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Frequently Asked Questions

We have included below some frequently asked questions that we receive regarding marine finance. Click on a question to expand.

I've applied for a loan online. What happens next?

If you have filled out our online loan application, one of our friendly team members will contact you to confirm your information.

Once your details are verified, we'll then go to work sourcing you the best boat loan approval possible.

Why should I get pre-approved for my boat loan?

Yes.  Armed with a boat loan pre-approval put you in a better negotiating position when dealing with a dealership or private seller

Being Pre-Approved loan also can save you from being disappointed if for some unforeseen reason your loan is not approved.  A switched on boat buyer will get pre-approved and know they are shopping with the knowledge that they are in control.

What’s involved in the boat loan application process?

A loan application usually only takes 5 -10 minutes. You will already have most of the information we require, without having to look for paperwork.

How long does the loan take to be approved?

Most loan applications take anywhere 24-48 hours to be approved. The approval time generally depends on the lender. We will endeavour to push the application through as quickly as possible in all circumstances.

How long does a pre approved loan last?

Pre-approvals generally last for 30 days, however, if you stay in touch and keep us informed, we can extend the expiry time of the pre-approval to suit your needs. 

I have bad credit. Can you help me?

Yes, we can help with bad credit or second chance finance, as long as the original debt is settled (paid) and you have confirmable good credit at a similar level since the default. A large deposit towards the loan can also assist in gaining an approval.

Should I apply to more than one finance company?

Generally no, the excess activity on your credit file will hinder your chances of gaining approval.

What is a balloon payment? And do you offer this?

A balloon payment (or balloon amount) is a lump sum from the total loan amount that is due to be paid at the end of the loan. 

Setting up a balloon payment enables the borrower to reduce the overall repayments of the loan, in exchange for having a large sum owing at the end of the loan period. When the payment is due, people have the option of either paying out the sum in a full or taking out another loan for this amount. 

Boat Loans Now offer a balloon payment option - please contact us regarding your application. 

Can you arrange loans for anywhere in Australian?

Yes, is the simple answer. We can help you with a boat loan across Australia including Sydney, Brisbane, Perth and Melbourne. Call us if you are unsure about your situation 1300 880 954.

Who is Boat Loans?

Boat Loans is part of one of Australia's leading finance brokerage businesses;  Aussie Finance Pty Ltd.  We hold an Australian Credit Licence (496991) and are members of the Financial Ombudsman Service (FOS) and the Finance Brokers Association of Australia (FBAA).

Boat Loans has access to a variety of finance options from our long-term associations with a broad range of competitive and trusted lenders. Our Finance Consultants are industry professionals with the knowledge and experience to tailor a solution for you.

Finance Brokers Association Australia MemberAussie Finance Pty Ltd | ACN 115 027 140
Australian Credit Licence Number 496991
GPO Box 4213,
Sydney NSW 2001

1300 72 99 90

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