Your number one choice for boat loans in Newcastle
Let us help you get a competitive boat loan
What kind of boat loans are available?
There are two kinds of financing for a boat: secured and unsecured loans.
- Secured boat loan — This kind of loan uses the purchased boat, marine vessel or another asset as collateral (security) for the loan so that if you can’t make your agreed payments, the lender can take possession of the asset and sell it to cover the remaining cost of the loan. The lender is at less of a risk, so secured loans have a lower interest rate than secured loans and usually have a minimum loan amount of $5,000.
- Unsecured boat loan — This is a versatile kind of loan that can be used for almost any purpose e.g. debt consolidation, holidays, weddings and boats that do not qualify for a secured loan. There is no security needed for this kind of loan — the lender is at more of a risk, so the interest rates are much higher than a secured loan.
If you’re unsure which option is best for you, we’re here to help. At Watson Mortgages, we have close connections with more than 20 Australian lenders (including the big banks). We can compare lenders and loans to ensure you get the best possible interest rate available.
Boat financing in Newcastle is smooth sailing with Watson Mortgages. Contact us for a no obligation consultation today.
Why choose Watson Mortgages for boat and yacht finance in Newcastle?
Our team of mortgage brokers in Newcastle is committed to helping Novocastrians get a better deal and achieve their financial goals — even if it’s just buying a boat!
We understand that comparing lenders and loans may be stressful — interest rates and repayment terms can vary drastically from lender to lender, but we’re here to make choosing boat loans and yacht finance simple.
Here are just a few of the benefits of choosing Watson Mortgages for boat financing in Newcastle:
- We have close connections with more than 20 lenders. We’ll compare them all on your behalf and present the best possible option based on your personal financial situation.
- We’ll manage the whole process from start to finish. We’ll help find the right loan, communicate with lenders on your behalf, submit documents and secure a loan for you. Plus, we’ll continue to support you throughout the repayment process.
- Our services are complementary and convenient. Our brokers can meet at your location or we can have a more formal meeting in our office.
- We’ll find a competitive interest rate so you can be confident when it comes to your weekly, fortnightly or monthly repayments.
- We have the experience and knowledge to provide mortgage and debt consolidation advice so you feel supported and on top of things from day one.
Allows us to make boat financing simple. Contact the team from Watson Mortgages for an obligation-free quote and consultation today. Your new boat is floating just around the riverbend.
Contact Watson Mortgages for a no obligation consultation
Frequently asked questions
How old can my new boat be?
This tends to vary from lender to lender. If you’re looking at an older pre-owned boat, we recommend contacting our team for a consultation. We’ll find a flexible loan so you can purchase the boat you’ve had your eye on.
Is it possible to get pre-approval on a boat loan?
Absolutely. With a pre-approved boat loan, you will have a solid idea of how much you can realistically spend. This means you will also be in a better negotiating position when talking to a dealership or private seller.
Keep in mind that pre-approved loans generally only last for 30 days but you can apply for an extension if you can’t find a suitable boat in that time.
How long does it take for a boat loan to be approved?
This tends to vary from lender to lender. Time approvals can range from two hours to 48 hours depending on the size of the loan and the complexity of your financial situation. No matter how long it takes, we will keep you posted every step of the way and push for your application to be approved as soon as possible.
If I pay off my loan early, will the interest be reduced?
Yes! Interest calculation is based on your daily repayment balance. The smaller the remaining balance, the lower the interest rate. You can choose to pay off your loan completely or make extra repayments at any time.
How much can I borrow?
It depends on the lender and your borrowing power i.e. your income, your credit rating, any outstanding loans etc. Based on the information you give us, we will find a reputable lender with a desirable loan and interest rate that matches your lifestyle.
What if I have a bad credit rating?
You should still be able to get a boat loan with a “bad” credit rating, although it depends on how bad it actually is. Most lenders offer a “second chance” finance option with a higher interest rate (a bad credit rating can be risky for the lender). The lender will review your financial situation and history to determine if you are eligible for a boat loan.
What documents do I need to provide for my application?
Lenders will consider all of your personal finances including but not limited to:
Current monthly and annual income
Any properties you own
Tenure at your current address.
In our initial consultation, we will provide a list of documentation for you to collect and supply to us ready for a boat loan application.