting Boat Loans
Getting a boat for yourself is something that comes with a wide range of advantages to you. It’s an asset that you can always lay claim to. However, as in most cases, you’ll need to spend a lot of money to get it. For instance, the cost of your boat can extend to thousands of dollars and sometimes even more. In this case, you’ll find yourself struggling to go on and buy the boat due to the fear of financial inconvenience. However, you don’t need to worry about this anymore. You can now get rid of this inconvenience through boat finance. It allows you to access the boat sum in return for interest. You then commit to making repayments over a period based on your financial convenience. Once this repayment is complete, the loan arrangement comes to an end. At Manha Manha, we don’t offer boat loans by ourselves. However, we have a wide range of third-party partners that offer boat loans. If you’re interested in maximising this option, you can reach out to any of them to get started.

What is Boat Finance?

This refers to a financial arrangement where you get a lender to provide a boat's cost price. Usually, this is the total price. However, you can obtain a boat loan for a part of the cost of the boat. Afterwards, you proceed to make the vehicle's purchase and own it without paying from your pocket. Then, you commit to making a repayment of the sum to the lender over a while. You will also need to pay interest on the sum as the reward to the lender. Then, once you complete the repayment of the borrowed sum plus interest, the finance agreement comes to an end. A wide range of finance brokers provides these services. For instance, there is the popular Jade Boat Loans, Ratecity, and ANZ. You can always reach out to any of these institutions to provide boat finance to you.

Why Boat Finance?

Boat finance has become more attractive to most people looking to buy a boat. This is thanks to the significant advantages that come with it. They include:

Finance Options

There are some finance options that you can take advantage of in your boat finance. We examine the popular options below.
Generally, if you’re looking to get boat finance, you’ll need to provide a wide range of documentation. However, you might be self-employed without access to that documentation. Then, that shouldn’t still stop you. You can now use a low doc boat loan. This option requires minimum documentation before you get processed for the loan.
Generally, to qualify for boat finance, you’ll usually need to meet some requirements. One of them is having a good credit status. This establishes that lenders can trust you to repay the sum they borrow. In turn, some lenders refuse to give you a loan if you have a bad credit status. If you fall under this category, you don’t need to worry about it. You can now access the boat finance through a bad credit boat finance. This is a special option for those with bad credit status. You’ll need to pay more in interest. You’ll also be limited when it comes to the amount you can borrow. However, you get access to the financing option.

This is a tool that allows you to determine your repayment obligation under a loan agreement. Usually, obtaining a loan comes with uncertainty. You might be unable to determine if you can make repayment or not. In turn, you might be reluctant to get into the agreement. However, with the calculator, you can gain clarity. 

All you’ll need to do is provide the details of the arrangement into the tool. Then, you get an estimated value. The details you’ll need to provide include:

  • The amount you want to loan
  • The repayment scheme 
  • The repayment duration
  • The interest rate
  • Other terms such as balloon payment 

So, if you’re interested in any of these options, you can reach out to any of our partners for more information. They will be ready to answer all your questions, consult with you and determine the appropriate loaning option for you. 

This is a loan arrangement where the lender provides access to the loan sum without requiring you to provide any asset as security under the loan arrangement. Typically, this lender bears more risk under this arrangement. This is because they cannot charge the loan on any asset if the borrower defaults on the repayment of the loan sum. In turn, you’ll usually need to pay more interest under this loan arrangement. However, it comes with a flexible term that allows you to get the boat finance for as long as seven years. You can also opt for the balloon option to reduce your monthly repayment.
This is a loan arrangement where the lender provides access to the loan sum after requiring you to provide an asset as security under the loan arrangement. In some cases, you’ll need to provide a different asset before the loan agreement becomes operational. However, in most cases, the boat you intend to purchase will act as security for the loan. Typically, this lender bears less risk under this arrangement. This is because they can charge the loan on any asset if the borrower defaults on the repayment of the loan sum. In turn, you’ll usually need to pay lower interest under this loan arrangement. Also, it comes with a flexible term that allows you to get the finance for as much as seven years. You can also opt for the balloon option to reduce your monthly repayment.