Get out on the water sooner with boat finance from QLD Money. Whether you’re looking to finance a second hand schooner or a new motor yacht, QLD Money’s brokers can help you finance your dream vessel without cramping your cash flow. The only thing we can’t guarantee is the weather.
Advantages of QLD Money Boat Finance
There are a number of attractive benefits associated with QLD Money Boat Finance.
- Flexible boat finance terms from 2-7 years
- Fixed or variable interest rates available
- Optional deposit (depending on the loan selected)
- Possibility to cover out-of-pocket expenses such as insurance and warranties
- Possible tax deductions for depreciation and running costs
- A balloon repayment can be used to lower repayments
- Private and Dealer sales
Boat Loan Terms Explained
Unsecured. With an unsecured loan your new boat is not tied to the loan in any way. It is a “personal loan” where the lender approves your finance without the security of a major asset. The boat’s ownership is in your name completely. Incidentally, these loans may be used for many other purposes, so if you want to purchase a new bike, music equipment or a holiday, an unsecured personal loan could be the answer for you.
Secured. Under the terms of a secured loan, your motorbike serves as security for the lender. The lender approves finance based on the fact that they retain an interest in the bike until the loan is paid off in full. Interest rates on secured loans are typically lower than they are on unsecured loans.
Term. The loan term refers to the life of the loan, or the time you have to pay it off. A shorter term will see you pay off your loan sooner but will incur higher monthly repayments. Conversely, opting for a longer term will reduce your monthly repayments but will typically see you paying more interest over the term. QLD Money can help you choose a loan term that is right for you.
Balloon or residual payment. This is typically the final payment on your loan. However, a balloon payment may be used to reduce your monthly repayments, too.
