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Compare Boat finance - Data last updated on 22 Jul 2018

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Motor Loan
Advertised Rate
From
6.99%
fixed
Comparison Rate
8.10%
Monthly Repayment
$594
Upfront Fee
$295
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New Vehicle Fast Loan Low Rate
Advertised Rate
5.99%
fixed
Comparison Rate
6.53%
Monthly Repayment
$580
Upfront Fee
$380
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New Car Loan
Advertised Rate
6.17%
fixed
Comparison Rate
6.72%
Monthly Repayment
$582
Upfront Fee
$395
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Secured Personal Loan (Car < 2 Years)
Advertised Rate
7.99%
variable
Comparison Rate
8.96%
Monthly Repayment
$608
Upfront Fee
$200
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Unsecured Personal Loan - Diamond (Excellent Credit)
Advertised Rate
8.50%
fixed
Comparison Rate
9.36%
Monthly Repayment
$615
Upfront Fee
$595
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Personal Loan Fixed Rate
Advertised Rate
From
9.50%
fixed
Comparison Rate
10.06%
Monthly Repayment
$630
Upfront Fee
$150
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Secured Personal Loan (Car 2-7 Years)
Advertised Rate
9.49%
variable
Comparison Rate
10.45%
Monthly Repayment
$630
Upfront Fee
$200
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Personal Loan Fixed
Advertised Rate
10.99%
fixed
Comparison Rate
11.87%
Monthly Repayment
$652
Upfront Fee
$150
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Unsecured Personal Loan
Advertised Rate
12.99%
variable
Comparison Rate
13.95%
Monthly Repayment
$682
Upfront Fee
$200
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Unsecured Personal Loan Fixed
Advertised Rate
Headline rate
13.49%
fixed
Comparison Rate
15.85%
Monthly Repayment
$690
Upfront Fee
$150
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Unsecured Personal Loan
Advertised Rate
Headline rate
12.69%
variable
Comparison Rate
16.55%
Monthly Repayment
$678
Upfront Fee
$150
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Personal Loan
Advertised Rate
15.99%
variable
Comparison Rate
16.84%
Monthly Repayment
$729
Upfront Fee
$150
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Boat loans

Buying a boat can be an expensive business; you could be looking at many tens of thousands of dollars – maybe more – if you're heading for top of the range, or more reasonably you could be looking at 10 to 20 thousand for a good quality small powerboat, cabin cruiser or sailing boat. Whatever your decision you will probably be constrained by your budget and the chances are you will need to borrow money to purchase exactly what you want. Boat loans are available to help you bridge the gap between the amount of money you have and the amount you need to buy the boat.

 

How do boat loans work?

 

A boat loan is a personal loan and has the same attributes as a car loan or, at the upper end of the financial spectrum, a mortgage to buy a home. When you take out a boat loan you will be assessed by lenders on the level of your income and your outgoings, so a financial institution that is considering lending to you can be as certain as possible that you have the means to pay back the loan. When you are offered a loan you should check out the interest rate being charged against the length of time you want the loan for, and plan your monthly repayments so you're sure you can afford them.

 

Why do people use boat loans?

 

Most people don't have the spare cash to purchase a boat outright, so they turn to boat loans to help buy what they want. It's an effective way of being able to purchase a large item that would otherwise be unaffordable. Boat loans also give you control over your repayments as you have the opportunity to find lenders who are eager for your business and may offer very good deals in terms of interest rates. You should always look out for hidden charges before you accept a boat loan agreement, especially if a deal looks too good to be true.

 

What are the main features?

 

As with any personal loan you will have options in terms of choosing an interest rate, the time period to pay off the loan, and whether you have a fixed or variable interest rate. Fixed rates are generally the norm for personal loans but if you are intending to borrow a large amount you should look for the possibility of having a variable rate and discuss it with potential lenders. You might find an introductory deal for new borrowers that will offer a lower interest rate for a fixed time period before reverting to a higher rate, and this could save you money in the long term.

 

What are the pros and cons of boat loans?

 

You should always be clear about what you can afford to repay, so using a loan calculator will give you the information you need so you can plan your repayments effectively. A boat loan will give you the freedom to buy what you want but if you fail to keep up repayments on a regular basis you are likely to lose the boat and all the money you have previously repaid.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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