| You can get a boat loan for purchasing a boat for | | | | your turnover and other figures may also be checked |
| personal or commercial purposes. A boat loan, just | | | | by the lender before granting final approval to the |
| like an auto loan, can be structured for meeting your | | | | boat loan. You may have to pay an establishment |
| financial needs. In Australia, an average boat costs | | | | fee of $500 during submission of loan application |
| $20,000. By applying for a boat loan to the extent of | | | | which will be refunded to you in case your boat loan |
| $2500, you can buy a small aluminum boat worth | | | | is not approved. However, there are no on-going |
| $3000 and enjoy good fishing and surfing. The | | | | fees on a boat loan. In some states it is mandatory |
| minimum boat loan amount is $10,000. You can avail | | | | to pay a stamp duty on the boat loan contract. |
| boat loans from some lenders only if you happen to | | | | A boat loan is generally given for a period of 1-5 |
| purchase through an acceptable marine merchant, or | | | | years. You must take into account your cash flow |
| in places where there is office representation such as | | | | before deciding on the term of the boat loan. The |
| in NSW, Queensland and WA. | | | | longer the loan term and greater the residual value, |
| You must be an Australian citizen, permanent resident | | | | the less your monthly payments will be. You can also |
| or a person having an approved working visa and | | | | be free from the problem of unpredictability of |
| should be over the age of 18 years to be eligible for | | | | interest rates because a boat loan is usually given on |
| a boat loan. You may not be successful in getting the | | | | a fixed-rate basis. You will incur break costs if you |
| boat loan if you have poor credit history or if you | | | | plan to repay your boat loan before the end of the |
| are bankrupt. Also, you may have to furnish some | | | | term. If interest rates have increased, you may have |
| important details in support of your boat loan | | | | to pay some form of fee for loss of interest income |
| application to become eligible for boat loans. These | | | | resulting from the break of your loan contract. If |
| vital documents include details of your income, | | | | interest rates have decreased then the break costs |
| liabilities and assets, driver’s license as well as | | | | will be equivalent to the difference between the |
| you employer’s contact details. The information | | | | interest the lender will now receive and what you |
| submitted by you will be verified duly by undertaking | | | | would have paid under your boat loan. You can also |
| a cross check with your employer. | | | | plan to buy a used boat which will work out to be |
| Even if you are self employed, you can be eligible for | | | | cost effective. However, it is advisable to take up |
| a boat loan. However you may have to provide your | | | | complete research before buying the boat of your |
| accountant's details in this case. Details pertaining to | | | | choice. |