Boat Loan Finder™

Rates and Fees verified correct on December 4th, 2016
Boat loan comparison

Get on the water when you want to by opting for a boat loan.

If you're looking to purchase a boat and you're in need of finance, there are a range of boat loans available for you to consider. The marine financing options can help you purchase a new or used boat through a commercial or private sale. Loans are also available for business purchases. Find out what you need to know in this guide.

How does a boat loan work?

A boat loan can be a secured personal loan that is designed to specifically finance a boat, a more general secured loan that allows boats to be used as a guarantee, or an unsecured personal loan. If you're looking for a competitive rate you may want to consider using the boat as security for the loan.

Boats are expensive so you will find these loans offer larger loan amounts and may give you long repayment terms. Depending on the loan, there may be a balloon payment at the end of the loan term.

IMB Secured Personal Loan

IMB Secured Personal Loan Offer

Apply for IMB Secured Personal Loan with flexible repayment features.

  • Interest Rate From: 7.39% p.a.
  • Comparison Rate: 7.67% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $199
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 5 year
  • Minimum Loan Amount: $2,000
  • Maximum Loan Amount: $60,000

Comparison of boat loans

Rates last updated December 4th, 2016
$
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
IMB Secured Personal Loan
A secured loan from IMB with flexible repayment features
From 7.39% (fixed) 7.67% $2,000 1 to 5 years $199 Go to site More
Latitude Personal Loan (Secured)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
From 12.99% (fixed) 14.2% $3,000 2 to 7 years $250 (Loans under $4000 - $140) Go to site More
HSBC Personal Loan
A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000
From 11.99% (fixed) 12.54% $5,000 1 to 5 years $150 Go to site More
St.George Secured Personal Loan - Fixed Rate
Get behind the wheel of your perfect car with a competitive interest rate from St.George. Get an application response within 60 seconds.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
Bank of Melbourne Secured Personal Loan
A low rate personal loan from Bank of Melbourne with variable or fixed option.
From 8.49% (fixed) 9.39% $3,000 1 to 5 years $195 Go to site More
BankSA Unsecured Personal Loan
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.
From 12.99% (variable) 13.87% $3,000 1 to 7 years $195 ($0 for existing customers) Go to site More
ANZ Variable Rate Personal Loan
A variable rate loan that lets you make and redraw additional repayments.
From 14.69% (variable) 15.55% $5,000 1 to 7 years $150 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $150 Go to site More

More boat loans comparisons

Compare the features of some of the best* boat loans

Personal LoanBoat as security?Interest Rate
Yes7.39% p.a.
Yes11.99% p.a.
Yes14.69% p.a.
Yes12.99% p.a.

How you can compare boat loans

Finding the right financing for your boat is important. When you're comparing your options, keep the following questions in mind:

  • What is the interest rate?
    The interest rate for this type of loan varies depending on what provider you go with, but  rates for secured loans are generally low. Make sure you select a loan with a competitive interest rate that will help you save money in the long run.
  • Are there fixed repayments?
    Some boat loans offer fixed repayments. It’s important to think about whether you want fixed repayments or if you prefer a variable loan to take advantage of market fluctuations.
  • What is the loan limit?
    The limit of your boat loan also varies with providers. Have in mind a rough estimate of how much money you need to borrow and find a boat loan that meets these needs. It’s important you don’t borrow more money than you need and are able to make repayments so you don’t default.
  • How long will your loan term be?
    The length of your loan term tends to be longer with a boat loan, but some may extend only up to seven years. It’s still important to select a loan that gives you enough time to pay off your debt. Do your calculations and figure out how long it will take you to pay off the amount you want to borrow.
  • Is the loan secured or unsecured.?
    Boat loans can be secured or unsecured, so you need to consider which one is the better option for you so you can select a loan that matches up with what you want.
How much does a boat cost?

It's important to understand the cost of a boat before you apply for financing.

  • The boat. The actual cost of a boat varies greatly depending on which type you select. You could expect to pay anything from $20,000 to $200,000.
  • Boat equipment. Consider the costs of decking out your boat. Electronics, water toys, accessories and safety equipment could set you back $1,500 or more.
  • Operating costs. This cost will also vary depending on the type of boat you choose and also how you use it.
  • Boat maintenance. You will be stuck with a higher maintenance cost the older your boat is and the less you take care of it yourself. By, for instance, washing the hull with fresh water after taking your boat out.
  • Storage. Mooring fees are calculated by the length of your boat and if you store it in a high rate area. For example, a 10-metre long boat in a medium rate area in Sydney (Pittwater and outside of Sydney Harbour) will cost $768 per year.
  • Boat insurance. Depending on the type of boat you have and where you store it, insurance will cost you $100 a year or more.

What types of boats can you finance?

  • Bass boats. A small boat that's designed to fish bass or other panfish. It usually comes with features such as swivel chairs, storage bins for fishing equipment and a live well to store any fish that you might catch.
  • Bowriders. Called so because of their roomy bow area, this is a boat ideal for skis and wakeboards.
  • Cabin cruisers. Similar to a bowrider except for its top cabin, these boats offer creature comforts such as water heaters, power generators and even heaters and air conditioners.
  • Catamarans. Known as "cats", these boats can be small vessels designed for sailing and fishing up to naval navel ships. These boats come with two hulls.
  • Centre consoles. These boats are made for fishing adventures. You'll usually find a baitwell as standard as well as fish lockers and a cabin.
  • Cuddy cabins. Cuddy refers to a small room or cupboard on this boat, which is used primarily for fishing, watersports and other family boating activities.
  • Dinghies. These small boats can be towed by larger boats into shallow waters or as the main boat for fishing in calm water.
  • Gameboats. Also built for shipping, this is a larger boat that can come equipped with cooking galleys and sleeping berths to make the boat comfortable for longer trips.
  • Houseboats. This is a type of vessel that's used primarily as a home, whether for vacationers or permanent dwellers. Many of these are not motorised because they're kept moored at a specific location,
  • Motoryachts. You'll find various amenities on this boat, which is designed for ocean cruising. Sleeping berths, air conditioning, plumbing and galleys are usually standard.
  • Runabouts. You won't usually find a cabin on a runabout, which is a smaller boat designed for tow sports or fishing.
  • Sailboats. "Sailboat" can refer to various types of sailing craft, but the common feature is their reliance on the wind for movement.
  • Ski and wakeboard boats. If you're looking for a boat for watersports and tow sports, this is the type of vessel for you. The propulsion on these small boats allows for waterskiing jumps and tricks possible.
  • Trawlers. You can use a trawler for commercial fishing or recreation, but you'll see a distinction between the two. Fishing trawlers will always have a displacement hull but you'll only find a semi-displacement hull on trawlers designed for recreation.
  • Walkarounds. Called such because you can walk the full way around to anywhere on the boat, these medium-sized boats come with stowaway seating and a central cabin.

What are the benefits and drawbacks of financing a boat purchase?

  • Specialised loans. While some loans are standard secured personal loans that allow boats as security, there are other options available that are specially designed to finance a boat.
  • You could get fast loan approval. Boat loans usually have a quick turnaround time once you complete the online application. The application process is relatively easy and you can have the finances for your boat in no time. Some providers even offer automatic approvals for loans under a certain limit so you can get approved even quicker.
  • Access to competitive interest rates. Some boat loans have competitive interest rates available which tend to be lower than other credit options. If you know that you specifically need a loan for a boat, a boat loan is a great way to potentially save money.
  • Large loan amounts are required. Boats are expensive and that translates to a larger loan amount. Make sure you choose a term that keeps your repayments manageable.
  • Additional costs cannot be factored into secured boat loans. You need to consider ongoing boat maintenance, boat insurance, marine equipment and storage fees as well as the cost of the boat. These costs usually cannot be added to a secured loan.

Is there anything to avoid with boat loans?

  • Unlicensed credit providers.
    Signing up for a loan with an unlicensed provider is a dangerous mistake. The provider should be registered with ASIC and you can check each lender’s registration on the ASIC website.
  • Getting into a debt spiral.
    Getting buried in debt can be an easy thing to do once you start borrowing money, especially if you are borrowing from a range of providers. Make sure you know your limits and seek help if you are having trouble with your debt or with making your repayments.

How to apply for boat loans

You can apply for boat loans by comparing with finder.com.au. All you have to do is check out the comparison table on this page and look at your options. Once you have selected an option that is right for you, click "Go to Site" to start your application.

To apply for a boat loan you will most likely have to be 18 years or older. You may also need a good credit rating and be able to provide details about your current financial position, using bank statements or employment details, to get approved. The application is generally quick and easy to complete.

Don't want a boat, want a jet-ski? Find out more about a range of jet-ski loans

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This page was last modified on 1 December 2016 at 2:30.

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

SocietyOne Unsecured Personal Loan

Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score

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