How to get your first Boat loan

How to get your first Boat loan:

Boats are always good fun, but they can be very expensive, because boat prices vary for $500.00 to $1,000,000.00 plus, there are more than enough different types of boat loans you can get,

To get you first boat loan is just like getting any other loan. You can either go to a broker or a bank or you can also get finance through a dealer. Brokers have many different lenders that they will choose for you to suit your needs and financial status, while a bank can assist you with many different type of loans that will suit you, a dealer will have one lender who they will always use.

Once you have chosen whom you are going to get your boat loan with will ask you for a range of different paper work that they would like from you such as:

  • 3 recent pay slips
  • 3 recent bank statements
  • Copy of you drivers license (back and front).
  • Medicare card (back and front).

You will also have to fill out an application form, which is asking all you details from your name to you assets and liabilities. If you have a car, bike or another boat that has no other finance on it and the lender can hold security over will give you more of a chance of getting approved for a boat loan.

If have had any credit defaults or been bankrupt you may need to have had finance before you applying for a boat loan. Boats and bikes are classified as luxury items where as a car is classified as a necessity, therefore bikes and boats attract much stricter guidelines than a car.

Once the lender has all the information they need they will then submit your information in to the system and see if you can be pre-approved, if you are pre-approved you will be given many different papers to sign, such as contracts, legal agreements and insurance policies if you would be going through insurance through you broker.

At this part of the process you will just have to wait for the lender to get back to see if you have been approved, once you have been approved you can go out and buy you boat.

If you ever need to have a chat about your options in taking out a loan please do not hesitate to contact us and one of our supporting staff would be more than happy to assist you with any concerns you may have. You can find us on our website or give us a call on 1300 955 791

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