Get a new or used boat with the NRMA’s Boat Loan and enjoy flexible repayments for the life of your loan.
The NRMA Boat Loan has an easy and straightforward application process, which you can access via the NRMA’s website. If you know how much you need to apply for, the online application should only take 10 minutes to complete, as long as you have all of the relevant documents on hand.
The documents you need and the eligibility requirements are clear as soon as you click on the loan application page, which will save time-poor boat enthusiasts the hassle of figuring out whether this loan is right for them.
Factors to consider about the NRMA Boat Loan
|Product Name||NRMA Boat Loan|
|Interest Rate (p.a.)||From 6.99% (fixed)|
|Comparison Rate (p.a.)||7.55%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
Although interest rates start from as a low 6.99% p.a., the rate that you will be charged will depend on whether or not you are an NRMA member. If you are not an NRMA member, you can expect to see this rate rise by at least 1%. Loan amounts start from $5,000 and loan terms can be extended to up to 7 years. You must be looking to purchase a new or used boat with this loan. It cannot be used to purchase any other vehicle.
Features of the NRMA Boat Loan
Some of the features that are associated with this loan include:
- Low fixed interest rates. You could receive an interest rate as low 6.99% p.a. and will benefit from this low rate for the duration of your loan. The comparison rate for this loan is also a low 7.55% p.a.
- Long loan terms. You can choose from a loan term of between 1 to 7 years.
- No monthly fees. There are no monthly fees associated with this loan.
- Next-day funds available. After you have been approved for your loan amount, you will receive your funds within the next business day.
- Flexible repayment options available. You can benefit from fortnightly or monthly repayments. Simply choose the option that suits you best during the application process.
- Five-hour pre-approvals available. You can benefit from a pre-approval that boosts your bargaining power when looking for and purchasing a new or used boat.
- Benefits if you are an NRMA member. If you are an NRMA member, you can save 1% on your interest rate for the duration of your loan.
- Quick and easy customer service. The NRMA offers friendly and easy-to-talk-to customer service. Simply call or email the customer service team if you have any questions about your loan application and they will get back to you as soon as they can to help you.
- Purchase a new or used boat. You can use this loan to finance a new or a used boat.
- Fast online application process. The application process should take 10 minutes to complete if you have all of the documents you need on hand.
Fees and charges
You will receive a full fee schedule once you have been approved for your loan. However, some of the fees that you can expect to pay include:
- A redraw fee. This will be charged if you choose to redraw any extra funds that you have paid towards your loan.
- Early repayment fees. This will be charged if you pay off your loan before the end of your term.
- Overdue payment fees. This will be charged if you do not make a payment on time, whether you've chosen fortnightly or monthly repayments.
There are no monthly fees that are associated with this loan.
How to apply for the NRMA Boat Loan
To apply for this loan, click the "Go to Site" button on this page to be taken to the NRMA's website. Before applying, ensure you meet the following eligibility requirements:
- You must be aged 18 or older
- You must apply for a loan of $5,000 or more
- You must be an Australian citizen or permanent resident for tax purposes
Some of the documents you will need for your application include:
- Your current driver's licence number.
- Details of your income. This can include three months' worth of payslips or any other proof of income that you have available.
- Details of any assets, existing loans or liabilities in your name. This is so that the NRMA can fully assess your financial situation before deciding whether you are able to meet the obligations of the loan that you've applied for.
- Credit card and store card details. This is the card that you will be using to make your repayments.
The NRMA Boat Loan can help you get on the road in a new or used boat in no time. Consider other personal loans to ensure that this one meets your needs before applying.