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A boat loan can help you buy a boat while you pay it back over time. Before you apply, you need to make sure you can afford it. To work out the true cost of a boat loan and whether it will be manageable within your budget, use a boat loan calculator.
Once you have found a loan that you want to use for your calculations, simply enter the details of that loan in the relevant fields on the calculator.
Some people look into financing options for their boat without really understanding the actual costs that will be involved. All of these costs need to be considered when you use the calculator as they should be budgeted for along with the cost of your repayments. Here is a breakdown of some of the costs you can expect:
Boat purchase
The cost will vary depending on the type and size of boat you buy, but generally boats cost in excess of $30,000.
Startup costs
These costs involve the purchase of accessories such as ropes and anchors, safety training for yourself and boat lifts to be installed at the marina.
Recurring costs
These include costs that you will be required to pay regularly, including insurance, maintenance, cleaning, boat licences and any continued training.
The most popular boats to purchase in Australia are Quintrex aluminium boats. So, let's try an example of using the calculator with a 2021 Quintrex Fishabout boat, priced online at $28,990, with the Credit Concierge Boat Loan, shown below.
Input details
Loan amount: $28,990
Interest rate: 3.99%
Loan term: 7 years
Loan fee: $10 Monthly
Repayment frequency: Monthly
Repayment results
Monthly repayment: $406.13
Total interest/fees payable: $5,125 (+$395 establishment fee)
Total payments: $34,115 (+$395 establishment fee)
If you input all of your loan information and find that the loan is too expensive to manage, you can use the calculator to see if you can save money somehow. Here are a few ways to adjust the loan:
Use the values from your calculations above to help you compare a range of loans available for boats.
In 2017, the Australian boat building and repair industry reported a revenue of just over US$890 million. Forecasts suggest revenue will steadily increase over the coming years, and is estimated to reach around US$931 million by 2023.
After you've used the boat loan calculator, if you have found a loan that you think works for you, and you have a boat in mind that you would like to purchase, it's time to apply for a loan. However, before doing so, you should check the:
Ensure that you meet the lender's set eligibility criteria. You can check what this is by clicking "More info" on any of the loans shown on this page.
Is the loan that you wish to apply for able to cover the costs of the type of boat you want to buy? For example, some boat loans may only lend funds for new boat purchases. If you're looking to buy a used boat, you may have to find a different loan.
Does the loan you want offer the right amount of funding for your boat of choice?
If you're happy with all of the above, you can click "Go to site" to be taken to the lender's website directly to submit a loan application.
The eligibility criteria you will usually be required to meet includes:
To fill out a loan application, you may need the following documentation:
For more information on boat loans and to help find to best loan for your circumstances, you can also visit our boat loans guide.
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