Boat Loans

Personalised Loan Shopping

See which lenders will give you the best boat loan. Instant online results.

$

This is a totally free process and will not affect your credit rating.

Boat Loans
Fast, Stress free, No obligation

Here's how easy it is

Icon of a form

One smart-form

Simple & quick, we narrow down the lenders you're eligible for.

Icon of a graph in a hand

Personalised rates

See multiple lender rates you actually qualify for, all at once.

Icon of a hand holding a bag of money

Checkout with confidence

After easily comparing, select the lender who best suits you.

MONEY HAS BEEN FEATURED ON:

Our mission

Money.com.au (Money) is on a mission to enable Australian consumers to enjoy an online shopping experience for financial products, starting with personal loans.

We believe that by providing you with fair & transparent choice, we will achieve our mission, and help more Australians get better deals (more for your money).

Putting you first means:

  • We only show you loans you qualify for, ranked by the lowest repayment

  • We show you “apples with apples” loan comparisons (by simplifying & standardising information)

  • We do not accept paid endorsements or promote lenders based on commission.

Illustration of a business woman launching to the moon

Compare personal loan rates

Loan Amount
Loan Terms
Interest Rates
(APR)
Comparison Rates
(APR)
$5,000 - $50,000
18 - 84 months
5.95 - 17.95% 5.95 - 17.95% Get your rate
$5,000 - $50,000
1 - 5 years
6.99 - 20.49% 6.99 - 22.06% Get your rate
$5,000 - $63,000
3 - 7 years
6.49 - 20.45% 7.22 - 21.28% Get your rate
$5,000 - $63,000
12 - 36 months
19.95 - 28% 35.97 - 47.66% Get your rate

Key features of a boat loan:

  • Borrow from $2,000 to $100,000+

  • Fixed or variable interest rates

  • Repayments to suit your budget

  • Terms from 1 to 10 years (most common is 3 years)

  • Secured & unsecured options

Who is eligible for a boat loan?

  • Australian Permanent Residents (& some visa holders)

  • Must be over the age of 18

  • Earn a minimum of $25,000 a year

Learn more about boat loans

What is a boat loan?

If you’re thinking of buying a boat you’ll need to consider how you’re going to finance the purchase.

While some may choose to purchase their boat outright, if you’re unable to fully finance your purchase, you may wish to consider a boat loan from an Australian lender.

A boat loan is a secured or unsecured vehicle loan that enables you to buy a boat, jet ski or other watercraft. You’ll borrow an amount of money to finance the purchase of the vessel then repay the loan amount - plus interest - over a fixed term. Repayment periods differ from lender to lender but are usually offered as either weekly, fortnightly or monthly. Because boats can be expensive, specialist boat loans often have higher maximum loan limits.

Secured vs unsecured boat loans

A secured loan uses the boat you purchase as security. In other words, if you default on your payments the lender has the power to repossess the vessel to recoup their losses. This lowers the risk for the lender, which might mean you’re able to access a longer loan term, lower interest rates and a high maximum loan limit.

An unsecured loan is not secured against the boat you purchase. These loans usually have higher interest rates, lower maximum loan limits and a shorter loan term, but they may permit you to use the funds for any reasonable legal purchase. That includes buying equipment you need for boating like fishing or water sports gear.

Secured boat loan vs unsecured boat loan

Secured
Unsecured
Maximum amount
Higher
Lower
Rates
Lower
Higher
Use of funds
May be limited to buying the boat itself and may restrict the type of boat you can buy
Usually flexible - funds can be used for any reasonable legal purpose

Money Tip: You’ll often get the best deal if you can compare fees, rates, and repayments on multiple boat loan offers from multiple lenders. You can do that simply by using our smart-form.

Where to get a boat loan

You can generally get finance for purchasing a boat through:

  • Non-bank lenders

  • Boat or vehicle finance brokers

  • Boat dealerships

Non-bank lenders

Many non-bank lenders offer loans designed for purchasing boats, while others offer unsecured loans that can be used to purchase a vessel and personal equipment.

Boat loans from a non-bank lender may have:

  • Same-day or next-day approval.

  • A high maximum loan limit if the loan is a specialist boat loan product.

Boat finance broker or vehicle finance broker

Brokers are finance experts who can find the most suitable finance and lenders for their clients. During the process, they’ll offer expert advice on a range of financial products and assistance with the boat loan application to your chosen lender.

A vehicle broker may charge a fee, however they are often a highly useful option if you are unsure about loan products, or are unsure about your application.

Boat loans from a broker may include:

  • A one-time fee for their services - some brokers may not charge a fee.

  • Advice about selecting the most suitable finance option for your boat purchase.

  • Assistance in completing and submitting your application.

Compare boat loans and rates

Boats can be expensive, so any loan used to purchase one should be carefully selected. Take the time to compare all your options and make sure you can comfortably afford the repayments over the lifetime of the loan.

You can compare boat loans by looking at:

  • Rates

  • Fees

  • Terms

  • Features and Flexibility

Fees

Boat loan fees may include establishment fees, early termination fees, and other charges. Make sure you know how much you’ll pay by checking the boat loan’s Product Disclosure Statement and comparison rate (a single rate which includes both interest and fees).

Interest rates

Interest rates are the biggest cost of almost any boat loan, so keep an eye out for a low rate if you can find one. But you should also keep in mind, the loan with the lowest interest rate isn’t always the cheapest - you need to look at fees, loan term and loan features to accurately compare your options.

Loan term

Specialist boat loan lenders usually offer longer terms, up to a maximum of 10 years. Try to choose a loan term that balances repayment affordability with interest and fee savings.

Loan features and flexibility

Different boat loan features may offer flexibility, or make your loan easier to repay. For example, some allow fee-free early repayments, which could make it easier to pay your boat loan off quickly and save on interest. Others may allow you to borrow more than 100% of the boat’s value to buy boating equipment.

How to qualify and apply icon

How to qualify and apply

You can generally qualify and apply for a boat loan in Australia if you’re:

  • 18 years of age or older; and

  • An Australian citizen or permanent resident; and

  • Employed, with a regular source of income that you can demonstrate

If you meet the basic eligibility for a motorcycle loan, you will then need to compare lenders and assess their individual approval criteria.

During the application process you may need to provide the following documents and information:

  • Proof of identity — e.g. passport or driver licence

  • Proof of income — e.g. payslips, bank statements

  • Details of any current debts or other loans

If you’re using a boat as security on the loan, you may also need to provide details about the vessel including its age, where you bought it and the type of vessel it is.

Money Tip: Most lenders offer boat loans with terms from one to seven years, with a few specialist lenders offering 10-year terms.

Summary icon

Summary

A boat loan is a specialist finance product used to purchase a boat, Jet Ski, or other watercraft. Boat loans can be secured or unsecured, and are available from a range of lenders including banks, non-bank lenders, vehicle finance brokers and dealership finance.

Secured boat loans often have higher maximum loan limits, longer terms and lower interest rates than other types of personal finance, such as personal loans. When choosing your boat loan compare as many options as possible, looking closely at:

  • Interest rates and fees

  • Loan terms and borrowing limits

  • Loan features and flexibility

  • Any limitations on the type of boat you can purchase

  • Any additional costs you can cover with the boat loan

How much money do you need?

Here are the most popular questions people are asking about boat loans:

Do I need to use my boat as security to get a boat loan?

In most cases no. Many lenders offer unsecured boat loans but these may have higher interest rates and lower maximum loan limits than secured boat loans.

How much can I borrow?

Each lender has different credit criteria and lending policies and the amount they lend to you will depend on their assessment of your ability to afford repayments. Maximum loan limits for boat loans can be up to $200,000 or more.

Minimum Amount
Maximum Amount
$2,000
up to $200,000

How long can I borrow the money for?

Most lenders offer boat loans with terms from one to seven years, with a few specialist lenders offering 10-year terms. Keep in mind that a longer term may mean lower repayments, but it’ll also mean you pay more interest and fees over the life of the loan.

Minimum Term
Maximum Term
1 year
10 years

How much will I need to borrow?

Secured boat loans usually only allow you to borrow the purchase price of the boat, which means you may not be able to borrow extra funds to buy equipment.

Unsecured boat loans can generally be used to fund your boat purchase and anything else you might need - e.g. boating and safety equipment, paint, or vinyl decals. When applying, consider what extra costs you might need help covering:

  • Boat maintenance: a rule of thumb is that maintenance costs up to 10% of the boat’s value per year.

  • Safety equipment: you’ll need a personal flotation device for each passenger, an anchor, and other safety equipment. This can cost anything from $500 to $5,000.

  • Boating equipment: you might want fishing gear, watersports equipment or other boating equipment to use with your boat. This can cost anywhere from $100 to $10,000+.

The most important factor to consider when working out how much you need to borrow is your regular repayments. You should always work out your regular and total repayment amount before borrowing and be absolutely certain that you can afford them easily.

Can I get a boat loan if I have bad credit?

Most lenders will not offer you a boat loan if you have bad credit so it may be better to apply for a bad credit loan instead.