| As Australians, we're born water babies. Our pristine | | | | off the mortgage. To be eligible for a chattel |
| beaches and waterways beckon us year round. For | | | | mortgage, the boat must be used for predominantly |
| most people, however, boats to enjoy the deep blue | | | | business purposes, such as a tour operator or fishing |
| are considered a luxury reserved for the wealthy. But | | | | operation. |
| owning a boat can be as simple as owning a car, | | | | - Commercial Hire Purchase for boats. A commercial |
| because there are a range of financing options | | | | hire purchase is where a finance company buys the |
| available to regular Australians. Your dream of owning | | | | boat for a customer, who is then granted use and |
| a boat could be within easier reach than imagined. | | | | custody of the vessel on a contractual basis while |
| Don't have enough money to fund the entire cost? | | | | making repayments. The borrower or business will |
| Most boat finance options available work in a similar | | | | gain ownership at the end of the contract term |
| way to car finance and are available from a variety | | | | when the price of the vehicle, plus interest, has been |
| of banks and finance brokers. If you're a business | | | | paid in full. |
| owner considering adding a water vessel to your | | | | - Boat leasing. When leasing a boat, a financier will |
| business operations or fleet, remember that many | | | | buy the boat on your or your business's behalf, and |
| options are also applicable, or especially for, business | | | | then lease it to you over an agreed period of time, |
| boat ownership. Here is a description of the most | | | | usually at a fixed cost. If you choose to lease, you |
| popular products available. | | | | won't own the boat until the end of the leasing |
| - Secured boat loan. A secured boat loan allows the | | | | period, at which stage you will usually be required to |
| borrower to borrow the money for the specific | | | | pay the residual cost remaining. The residual is usually |
| purchase of a boat. In this sense, the vessel acts as | | | | predetermined and reflective of the depreciated |
| security, or collateral, for the lender. If you fall behind | | | | value of the vessel. Boat leasing is often a popular |
| on payments, it can be seized. With the loan secured | | | | option for businesses since they don't technically own |
| against the boat, however, interest rates are | | | | the boat while leasing, it doesn't have to be included |
| significantly lower than regular loans. | | | | on their balance sheet. |
| - Chattel Mortgage for a boat. As a boat financing | | | | If the vessel of your dreams always seemed |
| option, chattel mortgages are reserved for | | | | financially unfeasible, consider these financing options, |
| businesses, and allow a company - whether as a sole | | | | which will allow you to enjoy the pleasures of boating |
| trader or a larger corporation - to secure a loan | | | | in Australia without having to shell out a lump sum of |
| against a boat. With a chattel mortgage, the business | | | | capital or savings. Wherever you're looking for boat |
| owns the vessel from the beginning and then pays it | | | | finance - WA, NSW, Victoria, Queensland or SA - |
| off monthly. Usually, the terms of the loan can be | | | | financiers will be able to provide more details and |
| suited to a business's requirements, and allows the | | | | information and help you enjoying the amazing |
| business to operate the boat at a profit while paying | | | | waterways of your home town. |