ANZ bank loans
Westpac bank loans
Bankwest bank loans
Bank of Melbourne
Commonwealth bank
Connective Bank loans
Macquarie bank
ING bank
NAB bank loans
ME bank
Virgin money
Suncorp bank
What Is a Boat Loan?
A boat loan is a secured or unsecured loan used to finance the purchase of a boat, yacht, or personal watercraft. Repayments are made in fixed instalments over 1 to 7 years, depending on the lender and loan type.
How Boat Loans Work
Boat loans are available as secured loans, where the boat acts as collateral, or unsecured loans, which require no collateral but may have slightly higher interest rates. Borrowers can choose between fixed or variable interest rates, allowing flexibility in repayments. Understanding the different loan structures ensures you find the best option for your budget and lifestyle.
Who Can Apply for a Boat Loan?
Boat loans are available to:
-
Salaried employees and self-employed individuals
-
First-time boat buyers and seasoned marine enthusiasts
-
Business owners financing commercial boats or watercraft
Lenders assess an applicant’s income, credit history, and loan amount before approving a loan. Our specialists ensure you secure a loan that fits your financial situation.
Compare the Best Boat Loan Rates with Expert Brokers
At Freedom Mortgage Solutions, we work with over 30 lenders to secure the best marine financing options with low fees and flexible repayment terms.
Fast Approvals & Stress-Free Loan Process
We handle the entire loan process, ensuring quick approvals and minimal paperwork. Whether you’re buying from a marine dealer, private seller, or auction, we secure the best financing deal.
Benefits of a Boat Loan
Financing your boat purchase with a loan offers several advantages:
-
Lower upfront costs – No need to pay the full amount upfront.
-
Flexible repayment options – Choose a repayment plan that suits your income cycle.
-
Fixed or variable interest rates – Pick between predictable repayments or potential savings with variable rates.
-
Fast loan approvals – Get pre-approved in as little as 24-48 hours.
These benefits help you get out on the water sooner while keeping your finances manageable.
Get In Touch
FAQ
Boat loans typically range from $10,000 to $500,000, depending on the boat’s value, the borrower’s income, and the lender's policies. Secured loans allow higher borrowing limits at lower interest rates.
A secured boat loan uses the boat as collateral, leading to lower interest rates. An unsecured boat loan does not require collateral but may have higher interest rates and stricter eligibility criteria.
Yes, some lenders offer bad credit boat loans, but these may come with higher interest rates and stricter repayment terms. Improving your credit score before applying increases approval chances and secures better loan terms.
Most boat loans are approved within 24-48 hours, provided all required documents are submitted. Some lenders offer same-day approvals for eligible applicants.
Yes, boat loans can be used for both new and used boats, but some lenders impose restrictions on older models. Checking lender policies ensures you secure financing for your chosen watercraft.
Freedom Mortgage Solutions welcomes your enquiry. To book an appointment or simply ask us a question, fill in your details and we'll be in touch soon!