Cheap boat loans for you to compare
Are you searching for a boat loan? It might be a personal loan and it might be a car loan, but whatever the result, RateCity's loan comparison tools help you to search and compare the best^ personal loans for boats. Calculate boat loan repayments and read our personal loan guide today.
*The phrase ‘best’ is not a recommendation or rating of products. This page compares a range of personal loans from selected providers, not all products or providers are included in the comparison. No personal loan is one size fits all. The best personal loan for you will not be the best personal loan for someone else. As a result, it's worth getting advice on whether a product is right for you before committing.
ING Personal Loan
All rates shown are per annum. ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.
Fixed Rate Personal Loan
Find and compare boat personal loans
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up to 9.99%
Unsecured Personal Loan - (Excellent Credit)
of loan amount
2 years to 3 years
Personal Loan Fixed
1 year to 7 years
up to 25.69%
Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > $5000)
up to 16.95%
Unsecured Joint Personal Loan
1.5 years to 7 years
Discounted Personal Loan
1 year to 10 years
up to 11.49%
Tier 2 SocietyOne Loan Fixed
of loan amount
2 years to 3 years
Discount Personal Loan
1 year to 7 years
Unsecured Personal Loan
1 year to 7 years
1 year to 7 years
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The latest in personal loans news
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Debt is the last thing most Australians want to talk about, despite the country owing more than $18 billion in credit card and loan debt over Christmas alone.
What are boat loans?
Getting out on the water is a favourite pasttime for many Australians, but those who have their own boat are in the minority. Boat loans can help finance the purchase of a boat, either new or used and through a private or commercial sale. If you need a boat for business rather than just leisure, you can also find boat loans available for that purpose. These are personal loans and they work in the same way as loans for other purposes, such as buying a car or helping to fund a wedding.
Why do people use boat loans?
People use boat loans when they want to make a marine purchase but don't have all the capital finance available. Boats can be expensive so it's no surprise that you may need some additional funds to acquire what you want. Because of the high value you may find that this type of personal loan will offer a larger amount for you to borrow and you could also benefit from longer repayment terms. Depending on what sort of loan you get you may also have to make a balloon payment when the loan term finishes.
What are the main features of boat loans?
If you decide to investigate a loan for your boat, you can look at secured or unsecured personal loans. If you choose a secured loan, one that has either the boat or another asset you own, such as a property or the boat itself, as collateral, you are more likely to be offered a lower interest rate. The lender has the guarantee that should there be a problem with repayments the boat or other asset could be sold to pay off the outstanding amount. If you negotiate for an unsecured loan, interest rates will in all probability be higher as the lender has no absolute guarantee of being paid back. It's also possible that the repayment time period will be less than for a secured loan and the amount you can borrow will not be as great.
Repayment options can be with fixed or variable interest rates and you may be able to get a deal whereby you can pay off the boat loan early without incurring a penalty. Always read the small print of a loan agreement to see what fees and charges there may be.
What are the pros and cons of boat loans?
Boat loans are a useful way of getting the money you need for your purchase without having to wait until you have saved up enough. For an expensive boat that's not always an option so a personal loan that you budget carefully for can make the difference between owning a boat and not. On a variable interest rate bear in mind that your repayments may go up or down depending on movements in the financial markets, and that if you default on a secured loan you are in danger of losing the asset used as the guarantee.
Kate was one of RateCity's Personal Finance Commentators. She has been a journalist for more than a decade, most of which has been spent writing about money. Most recently, she was the Australian Financial Review's personal finance correspondent. She is passionate about personal finance and women's independence.
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent. (Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions – although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.)
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.