PERSONAL LOANS FOR BOATS

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Personal Loans   

Understanding Marine Loan Types

Unsecured personal loans offer a financial solution that doesn’t require collateral, making them an accessible and versatile option for individuals seeking funds for various purposes.

Whether you’re purchasing a second hand boat or jetski, outboard motors, marine trailer or need funds for repairs, unsecured personal loans provide the flexibility to use the funds as you see fit.

With no need to use assets as security, these loans primarily rely on your creditworthiness, making the application process more straightforward. Unsecured personal loans are designed to empower individuals with the financial freedom to pursue their goals and address immediate financial needs without the burden of collateral requirements.

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 Personal Loans

What is a personal loan?

A personal loan is an unsecured loan that individuals borrow for any worthwhile purpose such as new boats, used marine, jet skis, outboards and trailers. Unlike secured loans, personal loans do not require collateral.

How do personal loans work?

When you take out a personal loan, you receive a lump sum of money that you repay in fixed monthly installments over a specified period. Interest is applied to the amount borrowed.

What can I use a personal loan for?

Personal loans are versatile and can be used for various purposes, including debt consolidation, home improvements, medical expenses, education costs, or major purchases.

What is the difference between secured and unsecured personal loans?

Secured personal loans require collateral, such as a car or boat, while unsecured personal loans do not involve collateral. Unsecured loans typically have higher interest rates.

How is eligibility for a personal loan determined?

Lenders consider factors like your credit score, income, employment history, and debt-to-income ratio to determine your eligibility for a personal loan.

What is a credit score, and how does it affect my personal loan application?

A credit score is a numerical representation of your creditworthiness. Lenders often use this score to assess the risk of lending to you. Higher credit scores usually result in better loan terms.

What is the typical interest rate for a personal loan?

Interest rates vary based on factors such as your credit score and the lender’s policies. Rates can range from single digits to high teens or more.

How does the repayment process work?

Personal loans typically have fixed monthly payments over a set term. The interest is included in each payment, and the loan is fully repaid by the end of the term.

Can I prepay or pay off my personal loan early?

Many lenders allow early repayment, but it’s essential to check the terms. Some loans have prepayment penalties, while others offer flexibility without additional fees.

What happens if I can't make a payment on my personal loan?

If you’re struggling to make payments, it’s crucial to contact your lender. They may offer options such as deferment, forbearance, or a revised payment plan. Defaulting can harm your credit score.

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*:
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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 PERSONAL LOANS

PRO'S

Versatility:

 Personal loans are versatile and can be used for various purposes, such as debt consolidation, home improvements, medical expenses, or major purchases.

Unsecured Nature:

Personal loans are often unsecured, meaning they don’t require collateral. This is advantageous for individuals who don’t want to risk their assets.

Fixed Interest Rates:

Many personal loans come with fixed interest rates, providing predictability in monthly payments over the loan term.

Structured Repayment:

Personal loans typically have fixed monthly payments and a set repayment period, making it easier for borrowers to budget and plan.

Quick Access to Funds:

 The application process for personal loans is often faster than other types of loans, and once approved, funds can be disbursed relatively quickly.

Debt Consolidation:

 Personal loans can be used to consolidate high-interest debts into a single, more manageable payment.

CON'S

High-Interest Rates:

 Unsecured personal loans can have higher interest rates compared to secured loans, especially for individuals with lower credit scores.

Credit Score Dependency:

 Eligibility and interest rates are heavily dependent on the borrower’s credit score. Individuals with lower credit scores may face challenges in securing favorable terms.

Risk of Overborrowing:

The accessibility of personal loans might tempt individuals to borrow more than necessary, leading to financial strain during repayment.

Shorter Loan Terms:

Personal loans often have shorter terms compared to, for example, home loans. While this means quicker repayment, it also results in higher monthly payments.

Prepayment Penalties:

Some loans have prepayment penalties, discouraging borrowers from paying off the loan early to save on interest.

No Asset Growth:

Unlike investments in real estate or stocks, taking out a personal loan doesn’t contribute to asset growth.

Why Choose iCREDIT for Marine Personal Loans?

We specialise in all facets of asset finance, particularly in boat loans and marine financing, providing our clients with a diverse array of solutions crafted to meet their distinct needs. Whether you’re a seasoned sailor or a first-time boat enthusiast, our team of experts is dedicated to guiding you through every step.

With iCREDIT, securing a boat personal loan becomes an effortless process marked by competitive interest rates, flexible repayment terms, and a seamlessly streamlined application process.

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We’ve helped thousands of Australians find their loan.

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
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.
Anieve J
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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Great people to deal with, Scott helped us out so much for a fast result couldn’t be happier
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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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I would like to thank Kim Shelverton for her assistance in getting my car loan.Kim is very friendly and professional it was a pleasure to deal with her.It was easy to get in contact with her no matter the time. I would recommend Icredit if you are looking for a a car loan.
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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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Daniel P.
I can’t recommend Christine at iCREDIT enough. She went above and beyond for us to make sure we got the product we were after. She made the process so easy and at rates better than our bank. Thanks Christine!
Kim D
Thank you very much. Scott is the best
Laura C.
Can’t thank Emily enough, gorgeous person to deal with!! Patient and understanding Thankyou for the lovely service
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I cannot recommend Scott from credit enough! This is the second loan in a year Scott has helped me with and I couldn’t be happier with the service he provides.Nothing is too much trouble and my experience both times has been hassle free! Thanks Scott and Team!!
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Kim Shelverton made the entire process so effortless and less stressful, nothing was an issue for her, she is very friendly and helpful. Thank you Kim for all your help.
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