Boat Loans

Take to the seas in your new or used boat with finance approved through RoadLoans.

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Buy your next boat with RoadLoans

Looking to buy a new boat but need a helping hand? RoadLoans has you covered. We’re partnered with a wide range of lenders who can help you purchase your dream vessel with affordable rates and fees which beat the banks, all from the comfort of your home.

Your preferences are always our number one priority as our diligent finance consultants help you navigate the application process from start to finish. You can start the application process with us today and have your loan approved and settled fast, so get a quote today and set sail before you know it.

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Buy from dealers or private sellers

We can help you get approved for all types of boat sales around Australia, from dealers to private vendors.

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Fast online approvals

The entire process can be completed in as little as 48 hours from the moment you submit your initial application to us.

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Diverse lender panel

With more options to choose from on our panel of lenders, you can boost your chances of finding the right loan.

The features and benefits of boat finance through RoadLoans

Competitive interest rates available

Interest rates are one of the most important factors on your boat loan which largely dictate its cost, so you can save over the course of your agreement with a low-rate finance deal.

Choose any type of boat

Whether you’re in the market for a smaller boat like a dinghy, something a bit bigger like a trawler or even a yacht or cruiser, you can get approved for the finance you need.

Tailored repayment terms and schedules

You can choose the term over which you repay your loan, with available lengths from one to seven years and repayment schedule options of weekly, fortnightly or monthly.

No deposit required

Don’t worry about putting up a large deposit for your boat purchase if you want to keep your savings intact: you can be approved for a loan of up to 100% of your boat’s value.

Commercial solutions available

These loans aren’t just for private-use vessels, either. If you need to buy a boat for your business, large or small, you can find a chattel mortgage which suits your requirements.

Buy new or used

It doesn’t matter whether your boat is brand-new or pre-owned when it comes to getting approved for finance. As long as your boat meets your lender’s criteria, you can be approved.

How to apply for your boat loan with RoadLoans

Bad Credit Car Loans Process

Start with a quick quote

First and foremost, tell us more about you, your borrowing profile and more about the product you’re looking to buy. This is a no-obligation quote.

Apply and speak to your consultant

You can apply after your quote, from which point your consultant can start comparing offers and will be in touch with you once they find a suitable deal.

Have your application prepared and submitted

Once you confirm your chosen lender, you can kick your feet up as your consultant prepares your application and submits it for formal approval.

Receive approval and own your boat

After your loan is approved and your contract is signed, your funds can be released to your seller and you’ll be the proud owner of your new boat.

More about boat loans explained

How do I compare boat loans?

There are many ways you can go about comparing different finance offers for your boat. Fortunately, your consultant will follow each of these also to help find you the most affordable and suitable offer to buy the boat you need. The main areas to consider when comparing boat loan deals are:

  • Interest rates: the lower your interest rate, the more you’ll save throughout your agreement. For example, on a $50,000 loan over five years, opting for a rate of 5% p.a. instead of 6% p.a. would save you almost $1,400 overall.
  • Fees: there are several fees which may apply to your agreement, such as an establishment fee (up to $700), ongoing fees (up to $20 per month) and an early repayment fee (depends on loan size and term remaining). However, some lenders will be willing to waive some or all of these in certain cases.
  • Minimum loan amount: if you only need a small loan, such as if you’re buying a cheap boat or are putting down a substantial deposit, it’s worth looking for a lender who can accommodate the size you need. Don’t take out a bigger loan than you need to, as this could end up costing a substantial amount more.
  • Available term lengths: not all lenders offer the full one to seven-year range of loan terms. Some lenders will cap their lengths at five years, while others require a minimum of two to three years.
  • Boat requirements: similarly, different lenders will have different requirements for boats when it comes to their age and condition. Some may not accept models over a certain age, such as ten years, but we can help you get approved to finance boats of just about any age.

How do I qualify for a boat loan?

There are several key areas to meet before diving into your boat loan in terms of lender eligibility criteria. Your RoadLoans consultant will only consider lenders whose qualification requirements you can meet, though, so you won’t need to worry too much about applying for a loan you aren’t eligible for. While specifics may differ slightly between financiers, the main points you’ll need to meet are:

  • Age: you must be at least 18 years old
  • Residency: you must be a citizen or permanent resident of Australia
  • Income: you must be earning a stable and consistent income
  • Agreements: you mustn’t be under any debt agreements, bankruptcy or court judgments
  • Boat: your boat must be within your lender’s requirements for age, condition and model
  • Documents: you must be able to supply a set of documents, including:
    • Two most recent payslips
    • One to two years of tax returns if you’re self-employed
    • Driver’s licence
    • Details on the assets you currently own
    • Information on your regular expenses and any ongoing liabilities
    • Loan documents from your consultant: application form, signed consent form and credit guide

Top tips to consider before buying your boat

Consider what sort of boat you need

It’s important to think about what you’ll be using your boat for. Will there be multiple people aboard? How far from the water are you? Where are you going to store it? These are all relevant factors to consider when choosing which boat is the right one for you, so you should be clear on your needs before you buy.

Think about the cost of maintaining your boat

Of course, it isn’t just about how much it costs to purchase your boat, but also what sort of investment it’ll require to maintain it over the years. Think about annual servicing costs, as well as whether you need to pay for storage space. You’ll also need to budget for things like life jackets, flare kits and sometimes a trailer.

Ask questions if you’re buying used

When purchasing a used boat, it’s important to make sure you’re getting your money’s worth. It’s worth inspecting it closely and finding out about any potential repair history. You may even look to book a qualified surveyor to run their eyes over the boat to make sure there aren’t any significant issues which could cause concern.

Buy at the right time

Because boats are more of a seasonal vehicle, you might find that the colder months are a better time to purchase one than in the warmer months, where there’s more of a demand for boats in general. The end of the financial year is also likely to bring with it a raft of great deals which you can benefit from as a buyer.

Frequently asked boat loan queries

Yes – we can help you get pre-approval on your boat finance agreement. This is a great way to give you a clearer understanding of your budget when it comes to buying your boat and can be an advantage when it comes to negotiating the purchase price with your seller, particularly if you’re buying from a private vendor.

Yes – all boats must be covered by a comprehensive insurance policy throughout the loan term. This is also the case with any other type of secured vehicle finance, as lenders want to be certain that there isn’t any risk of the boat being written off during the agreement and becoming unsuitable to act as collateral for your loan. This is the case for all types of leisure finance, such as motorbike loans and caravan finance.

Yes – as long as your income is consistent, you can be approved for a loan with several different sources. You may receive a stable income from both your employment and investments, such as property, so you can count the latter towards your total income if your lender can see that it’s consistent and reliable.

Yes – we’re partnered with lenders who allow you to make free additional repayments throughout your term. While paying your loan off sooner can reduce the amount of interest and fees you pay, it’s worth considering whether your agreement comes with an early repayment fee, which could negate the benefit of paying off your loan ahead of schedule.

If the boat you’re looking to buy is very old and not in great condition, an unsecured or personal loan may be an option for you. This is usually only recommended if your boat doesn’t meet your lender’s requirements, as unsecured loans typically come with much higher rates and fees than secured finance. Your consultant will let you know more about what your best options are for financing your boat.

Yes – retirees can be approved for boat finance provided they can show evidence of a stable income. This may come from investments or superannuation. As long as you’re earning a consistent income which can be relied upon throughout your loan term, you can be approved.