If you’re thinking about buying a boat, you’re probably thinking about getting the right finance.
Boat loans work a little differently to car loans, especially when your dealing with private sellers or looking to include upgrades and accessories. Luckily for you, the Loans Unlimited crew is here to deal with the complicated stuff and shoot your financial dreams into orbit.
Here’s what you need to know to get started and how to make the process smooth from launch to landing.
Most people use a secured boat loan, where the boat itself acts as collateral. This typically gives you a lower interest rate and longer loan terms of up to 7 years.
Other options include:
Unsecured personal loans (for older boats or boats that do not meet criteria)
Low doc loans (for ABN holders or self-employed buyers)
At Loans Unlimited, we have access to 40+ lenders, so we can compare lenders that offer the right loan for your setup. Instead of just finding the first loan available, we’ll put you first.
Because we are partnered with so many lenders, we can help you finance:
A brand new boat from a dealership
A used boat from a dealer or private seller
A package that includes a trailer and accessories
All of these arrangements are different and lenders will need different or extra documentation depending on what you choose. But don’t worry, our crew is here to guide you every step of the way and help avoid those asteroids of paperwork.
Depending on the lender(s) we match you with, there’ll be different information you have to provide. Generally speaking, you’ll need:
Valid photo ID (driver’s licence is fine)
Proof of income (recent payslips or bank statements)
Details about the boat (make, model, value and seller info)
Proof of residence (a recent bill or lease)
If you’re not sure if you have all of this paperwork and you have an active ABN, you might be eligible for a low doc loan. Let us know in your application and our crew will have a look.
Getting pre-approved before buying a boat means you know exactly what your budget is before you commit. We don’t discourage finding your perfect vessel first, but by getting pre-approved you’ll have:
A set budget to work with
Confidence when negotiating
The ability to move quickly when the right boat pops up
If you want to get an idea of what you can borrow ahead of time, try using our boat loan calculator for buyers in Australia. Alternatively, you can get in contact with our office.
There’s so much to do on the water in Perth, and that can make a difference to your boat loan. Your repayments are one thing, but you’ll also need to factor in:
Servicing and fuel
Optional upgrades (like GPS, a canopy or bait board)
Marine insurance
Rego and trailer licensing
Conveniently, a lot of those key accessories can be included as a part of your loan. Ask us at the start of your application and we’ll find a lender willing to bundle it all in.
From Exmouth down to Albany, Loans Unlimited has helped thousands of Aussies finance their boats. Our digital-first approach takes the gravity out the process, offering the quickest and easiest way to secure boat loans in WA.
Hit ‘apply now’ and we’ll chart a new course toward your dream vessel!
