BUSINESS MARINE FINANCE

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COMMERCIAL MARINE FINANCE

Understanding Business Marine Loan Types

Our commercial marine finance solutions offer a flexible and cost-effective means to transform your maritime business into reality.

With these secured personal loans, the vessel serves as collateral, granting you access to the necessary funds.

This approach enables us to present competitive interest rates and favorable terms, making it an intelligent and economical choice for financing your marine endeavors. Whether your goal is acquiring a new vessel, refurbishing your existing one, or securing additional funds for various expenses, our commercial marine finance experts are ready to provide the financial support you seek.

Personal boat loans using security, often referred to as secured boat loans, are a type of financing that allows individuals to purchase or refinance a boat by using the boat itself as collateral for the loan.

In this type of loan, the boat serves as a security asset, which reduces the risk for the lender.

COMMON QUESTIONS

About Business Marine Finance

What is Business Marine Finance?

Business marine finance refers to financial solutions tailored for enterprises involved in the maritime industry. It includes loans and financing options designed to support the purchase, maintenance, or expansion of commercial boats and marine assets.

What Types of Businesses Qualify for Commercial Boat Loans??

Various businesses qualify, including fishing enterprises, charter companies, shipping companies, and others involved in commercial maritime activities.

How Can Businesses Benefit from Commercial Boat Loans?

Commercial boat loans provide businesses with the necessary capital to acquire vessels, expand their fleets, or undertake essential maintenance. This facilitates growth and enhances operational capabilities.

What Types of Vessels Can Be Financed Through Business Marine Finance?

Business marine finance can be used to finance a wide range of vessels, including fishing boats, cargo ships, passenger vessels, and specialized marine equipment.

What Factors Influence the Interest Rates for Commercial Boat Loans?

Factors such as the borrower’s creditworthiness, the purpose of the loan, the type of vessel, and prevailing market conditions can influence interest rates for commercial boat loans.

Can Startups Obtain Commercial Boat Loans?

While it might be challenging for startups to secure traditional loans, iCREDIT has specialised lenders and financing options that cater to new businesses in the maritime sector.

How Long is the Typical Repayment Period for Commercial Boat Loans?

The repayment period varies but often ranges from 1 year through to 7 year terms, depending on factors such as the loan amount and the type of vessel.

Are There Tax Benefits for Businesses with Commercial Boat Loans?

 In many jurisdictions, businesses may be eligible for tax benefits, including deductions on interest payments, depreciation of the vessel, and other related expenses.

Can Businesses Refinance Commercial Boat Loans?

Yes, businesses can explore refinancing options to potentially secure better terms, lower interest rates, or adjust the repayment structure of their existing commercial boat loans.

What Happens if a Business Defaults on a Commercial Boat Loan?

If a business defaults, the lender may take possession of the financed vessel, depending on the terms of the loan agreement.

More Finance FAQ’s

Loan Calculator

Our personal loan marine calculator to assist with your loan repayment options.

The loan calculator can help if your sticking to a budget or loan term.

Loan Amount
$5000 $250000
Loan Term
12 months84 months
Interest
7.99%19.99%

■ Loan Principal ■ ■ Interest

Loan Amount:
Loan Term:
Per Month*:
Int Rate:
Total Interest:
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*Finance subject to approval, including the application of applicable lending criteria. Terms and Conditions apply. Fees and Charges are payable. Credit assistance provided by iCREDIT Australian credit licence 499023. ^Comparison rate for Secured Loan is calculated on a loan amount of $40,000 secured over a term of 5 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. **. Interest Rate: 6.99% Comparison Rate: 7.71%

PROS & CONS OF BUSINESS MARINE FINANCE

PRO'S

Asset Acquisition:

Business marine finance allows companies to acquire vessels and marine assets without the need for a substantial upfront payment, facilitating business expansion.

Flexible Repayment Terms:

Many business marine finance options offer flexible repayment terms, allowing companies to tailor the loan structure to their cash flow and business cycles.

Tax Benefits:

Businesses may be eligible for tax benefits, including deductions on interest payments and depreciation of the financed vessels, potentially reducing the overall cost of financing.

Asset Growth:

Acquiring vessels through financing contributes to the growth of a business’s asset base, enhancing its overall value.

Competitive Interest Rates:

With strong business profiles, companies can often secure competitive interest rates, minimizing the cost of financing.

CON'S

Interest Costs:

While interest rates can be competitive, the overall interest costs can still be significant over the life of the loan, impacting the total cost of vessel acquisition.

Market Fluctuations:

Businesses in the maritime industry may be exposed to market fluctuations, impacting the demand for services and potentially affecting the ability to meet loan obligations.

Collateral Requirements:

Business marine finance often requires the vessels themselves or other significant assets as collateral. Defaulting on the loan could result in the loss of these assets.

Dependence on Economic Conditions:

The maritime industry is often influenced by economic conditions. A downturn in the economy or industry-specific challenges can affect the business’s ability to repay the loan.

Why Choose iCREDIT for Business Marine Finance

Choose iCREDIT for your business marine finance needs and benefit from specialised expertise in asset finance.

With a customer-centric approach, iCREDIT provides tailored solutions, competitive interest rates, and flexible repayment terms.

Our team of financial professionals guides businesses through a streamlined application process, ensuring transparency in terms and conditions. iCREDIT’s comprehensive range of business financing options covers various commercial marine vessels.

  iCREDIT aims to understand your unique business requirements and provide efficient, customised solutions for your maritime financing needs.

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I’ve used icredit for multiple loans and Scott has been nothing but professional, fast and amazing to work with. Can’t recommend them enough.
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Glen Giggins from the icredit team recently helped with the finance for the purchase of our brand new gooseneck through Peaceland Horse Floats and Goosenecks and he was wonderful!!! he made the whole process so easy and went above and beyond to ensure we got the lender that met our needs. Both Glen and the services he provides are Highly recommended
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Big Thank you to Glen Giggins for helping me refinance my home loan. Thank you for your patience and keeping me informed during the tedious process. I have a much better interest rate and lower mortgage repayments! Cannot recommend Glen highly enough!
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A big thank you to Christine. Help me get my new 4WD Patrol within days at a better interest rate than the banks. Simply and stress free process. Cannot thank her enough.
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Julie was professional and easy to talk to from the outset of our enquiry. She understood our needs and did a fabulous job finding the right loan for us. We had approval within hours and settlement within 3 business days. It was an easy and wonderful experience and we would recommend her services to anyone looking for a professional, experienced and skilled broker.
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Rebekah C.
Glen Giggins from the icredit team recently helped with the finance for the purchase of our brand new gooseneck through Peaceland Horse Floats and Goosenecks and he was wonderful!!! he made the whole process so easy and went above and beyond to ensure we got the lender that met our needs. Both Glen and the services he provides are Highly recommended
Tahliah P.
I cannot recommend Christine from iCredit highly enough. I had been dealing with another broker who had done nothing but talk for 2 weeks before I called her. It was a complicated loan because of self-employment and the fact I had borrowed nothing from anyone in 12 years. Christine was onto it asap and got it all done within a week. Everyone happy; No tears.
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I would highly recommend Christine from iCredit. She is extremely professional in her work and always succeeds to beat any other competitors rate. She will go out of her way to listen and care for your needs in a loan. We have used Christine for various loans over the past few years and will continue to do so for years to come. Thanks Christine, you are a true gem!
Nathan
Many thanks to Kim for her prompt and professional service organising finance for a machinery purchase. Nothing was too much trouble for her ,she made the whole process smooth and hassle free. Great job Kim , I will certainly recommend your services to anyone looking to make finance an easy experience
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Good afternoon please I don't understand this app again you use auto debt to debt from account the sum of 36920 and you still asking me to pay please Check ur record well
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Scott from iCredit was fantastic to deal with when we purchased our new horse float. He made everything so easy and nothing was too much trouble. Highly recommend dealing with this company.
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Christine at ICredit is Amazing she went above and beyond to help us. I can honestly say i don"t think i have had better service and care anywhere ever! All times of day of night Christine was offering to help. Thank you Christine you made ta stressful process very enjoyable. Thank you , you a are Legend.
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Jason W.
Christine has been amazing. This time with our car purchase she got approved for us in just 2 days. Always positive and ready to help. Will definitely be going back for a 3rd time when we need help with our next finance request. Thank you so much Christine.
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Christine from icredit was the only person i had dealt with that listened to exactly what i wanted, if it wasnt for christine, i wouldnt be driving my car, or be im a better position to be able to buy my first home in the next 2 years. Cant thank her enough and i give her a million stars, only deal with christine
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This is the 2nd time I've worked with Matt. He was recommended to me as he helped someone get a loan who might not have been able to.He's helped me get 2 cars so far and even my dealership was impressed at the speed at which he organised everything and settled the contract.I will continue to use Matt for all vehicle loans.
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Kim is a great help, friendly and helpful, makes it a lot easier than doing it alone.I will be using her when ever I need something
adam B.
Shout out and a HUGE thank you to Christine at ICredit. Christine managed to obtain my funding at an incredible rate when I wasn't even sure that I could get approval!!! First loans are difficult when you are young. She process my loan with amazing speed, walked me through the process with ultimate professionalism and dealt with the car dealer, lenders and insurer for me. Christine took away all the stress associated with borrowing money to finance a car and completely took care of everything for me. I cannot recommend her highly enough! If you are looking for finance, contact Christine. You will not be disappointed. Thanks Christine!
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Todd B.
Kim was excellent to deal with working with me outside of business hours definitely helped to, will definitely be going back to Kim for any broker needs!
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Lachlan S.
A big thank you to Christine. Help me get my new 4WD Patrol within days at a better interest rate than the banks. Simply and stress free process. Cannot thank her enough.
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very happy with the service Kim was very nice and very helpful thankyou
Jade R.
Christine was absolutely amazing with helping an making sure everything worked out ! Cannot thank her enough ! ?
sam F.
Big Thank you to Glen Giggins for helping me refinance my home loan. Thank you for your patience and keeping me informed during the tedious process. I have a much better interest rate and lower mortgage repayments! Cannot recommend Glen highly enough!
Jade L.
Christine helped us with our finance & we could not recommend her highly enough she answered every question we had went above & beyond to help us,Will be recommending her to everybody ! Thank you so much christene for the best customer service !
Hayley R.
Christine from iCredit is amazing! She goes above and beyond to help with getting the best interest rates and helps every step of process. Thanks to Christine I have an amazing new horse float and I can’t thank her enough! I wouldn’t hesitate to recommend her to anyone!
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