Joint ownership is a great way to get all the fun of a boat without as much of the cost. Why shoulder the whole world when you can split the load?
But before you shake hands and start shopping, you should make sure that everyone is on the same page about marine finance.
Here on our website, we have a boat finance calculator designed for buyers in Australia. It will help you and your co-buyer(s) find the terms that work best and figure out what your shared repayments would look like.
A joint boat purchase is a popular option for families, fishing mates or even neighbours who live near the water. After all, boats can by expensive to buy and maintain, so when you split the cost you are:
Halving the repayments
Sharing insurance and upkeep fees
Getting more boat for your money
Just remember to set clear expectations with your co-buyer, especially when it comes to marine finance.
Before applying, use our boat loan calculator designed for buyers in Australia. It should give you a clearer picture of what your shared loan might look like.
Together, enter these details:
Asset type (select “Boat”)
Price of the asset
Estimated deposit (if either of you is contributing upfront)
Annual interest rate
Loan term (e.g. 5 or 7 years)
The calculator will instantly generate an estimated repayment amount. Divide that by the amount of people signing on to the loan and you now have a figure to plan around! No guesswork, no confusion, just a straightforward number.
If you’re not happy with the calculator’s estimate, try changing a few numbers to test out some different options. Once the results suit you, get in touch with our crew and we’ll help you start the application process!
A joint application can actually improve your chances of approval, especially if one person’s income or credit history isn’t strong enough on its own.
But it’s important to understand that a joint application means you are both responsible for the loan. If one of you stops paying, the other will have to cover the difference. Make sure you:
Trust your co-borrower
Have set agreements about usage, storage and upkeep
Create a plan in case one person wants out down the line
It’s worth putting a written agreement in place – even between friends.
Joint boat ownership can be a great way to get on the water with only half of the financial gravity. And when you use our calculator first, you’ll know exactly what everyone needs to pay before you commit.
Hit ‘apply now’ and Loans Unlimited will help you secure a quick, fair and fuss-free loan.
We all know that life changes and priorities shift, so you should have a clear plan in place if one co-owner wants to exit the arrangement.
That could mean refinancing the loan under one name, selling the boat and repaying the loan or formally transferring ownership. Whatever you choose, just make sure you have a written agreement before you buy. It will save a lot of stress later.
Marine finance is different for everyone and not all co-owners split things 50/50. Talk it through and agree how the deposit and repayments will be divided.
You can still use the calculator to test different contributions. Adjust the deposit and see how it changes the loan size and repayment amount and then break it down based on your arrangement.
Yes. Just like with an individual loan, if the accessories and upgrades are a part of the purchase, they can often be included in the total loan amount. That gives both parties a share in the trailer, safety gear or bait board right from the start.
Just make sure your invoice is properly itemised so that the loan reflects the total cost of ownership.
Yes, but it depends on the lender. Lenders assess all applicants in a joint loan and a lower credit score from one party could impact the approval or interest rate offered.
If there’s a gap between your credit scores, have a chat with our crew before you apply. Loans Unlimited is partnered with over 40 lenders, so we can guide you to someone willing to work with your circumstances.
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.
