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!
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.
