The ideal boat needs the ideal marine finance option

When buying a vessel, choosing the size and make to suit is a great experience. But once you have decided on the ideal boat for you, finalising the transaction can be more worrying than exciting. The reality of purchasing a boat is that you will need to finance the boat in some way. Ready cash is ideal, but not a reality for most people, which is where boat finance comes in.

The boating dealership will most likely offer you some sort of boat loan. This is often not the ideal boat finance for your financial situation. Don't be lured into this seemingly no hassle boat loan. Financing a boat is an important decision so you should aim to find boat finance that meets your needs, not those of the dealer.

Start by becoming educated about all the options available to finance your marine purchase. Often a broker is the most efficient way to get marine loan options. Look for a broker that offers an online application for boat finance to save even more valuable time. For example, a simple boat loan or personal loan may not be the best option for you. Ask your boat finance broker about the various options such as chattel mortgage, hire purchase and leasing.

Depending on your situation you may be able to take secured boat finance or unsecured boat finance. You may also have the option of a long or short finance term to enable you to match your boat finance repayments to your cashflow.

The do's and dont's of boat finance

- Do shop around for boat finance - a broker can help make this easy
- Do use the internet to research and apply for boat finance
- Do ask your boat finance broker lots of questions
- Do seek insurance through your boat finance broker
- Do consider all types of boat finance from marine loans to chattel mortgages
- Don't blindly take the boat dealer's boat finance option
- Don't think that because you are buying an older boat that you won't be able to get boat finance
- Don't worry that because you've been knocked back in the past that you won't get approval on boat finance


A boat finance broker can help smooth your boat purchase by helping you understand what you can afford, advising on boat insurance, sourcing the best boat finance for you and ensuring an easy settlement.
Boat Loans. For more information visit 360 Financial or direct at The reality of boat loans