Finance

What is Boat Finance?

This refers to a financial arrangement where you get a lender to provide a boat’s cost price. As you can expect, the lender will provide this loan sum under a loan agreement. In some cases, the lender may finance the total cost of the boat. However, in some other cases, the lender will finance part of the loan sum. This will be determined by the agreement between the parties. 

Afterwards, you proceed to make the vehicle’s purchase and own it without paying from your pocket. Following this, you begin repayment of the loan sum in addition to the interest which represents the cost of the loan. You’ll need to make repayment based on the agreement between the parties. In turn, it can be weekly, biweekly or monthly. However, the monthly repayment is more common. 

Then, once you complete the repayment of the borrowed sum plus interest, the finance agreement comes to an end. After this process, you’ll be the proud owner of the boat without any form of limitations or charge on the boat. 

A wide range of finance brokers provides these services. For instance, there is the popular Jade Boat Loans. However, keep in mind that we don’t provide boat finance directly. Still, we have a wide range of third party lenders that offers this service. You can always reach out to any of these companies to provide boat finance to you.

Why Boat Finance?

One thing that’s also on your mind is the need to boat finance. So, are you wondering the advantage or benefit that comes with boat finance, here’s what you know? 

  • It supports financial convenience. 
  • It saves time.
  • It allows easy access to the boat of your needs. 
  • It provides flexible access to assets.

It is cheap and usually affordable. 

Boat Loan Requirements

Getting the money you need to buy your boat requires that you meet certain financial requirements. They are as follows. 

Credit Rating

The first is the credit rating. Those who will be eligible for the financing are people with good credit ratings. This means that you have been uptight with paying your debts, and there are no gaps in your credit rating report. An individual’s credit rating is how you determine whether you can trust them with money loaned and whether they have a history of returning loans.

Source of Income

The second factor that lenders will consider is whether the boater has a stable job or income source. Stability helps to ensure that the boaters have a way of repaying.

Other Documentation 

You’ll need to provide other relevant documentation to get boat finance. You’ll need to provide a regulatory ID card usually your driver’s license. You’ll need to provide your payslip. This will be proof that you have a source of income. 

Available Boat Finance Services

There is a wide range of boat finance services that you can maximise. These options are as follows:

Bad Credit Loan Boat Loan

This is a loan option that allows you to access boat finance irrespective of your bad credit. Sure, it can be quite difficult to get yourself a loan when you have bad credit. However, our partners are available to solve this issue through a bad credit loan. However, keep in mind that you’ll need to pay more interest because the lender bears’ increased risk under this arrangement. There might also be some limit to the amount you can get as the loan.

Low Doc Boat Loan

Usually, getting a loan arrangement for a boat will require you to provide a wide range of documents. In case you don’t have access to such documents due to your unique situation, this is where a low doc loan comes in. This is a financial arrangement that’s particularly suitable for those that are self-employed. It allows you to get access to a car loan without having to produce too much documentation.

Unsecured Boat Loan

This is a loan where you don’t need to provide an asset as security. You get access to the loan sum once you sign the agreement.

This is a flexible loan arrangement that provides as much as a 7-year repayment duration. It also comes with flexible terms. For instance, you can use a balloon payment to reduce your monthly repayment obligation. However, this option usually attracts a higher interest rate. This is because the lender bears more risk under this arrangement.

Secured Boat Loan

This is a loan where you need to provide an asset as security. You get access to the loan sum once you sign the agreement and secure the loan agreement using an asset. This usually through the boat that you want to finance its purchase. 

This is a flexible loan arrangement that provides as much as a 7-year repayment duration. It also comes with flexible terms. However, this option usually attracts a higher interest rate. This is because the lender bears more risk under this arrangement.

Boat Finance Calculator

This tool allows intending borrowers to understand their financial obligations under the terms of an imminent loan agreement. This is usually to determine how much they will need to repay after agreeing or how much they can borrow. To use this tool, you’ll need to provide certain information reflecting the terms of the agreement. Once you provide these terms, you can then click calculate to get your repayment obligation value.

Boat Repayment Calculator

You use this tool to estimate how much you’ll need to repay regularly throughout an imminent boat loan. The information you’ll need to provide include:

  • The loan sum
  • The repayment duration
  • The interest rate
  • The repayment schedule

Boat Borrowing Calculator

You use this tool to estimate how much you can borrow based on how much you can regularly repay. The information you’ll need to provide include:

  • Your repayment capacity 
  • The repayment duration
  • The interest rate
  • The repayment schedule

Essentially, you can get boat financing from a third-party financing company. They will sit with you to discuss the best plans that will match your needs.