Wanting the boating lifestyle but don't have the cash to pay for your ideal boat upfront? A boat loan is the obvious answer, but finding one can be time consuming and complete with knockbacks.

Not all banks readily offer finance in the form of boat finance. They may offer a personal loan which is generally unsecured and therefore has a high interest rate. A secured boat finance is often possible through specialist boat lenders.

There is the perception that all boat finance are inflexible offering rigid terms and high rates, but the reality is that a specialist boat finance broker can often provide a boat loan alternative that offers some or all of the following benefits:

• Your boat finance may be able to include insurances and warranties

• You may be eligible for a marine loan with a flexible terms up to 7 years)

• Fixed or variable rates may be available on a marine loan

• A deposit may not be required when taking out a marine loan

• Depending on the usage of your boat, there may be tax benefits applicable to your boat loan

• A balloon repayment may be available to enable a smaller repayment over the life of the personal boat loan.

Commercial boat loan case study

Successful commercial fisherman Brett wanted to expand his fleet of commercial fishing boats. Brett paid cash for his first fishing boat, but he was realistic enough to know that the business would benefit from financing the next boat with a boat loan to increase revenue as quickly as possible.

So Brett needed to find a boat loan to fund the purchase but didn't know which lenders offered a commercial boat loan or boat finance alternatives. A broker who specialised in boat loans was able to get pre-approval on his boat loan within 24 hours and completed the boat loan in just a few days. Brett ended up with a secured boat loan and because the boat was used for business, he was able to claim the boat loan interest as an expense for tax purposes.

Luxury boat loan case study

Philip had always dreamed of a large cruiser for trips to the Whitsundays and the Great Barrier Reef. Whilst he was in a well-paid executive position, he didn't have the spare hundred thousand plus that he needed to fund the boat's purchase.

Philip had always used a mortgage broker to find funding for his property purchases, so knew he should find a specialist broker to source a suitable boat loan.

Philip wanted a good interest rate and low repayments, so he opted for a secured boat loan with a seven year term. He now uses the boat at Christmas and Easter with his family and on weekends for local day trips and overnight stays.

Marine finance made easy

Don't have time to run around to several lenders to find the best boat loan? An online boat loan application can save you time and effort! A specialist marine broker can assist you with a boat loan, starting with an online application, they can offer you a boat loan option to suit your financial situation. From yachts, to motorboats or commercial fishing vessels, even jet skis 360 Financial Services can assist with a boat loan. Contact one of 360 Financial's trained boat loan financial consultants on 1300 361 360 or Apply for marine finance online.