Boat finance rates
What’s a good interest rate for boat finance?
The lowest available boat loan interest rate through one of Savvy’s lending partners is 6.48% p.a., as of August 2025. However, the average rate on approved boat loans through Savvy is closer to 10.72% p.a. for good credit customers.
It’s worth noting that the best rate that’s available to you may be higher (or lower) than the next person. That’s because interest rates are tailored to your profile and the boat you buy, with the following variables playing a key role:
- How much you’re borrowing and how long you’re taking to repay your loan
- How much you earn and your job stability
- Your credit score and recent record repaying similar loans
- The type of boat you’re buying
- Your boat’s age and condition
- Whether you’re a property owner
What types of boats can I finance?
There’s a wide range of boats for which you can get a loan approved through Savvy. We can help you finance any of the following vessels:
- Bowrider
- Cabin cruiser
- Catamaran
- Dinghy
- Motor cruiser
- Powerboat
- Sailboat
- Ski boat
- Trailer sailer
Not all boats are treated equal
"Sailboats, while romantic, can be harder to finance, whereas motorboats usually have more straightforward lending options. Some lenders may also require proof of a boat licence before approving finance, so it’s worth brushing up on waterway rules if you’re unlicenced."
Secured vs unsecured boat finance
Boat loans are typically secured, meaning the boat itself acts as collateral for the loan. Secured finance results in lower interest rates and higher loan amounts up to (and sometimes beyond) 100% of the boat’s purchase price. This could allow you to potentially be approved for a loan into the hundreds of thousands of dollars, provided you’re able to comfortably cover your repayments.
On the other hand, the advantage of unsecured loans lies in their flexibility. They’re often faster to process, as lenders will need to find out about the boat you’re buying to see if it meets their criteria. The lack of security also means you can buy any boat you like, regardless of its age or condition, and can bundle other expenses into your loan. Unsecured loans are generally capped at between $50,000 and $75,000.
In most cases, if your boat meets your lender’s requirements, you’re better off taking out a secured boat loan than an unsecured personal loan. You can speak with your Savvy broker about your options before you formally apply.
Case study: Financing a boat with a secured and unsecured loan
Matthew is scouring the market for a fishing boat he can take out on the open water. He settles on a five-year-old Stacer 589 Wild Rider, which he finds online listed for $57,990. Because he doesn’t want to dip into his savings too much, he decides to take out a loan to purchase the Wild Rider. However, when he compares his options, he comes across both secured and unsecured loans and doesn’t really know the difference between the two.
The secured loan available through Lender A is available at 12.00% p.a. interest for the full purchase price of the boat. In contrast, the unsecured loan through Lender B is listed at 17.00% p.a. interest and is capped at $50,000, meaning he’d have to pay $7,990 out of pocket.
Matthew crunches the numbers on the two loans and finds that even though the secured loan is larger, the repayments are only about $55 extra per month and, most importantly, costs over $5,000 less in interest across a five-year term. On that basis, the choice is made for him: he applies for the secured loan and purchases his boat.
Why apply for a leisure loan with Savvy?
How to apply for your boat loan with Savvy
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Fill out our online form
Tell us about yourself and the boat you’re after.
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Supply documents
Send through any necessary documents to verify your profile.
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Chat to your broker
We’ll give you a call to discuss the finance options available to you.
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Have your application submitted
Your broker will prepare and submit your application.
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Get approval and sign off
Once it's approved and settled, the boat is yours!
How much does it cost to finance a boat?
Based on the average boat loan amount of $73,579 and average interest rate of 10.72% p.a. for marine loans through Savvy, the average monthly cost of a five-year loan is $1,590, with an overall cost of $95,372. This includes $21,793 in interest.
In reality, though, there’s a wide range of factors that influence the cost of your loan. The following table shows how much you could save on your boat loan with small adjustments to your interest rate:
| Loan amount | Loan term | Interest rate | Monthly repayment | Total interest |
|---|---|---|---|---|
| $73,579 | Five years | 6.50% p.a. | $1,440 | $12,800 |
| $73,579 | Five years | 8.00% p.a. | $1,492 | $15,936 |
| $73,579 | Five years | 9.50% p.a. | $1,545 | $19,139 |
| $73,579 | Five years | 11.00% p.a. | $1,600 | $22,408 |
| $73,579 | Five years | 12.50% p.a. | $1,655 | $25,744 |
| Loan amount based on average boat loan approved through Savvy between 1 January 2023 and 30 June 2025. Interest rates are for illustrative purposes only. The rates and terms listed above may be different from what you’re offered on your boat loan. | ||||
For a large loan sum like this, a difference of just 1.50% p.a. can add up to more than $3,000 extra over the life of the loan. The impact won’t be as great for smaller loans, but you’ll still save nonetheless.
Another major factor in determining the cost of your boat loan is the boat itself. Purchase prices vary between makes and models, as well as new and used options. Just under 75% of boats financed through Savvy between January 2023 and June 2025 were used, with a median age of seven years.
The interest rate you’re offered may also vary depending on the age of your boat, as you can see in the table below:
Stacer 429 SeaMaster
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2021 | $27,900 | 11.99% p.a. | $620 | $9,329 |
| 2025 | $32,990 | 9.74% p.a. | $697 | $8,814 |
|
2021 2025 |
|
$27,900 $32,990 |
|
11.99% p.a. 9.74% p.a. |
|
$620 $697 |
|
$9,329 $8,814 |
Quintrex 481 Fishabout
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2021 | $42,000 | 11.99% p.a. | $934 | $14,043 |
| 2025 | $48,324 | 9.74% p.a. | $1,021 | $12,910 |
|
2021 2025 |
|
$42,000 $48,324 |
|
11.99% p.a. 9.74% p.a. |
|
$934 $1,021 |
|
$14,043 $12,910 |
Haines Signature 545F
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2021 | $59,800 | 11.99% p.a. | $1,330 | $19,995 |
| 2025 | $85,900 | 9.74% p.a. | $1,814 | $22,949 |
|
2021 2025 |
|
$59,800 $85,900 |
|
11.99% p.a. 9.74% p.a. |
|
$1,330 $1,814 |
|
$19,995 $22,949 |
Haines Hunter 675 Enclosed
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2021 | $174,990 | 11.99% p.a. | $3,892 | $58,510 |
| 2025 | $183,933 | 9.74% p.a. | $3,885 | $49,140 |
|
2021 2025 |
|
$174,990 $183,933 |
|
11.99% p.a. 9.74% p.a. |
|
$3,892 $3,885 |
|
$58,510 $49,140 |
Prices for listed new and used models sourced in August 2025 from boatsales. Interest rates based on average new and four-year-old used boat loan rates approved for good credit applicants through Savvy between 1 January 2023 and 30 June 2025. Calculations based on a five-year loan term and do not include other purchase costs such as loan fees, boat registration and more.
If you want to run the numbers yourself, you can use Savvy’s boat loan calculator to help you find out what loan amount, term and interest rate are best suited to your needs.
Most popular boats financed through Savvy: 2023-25
Quintrex is the most popular boat make financed through Savvy, as is also the case with nationwide sales.
In terms of some of the other popular brands in Australia, Stacer, Haines Hunter, Sea Ray, Haines Signature and Malibu have the most listings on boatsales, as of 19 August 2025.
Boat loan tips
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Set out your budget before you apply
There’s no point applying for a loan if you can’t afford it. It’ll lead to a swift rejection or delay the process by requiring your lender to come back with a counteroffer. Work out exactly what you can afford before you submit your application.
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Do all the right checks if you’re buying a used boat
It’s important to know a used boat’s history before you buy it. This includes whether it has finance owing, its repairs history and whether it’s been written off or stolen previously. A PPSR check allows you to find this information out without needing to rely on your seller’s honesty.
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Don’t just pick the first loan offer you see
Comparison is key when it comes to securing the best boat finance deal. By applying with the first lender you find, you could be leaving hundreds, if not thousands, of dollars on the table. You can do this yourself online or enlist the help of a broker like Savvy to do this for you.
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Pay a deposit if you’re in a position to do so
Another factor that impacts the cost of your loan is the size of your deposit. For the average-sized loan of $73,579 on the average good credit rate of 10.72% p.a. over five years, a 5% deposit ($3,679) would reduce your monthly payments by $80 and your overall interest by more than $1,000. Increasing that to a 10% deposit ($7,358) would save you around $160 per month and almost $2,200 in interest.
