When you find the right boat you’re naturally going to start thinking about all the stuff you can tack on. Fish finder. Twin batteries. Upgraded trailer. Maybe even a new sound system!
The good news is that, in many cases, you can finance accessories and upgrades as a part of your boat loan. You just need to go about it the right way.
It all depends on the lender and how the loan is structured but, as a general rule, many will allow:
Essential gear (like navigation equipment, anchor systems and GPS)
Trailer or towing upgrades
Marine safety items
Power or fuel improvements (like dual battery systems or fuel tanks)
Fishing and tech add-ons (e.g. fish finders, electric motors and chart plotters)
Comfort and storage (e.g. canopies, seating or deck upgrades
As long as the accessory adds value to the boat and is included in the purchase package, there’ll be a lender willing to bundle it into your total loan amount. With access to over 40 lenders, Loans Unlimited will find that match.
When you apply for your boat loan, just let us know up front if you’re including accessories or upgrades. We’ll:
Make sure the lender knows it’s part of the overall value
Confirm the supplier invoice includes everything in one transaction
Adjust your loan amount accordingly
If you’re buying from a dealer, this is normally straightforward. For private sales, contact a member of our crew and they’ll work with you to clearly document all of the extras.
Although our lending partners cater to countless different circumstances, there are a few things they’re not so keen on:
Non-fixed gear like clothing, fishing rods and eskies
Ongoing servicing or fuel
Items bought after the boat is delivered (unless you’re refinancing)
Timing is the key to getting everything you want included in your loan. If the accessories are a part of the initial purchase, lenders are often happy to include them. If instead it’s a post sale upgrade, it may be considered a personal loan or require refinancing.
Not directly. Once your loan is approved and settled, it’s locked in. But if you’re planning major upgrades later on, we may be able to help with a refinance or top-up loan, depending on the boat’s current value and how much equity you’ve built up.
Before you sign on the dotted line, make sure you have a full understanding of what the accessories mean for your repayments. It’s easy to underestimate just how much they can change the numbers.
Let’s say you’re borrowing $30,000 for the boat itself and then decide to add $5,000 in accessories. That bumps your total loan amount to $35,000.
On a 5-year loan, that could mean:
Around $22–$25 extra per week
A slightly higher total interest paid over the life of the loan
On the flipside, you get more gear on day one without needing a separate personal loan or the extra cash up front. If you’d like to estimate what accessories will affect your loan, try using our boat loan calculator for buyers in Australia.
If you’ve got your eye on extras, let us know when enquire about boat finance in Perth. It keeps things a whole lot simpler – your repayments stay in one place and you get a better boating experience right out of the gate.
At Loans Unlimited, we want to help you chart a course toward your dream boat. Whether it’s a tinnie with a sounder or a leisure cruiser with all the toys, we’ll find a boat finance package that’s actually suited to you
Hit ‘apply now’ and a member of our Perth crew will be in contact with you shortly!
Loans Unlimited are Perth and Western Australia’s premier loan and finance brokers. We have helped thousands move towards their financial goals by offering lower rates and faster approvals when it matters. Financial services are provided by Total Biz Pty Ltd T/A Loans Unlimited ABN 78 624 937 882 ACL 506875.
* The comparison rate shown is for a secured loan amount of $30,000 over a term of 5 years based on monthly repayments. Warning: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Any calculations or estimations do not constitute an offer of credit or a formal credit quote and is only a calculation of what you may be able to achieve based on the information you have entered. It does not take into account suitable product features or loan product types. Rates + repayments shown are based on user inputted data. All applications for credit must be verified prior to the formal assessment process. All applications for credit approval are subject to lender credit approval. Approval is not guaranteed.
