Boat Loan Repayments Calculator

Some of the most common makes of boat that you’ll encounter are:

• Bowriders: smaller boats for recreational water sports and swimming.
• Cuddy Cabins: a family-style boat that’s an all-rounder for fishing, swimming or cruising.
• Centre consoles: The fisher’s boat. A shaded helm and storage in the middle of the deck allows for quick access to fridges for bait and fish.
• Sailboats – the classic cruiser. Rig up a sail and cruise around the bay or beach!

Getting pre-approved for a boat loan essentially means that you’re given a conditional, non-binding approval for a certain amount by your lender. This is useful when it comes to negotiating on the price of your boat, as your seller will be made aware that they can’t really go too far beyond the amount you’ve been pre-approved for. Pre-approval can be valid for up to three months and is no guarantee of approval for that amount down the track.

One efficient way to give yourself an indication of the true cost of your boat loan is by inputting your comparison rate into the calculator, which incorporates your interest and establishment and ongoing fees.

However, if you don’t have your rate yet, you can use an average rate by adding 2% to the lowest rate referenced above. From there, you can add the average establishment fee of $350 to your loan amount and simply add $3 to $4 to your monthly repayment.

It’s important to note that neither of these include other fees like early and late repayments, as these are more conditional.

Boat loans can take longer to finance than other leisure finance such as motorbikes and caravans. This is because there are essentially three elements which form the loan’s security: the hull, the engine and the trailer. Because these loans have three pieces instead of one, they take longer to process.

Additionally, because of a lack of boat assessors compared to the wealth of car and motorbike assessors, used private-sale boats can delay the process further. However, if you’re not in a hurry, private sales can be effective in cutting down the purchase price of your boat.

You can – we have chattel mortgage and leasing options available to you when it comes to obtaining a boat for your business. You can speak to one of Savvy’s consultant about the finance products available to you.

Yes – all boats under finance require a comprehensive boat insurance policy as part of the loan agreement. Fortunately, you’re able to choose which insurer to go with to help you save money in the process. You can also arrange to have insurance costs covered under your loan amount, so you’ll be able to repay them at your own pace with the rest of the boat.