Have you been dreaming of a life on the water, but you’re not sure how to finance it? Maybe you are after a sleek new cruiser or a pre-loved runabout.
Whatever the case, iCREDIT can help you navigate boat finance on the Gold Coast with confidence. However, before you set sail, you need to know which kind of boat loan actually suits your budget.
Let’s take a look at some of the marine finance options available through iCREDIT so that you can choose one that best suits your needs and your wallet.
Secured Boat Loans for Budget-Conscious Buyers
For those who want to keep their monthly repayments low, a secured boat loan might be the most cost-effective option. This would allow you to use the boat itself as collateral, which reduces the risk to the lender.
The result is that you benefit from lower interest rates and potentially higher borrowing limits. Such an option is ideal for buyers who want a new or late-model vessel with structured repayments over one to seven years.
Secured Personal Boat Loans for a Moderate Budget
If you have another asset, like a car or a second property, then you can use that to secure your boat loan instead of the boat itself. This offers better interest rates than unsecured options, but it gives you a little more flexibility if your boat isn’t suitable as collateral, such as if the boat you are looking at is an older model or is custom-built.
This option is great for buyers who need a middle ground between low rates and flexible terms.
Unsecured Personal Loans for a Smaller Budget
Perhaps you want to make a smaller purchase or you don’t want to tie up any of your assets. Then you might want to pursue an unsecured personal loan. This option is fast and relatively simple, but the interest rates are usually higher because there is no collateral involved.
If you have strong credit and you want quick approval, then this might be a good option for you. It’s more convenient, but it does come with higher repayments, so make sure you get informed about personal loans and exactly how they work.
Business Marine Finance for Commercial Borrowers
Do you intend on using your boat for your business? Whether you are a sole trader or a registered company, there are business finance options that offer tailored terms, tax-efficient structures and higher loan amounts.
This is great if you are looking at buying multiple vessels or you want to use your boat for commercial purposes. A business boat loan is best if you are investing in commercial marine operations.
Are you looking for boat finance on the Gold Coast? iCREDIT can help you get a loan that suits your budget and your needs. Contact us today to discuss your options or simply apply online now.