Boat Finance

We offer financing options for a wide range of boats for individuals across Australia. This encompasses, but is not restricted to, boats with outboard and inboard motors, jet skis, catamarans, speedboats, yachts and various other watercraft. Rest assured, regardless of the specific type of boat you’re interested in purchasing, we have the ideal boat finance solution to suit your needs.

We take pride in simplifying the boat finance application process with minimal paperwork. Every finance application is a unique journey that begins with understanding your individual needs. It all starts with a simple step: just give our specialists a call at 1300 842 911. During this brief five-minute phone call, we’ll walk you through the application strategy for your boat loan approval and outline the key information we’ll need.

The best part of this initial call is that, thanks to our experience, we can provide you with a good estimate of your potential finance repayments right over the phone.

No need to worry about an overwhelming amount of information. We have the expertise to secure your boat finance approvals with just the essential details we request from you. You’ll likely be pleasantly surprised by how little information we may need while still ensuring a successful boat finance approval.

If you’re employed by a company, typically, all you need to provide for approval are two recent payslips. However, it’s important to note that the requirements may vary if your income includes substantial commissions and bonuses as part of your role and employment pay structure.

If you are self-employed, requirements vary across different lenders. As a rule of thumb, your most recent Personal Tax Return and Notice of Assessment will be sufficient to secure your approval.

The amount that you can borrow will depend on the income you are earning compared to your household living expenses and any pre-existing financial obligations. 

Once we have verified your income and discussed living expenses, we will be able to let you know how much you can borrow. Your borrowing capacity can vary from lender to lender so we can target the lender with the highest possible borrowing capacity.

TIP: A joint application, using your income and your partner’s income, can help increase borrowing power.

Even if you have a low credit score, there’s still a good chance of securing approval for your boat loan through us. We recognise that past financial setbacks don’t necessarily reflect your current financial situation. In many cases, clients with a credit default on their credit file have valid reasons behind these occurrences.

For instance, some of our customers might have experienced credit defaults due to missed payments on utility bills during a residential address change or disputes over phone bills where they were incorrectly charged by their phone provider. These are common issues, and we understand them well.

We take the time to understand why your credit score is below the average and then effectively communicate this information to the appropriate bank or lender. Please be assured that we have the expertise to convey your credit score story to the right financial institution, making it more likely to secure approval for your boat loan. Your comfort is our priority, and we are skilled in navigating these situations to get your boat loan approved.

In addition, we have a great external team we utilise to lift the Credit Default off your file and lift your credit score for you.

You absolutely do not need to have your tax returns completed to obtain boat finance approval through Yakka Finance. We have access to a diverse range of boat finance options from our lending panel that allows us to secure your approval without the necessity of tax returns.

However, if you do have your tax returns available, they can be used as one of your income verification documents. Rest assured that you won’t be required to provide an extensive amount of information to secure your boat finance approval. 

During our conversation over the phone, we will precisely determine the key items needed from you to facilitate your boat finance approval. Your convenience and a hassle-free process are our top priorities.

Low Doc Boat Finance is designed for applicants who are business owners and need a streamlined documentation process to secure their boat finance approval. For this option, we require only minimal documentation. If your business has been registered with an Australian Business Number (ABN) for over 24 months, you may be eligible for Low Doc Finance.

Our specialists can quickly guide you through the straightforward process of securing a Low Doc Boat Finance approval over a brief 5-minute phone call. If you’re interested in learning more or exploring this option, please feel free to contact us at 1300 842 911 for further information.

The amount you can be approved for when it comes to boat finance depends on your specific needs. You have the flexibility to borrow as much as necessary to cover the full cost of your boat purchase. In the realm of boat purchases, this can range from as low as $15,000 to as high as $2,000,000.

It’s important to note that the specific terms and conditions, including whether a deposit is required, can vary depending on the size of the loan and the policies of different banks and lenders. Rest assured, we will work closely with you to understand the details of your boat purchase and guide you through the appropriate application strategy to secure your boat loan approval, considering the total loan amount you require.

We understand that interest rates are a key concern, and we’re delighted to provide you with competitive rates. When it comes to boat loans, our goal is to secure market-leading interest rates for you. For brand new boats, interest rates can start as low as 5.99%.

Our track record of having numerous loyal customers is a testament to our exceptional service and our ability to secure these market-leading interest rates. Your satisfaction and financial well-being are our top priorities, and we aim to offer you the best possible rates for your boat financing needs.

Several factors can influence the interest rate on your boat finance. Here are key considerations that can impact the interest rate:

1. Employment Status: Your employment status, whether you are a full-time employee, casual worker, or retired, can affect the interest rate.
2. Boat Source: Whether you are purchasing your boat from a licensed boat dealership, or a private seller can be a factor.
3. Boat Build Year: The specific year of manufacture of the boat matters. A brand-new 2023 boat may secure a lower interest rate compared to an older boat, such as a 2003 model.
4. Housing Status: If you or your spouse are property owners or currently renting, this can influence the interest rate.
5. Loan Amount: The total amount of your boat loan can impact the interest rate. Higher loan amounts may sometimes result in lower rates.
6. Credit History: Your past financial history, including any previous boat or other types of financing and your repayment track record, will be considered.
7. Credit Score: The condition of your credit file and your credit score is a significant factor. A clean credit file and a good credit score can lead to more favourable rates.

These are just some of the key factors that can influence the interest rate on your boat finance, and the specific terms and rates can vary depending on your unique circumstances and the lender’s policies. Our goal is to work with you to secure the best possible rate based on your situation.

No, your boat doesn’t have to be new to be eligible for a finance approval. Different lenders have varying preferences when it comes to financing boats. While some lenders may prefer newer boats, others may be more lenient about the age of the boat.

In general, if the boat you’re interested in is no older than 25 years old, you should have finance options available to you. The age of the boat may influence the specific terms and conditions of the loan, but there are financing options for both new and used boats, provided they meet the lender’s criteria.

The approval process for boat finance is typically quite fast and efficient. In most cases, we can secure a boat finance approval within 24 to 48 hours of receiving all the necessary details and documentation from you.

If you have a specific timeframe in mind for when you need your new boat purchased, please let us know, and we’ll work closely with you to ensure that the boat loan is approved and settled with the most suitable lender to meet your time requirements. Your convenience and timing are our priorities.

The loan term for boat finance can vary, but the average boat loan term typically falls in the range of 3 to 7 years, which is equivalent to 36 to 84 months. The choice of loan term is ultimately up to you, and it should align with your financial preferences and budget.

Here’s how the loan term can impact your monthly payments:

• A shorter loan term will result in higher monthly payments because you’re paying off the loan over a shorter period.
• A longer loan term will lead to lower monthly payments, but you’ll pay more in interest over the life of the loan.

To help you explore different loan terms and their corresponding repayments, you can use our easy-to-use Boat Finance Calculator, available at this link: Boat Finance Calculator. It allows you to experiment with various loan terms to find the one that best suits your financial situation.

A balloon payment is a lump sum payment that is due to the lender at the end of your boat loan term, after you’ve made all your regular monthly repayments. This payment allows you to pay only a portion of the principal amount of your boat loan over the loan term. The main purpose of having a balloon payment is to reduce your monthly loan payments, which can be beneficial for managing your cash flow.

When your boat loan term ends and you still have a balloon payment to address, there are several options available:

• Refinance: You can refinance the balloon payment at the end of your boat loan, either with the same lender or a different one. This allows you to continue making regular payments on the remaining balloon amount.
• Trade-in: You may choose to trade in your current boat for a new one. If the trade-in value is higher than the balloon payment, the difference can be used towards your next purchase.
• Sell the Boat: You can sell the boat to another party, and the sale proceeds can be used to pay off the balloon payment.

Whether or not to include a balloon payment in your boat loan is entirely your choice. It can be a way to reduce your monthly loan payments and manage your budget effectively. We can discuss this option with you to ensure that the boat finance structure aligns with your financial preferences and budget.

Financing your boat through a dealership can indeed be a convenient option, but it’s essential to approach it with caution. While some dealerships are reputable and offer competitive financing options, there have been instances where customers have faced issues.

Here’s why it’s important to be cautious:

• Emotions: Purchasing a boat is often an emotional decision. Dealerships may capitalise on these emotions to make their financing options seem more attractive than they actually are.
• Transparency: Not all dealerships are completely transparent about the financing terms. Some may provide inaccurate information about the interest rates or loan structures to entice customers.

To ensure you’re getting a fair deal, it’s advisable to have an independent expert, like Yakka Finance, review the financing offer provided by the dealership. We can verify that the monthly repayments match the interest rate communicated to you and ensure you are getting a financing package that is competitive and in your best financial interest.

In summary, while financing through a dealership can be a convenient option, it’s crucial to exercise caution and, if necessary, seek an independent review to confirm that the terms, conditions and rates offered are fair and accurate.

Absolutely, purchasing a boat from a private seller is a common and straightforward transaction. Many people find great deals on boats through private sales, and we handle these types of boat financing transactions regularly.

Here’s how the process works:

1. Finance Arrangement: We will manage the entire financing process for you, ensuring that the transaction is smooth and hassle-free.
2. Payment to the Seller: We will arrange for the private seller to receive payment from the bank or financier directly. This ensures that the seller is paid correctly and efficiently.
3. Streamlined Process: Our team is well-versed in these types of transactions, and we make the process as simple as possible for you. We typically only require the agreed-upon price you negotiated with the private seller, and we take it from there.

Purchasing a boat from a private seller can be an excellent way to find a boat that meets your needs and budget. We handle the financing and payment processes to make the experience as convenient as possible for you and the seller.

It is generally advisable to inspect the boat before purchasing it, particularly when buying from a private seller. This inspection helps ensure that you are satisfied with the condition and features of the boat you’re buying.

In the context of private sales and boat finance, most lenders will require a third-party inspection of the boat to verify its details, asset identifiers and condition. This inspection aims to confirm that the boat’s asset identifiers, such as the Hull Identification Number (HIN) and Engine Number, match the information provided in the loan documents, registration papers, and the tax invoice.

Here’s what you can expect from the Boat inspection:

1. Verification of Boat Details: The inspection company will take photos of the front, back, sides, odometer, and HIN plate of the boat to ensure that all details match the required documents.
2. PPSR Search: A search is conducted on the boat to confirm that it is not a write-off or reported as stolen.

While this inspection serves the purpose of validating the boat’s identity and condition, it’s also a good idea to consider a mechanical inspection of the boat, especially if you want to ensure it is mechanically sound. This additional inspection may come with extra costs but can provide added peace of mind before proceeding with the purchase. We can assist you in booking a mechanical inspection for you if you would like to make sure the boat is all in good working order. 

Absolutely, we can assist you with financing for a used boat. We offer customised boat finance solutions for both new and used boats. Our extensive network of banks and lenders provides financing options for various boat types and ages.

You can let us know the specific used boat you’re interested in purchasing, and we will work to match that boat with the most suitable lender for your needs. Our goal is to provide you with a boat finance solution that aligns with your budget and preferences, regardless of whether you are looking at a new or used boat. Your satisfaction and a smooth financing process are our priorities.

We would be more than happy to review the boat loan quote you’ve received elsewhere. At Yakka Finance, we have access to a wide range of competitive interest rates in the market. Our goal is to provide you with the most cost-effective financing options for your boat purchase.

If we find that we can beat the interest rate or monthly repayments in your current quote, we will certainly do our best to provide you with a better offer. On the other hand, if your current quote already offers a fantastic rate, we will provide you with honest feedback and acknowledge that you are receiving a great deal for your boat finance.

Your satisfaction and financial well-being are our top priorities, and we are here to assist you in securing the best possible financing options for your boat purchase.

Absolutely, you have the flexibility to make additional repayments towards your boat loan to reduce the overall balance. Making extra payments is an excellent strategy to reduce the amount of interest you’ll pay over the life of the loan.

Many borrowers choose to hold on to their savings and then make extra payments towards the loan in the final 1-2 years of the contract, as this can be an effective way to minimise interest costs while still maintaining financial flexibility. It’s always a good idea to check with your lender or financing provider to understand the terms and conditions related to making extra payments on your boat loan, but in most cases, it’s a beneficial practice to save money on interest and pay off the loan faster.

Absolutely, we can assist in organizing boat insurance for you. We have access to experienced boat insurance providers who can provide you with the right guidance and advice regarding your boat insurance needs. Whether you’re purchasing a new boat or need to renew your current boat insurance, we can help you find the coverage that suits your requirements and provides you with peace of mind while enjoying your time on the water.

You can absolutely apply for boat finance without having to provide a deposit for your boat purchase. We work with a wide range of banks and lenders who offer financing options that don’t require a deposit, and this typically doesn’t affect your interest rate in most cases.

Each customer’s situation is unique, so once we have a clear understanding of your financial position and requirements, we can provide you with information on whether a deposit is needed and the available financing options that best suit your needs. Your financing solution can be tailored to accommodate your specific circumstances, including the absence of a deposit.

While you are certainly welcome to approach your bank for boat finance, there are several reasons why working with a specialized boat finance broker like Yakka Finance may offer a better outcome for your boat loan approval:

1. Bank Selection: Banks vary in their willingness to finance boats, their interest rates, and their application requirements. Going directly to your bank may lead you to the wrong bank that isn’t favourable for boat financing.
2. Industry Knowledge: We have a deep understanding of the banking and lending landscape, enabling us to match your specific needs and the boat you’re purchasing with the most suitable bank for a hassle-free finance approval.
3. Interest Rate Optimisation: Different banks may offer varying interest rates depending on the type and age of the boat. We can help you find the bank that offers the most competitive rate for your situation.
4. Credit Inquiry: Each credit inquiry can impact your credit file. When you apply for a boat loan through us, we ensure that it’s submitted to a lender who is highly likely to approve your application, helping maintain a strong credit score.
5. Time and Effort: Preparing a loan application for a bank can be time-consuming, and there’s no guarantee of approval. When we approach a bank or lender, we have already conducted a preliminary assessment, increasing the likelihood of approval.
6. Consistent Point of Contact: At Yakka Finance, you’ll always have a single point of contact for all your boat purchases, ensuring a consistent and strong long-term relationship. Bank managers may change positions, which can disrupt your relationship and understanding of your financial situation.

Overall, working with a specialized boat finance broker like Yakka Finance can often result in a faster, more informed, and smoother boat loan approval process. Our industry expertise and relationships with a wide range of lenders allow us to provide tailored financing solutions that align with your unique needs and budget. We look forward to helping you.