A boat loan is a type of personal loan created to help you buy a boat or other type of vessel. Handy Finance Boat Loans are secured and have a term of one to seven years. No deposits are required to secure your loan – all you need to do is apply online, and our team will send you an indicative decision within minutes. 

Our boat loans also consider your financial circumstances and can provide you with an interest rate tailored to your situation. Most customers use their Handy Finance Boat Loans to buy a brand new or secondhand boat. You could also use the boat loan to refinance your existing loan for a better rate.

With a Handy Finance Boat Loan, you can borrow between $2,001 and $75,000 and take advantage of flexible loan terms, ranging from one to seven years. Our boat loans offer a competitive interest rate and are fixed: this means you can expect a regular and consistent repayment sum over the terms of your loan. By tailoring repayment schedules to align with your financial situation we aim to make managing you loan easier for you. Boat loans can be used on a range of new and used vessels, too – fishing boats, houseboats, and yachts are all examples of what you could buy with your boat loan. There isn’t a vessel age limit that you need to consider, which may open up a lot of options.

Boat finance is a popular choice in Australia to make boat ownership more accessible. Boats, whether new or used, often represent a significant financial investment. A boat loan can enable buyers to spread the cost over more manageable repayments rather than making a large upfront payment. This can make it easier for people to afford their dream boat for fishing, cruising, or water sports without a large upfront outlay. Boat finance has proven particularly helpful for Australians who wish to take advantage of the country’s stunning waterways while maintaining cash flow for other priorities.

Pros:

• You could purchase a boat sooner without needing to save the full amount upfront.
• Boat loans often come with competitive fixed interest rates, providing stability in repayments.
• Flexible loan terms allow you to tailor repayments to your financial situation.

Cons:

• Interest and fees mean you may pay more overall than the boat’s purchase price.
• Missing payments could harm your credit score.

A boat loan can be an effective way to finance your purchase, but it’s important to borrow responsibly and ensure the repayments fit within your budget to avoid financial stress.

Yes, you can finance a used boat with a boat loan through Handy Finance. We offer financing solutions for both new and pre-owned vessels, which can provide you with flexibility to choose the boat that meets your needs and budget. Whether it’s a second-hand fishing boat, a sailing yacht, or a family cruiser, our financing options are designed so you can secure the boat you want while enjoying competitive interest rates.

The key difference lies in how the loans are structured. A boat loan is typically a secured loan, meaning the boat itself is used as collateral. This can reduce the lender’s risk, often resulting in lower interest rates compared to an unsecured personal loan. In contrast, a personal loan doesn’t require collateral, but it generally comes with higher interest rates and less flexible terms. If you’re buying a boat, a dedicated boat loan is a popular choice due to its potential cost-effectiveness and suitability for larger purchases.

Yes, Handy Finance allows you to include the cost of a trailer in your boat loan. This means you can cover the entire setup, including the trailer needed to transport your boat, under one loan. Including the trailer cost can simplify your financing and may mean you have everything needed to get your boat safely to and from the water. Provided that the main purpose of taking out a loan is for the purchase of a boat, then it can be qualified as a boat loan.

In most cases, the intended waterway does not directly impact your boat loan application. However, certain lenders may have specific conditions based on the type of vessel, its usage, or the associated risks. For example, boats used in open ocean waters may have different insurance or valuation requirements than those used on rivers or lakes. Discussing your intended use with the Handy Finance team can make sure your loan is structured to match your needs and circumstances.

The fundamental structure of a loan is the same for both powerboats and sailing yachts, but certain factors may vary. For instance, lenders might evaluate the boat’s resale value, purpose, or usage patterns differently depending on the vessel type. Powerboats, often used for speed and recreational activities, might have different insurance and valuation requirements compared to sailing yachts, which are typically designed for leisure and long-distance voyages. At Handy Finance, we offer loans for both types of boats, meaning you can get the best terms for your specific needs.

When you apply for a boat loan with Handy Finance, our team will need proof of identity (passport or driver’s licence), proof of income (such as recent bank statements) and any other loan or credit card statements to be able to assess your application.

You can get pre-approval on a Handy Finance Boat Loan. This means our loan experts will check your financial situation and give you an idea of how much you can borrow, all before you go boat shopping. You can apply for pre-approval online, and the pre-approval terms last for one month. Pre-approval can be helpful in giving you a realistic idea of your budget while shopping for your boat. At Handy Finance, you need to submit an online application, in line with our eligibility criteria, with all the relevant documentation and details to get pre-approval for a boat loan.

At Handy Finance, we offer secured boat loans of up to $75,000. This sum can go towards purchasing the new or secondhand boat you’ve had your eye on. If there are extra funds left over after the purchase of your boat, you can spend this money on other boat-related purchases, such as safety or general boat equipment, maintenance for an existing vessel, or other regular costs like mooring or fuel. The main purpose of your boat loan should always be to buy a boat.

If you do not need a loan just for boat-related purchases, there may be a better Handy Finance loan for you – speak to our team about your plans, and they’ll be able to point you towards the right product. 

Before finalising any loans, Handy Finance will do a credit check to assess your financial history. Once this check has been run, our loan experts will receive your credit score which can affect the interest rate in your quote and how much you could be approved to borrow for your boat loan.

Note that you can request a personalised indicative quote before you apply for your boat loan. This step doesn’t require a hard check, so it won’t affect your credit score. Getting a personalised indicative quote can be helpful in understanding what your borrowing power might be.

The eligibility criteria you need to meet to apply for a boat loan are:

• Be 18 years of age or older
• Be an Australian citizen or permanent resident
• Have a regular source of employment (including self-employment)
• Have no outstanding or unpaid defaults
• Have no history of bankruptcy or be party to a court judgment

Our aim at Handy Finance is to provide a smooth and easy pathway to your maritime dream. If you have any questions on whether you’re eligible for one of our boat loans, contact our credit team today.

All boat loans from Handy Finance are secured, and their main purpose should be to finance the purchase of a brand-new or secondhand boat. You may be able to use the boat loan for other related expenses – like maintenance, upgrading safety equipment, or fuel and mooring costs – as long as the main purpose is to buy a boat. 

All boat loan applications with Handy Finance are assessed by our experts on a case-by-case basis, so it is always important to provide as much information in your application as possible. 

Remember, if you need a loan for boat-related expenses, we could still help you! Contact our team today to explore the different personal loan options available at Handy Finance. 

Boat loans cover a range of water vessels – speedboats, yachts, fishing boats, houseboats and jet skis. 

Before you decide on the type of boat you’d like to finance with your loan, it’s a good idea to review your current expenses. This will give you a good sense of how much you can afford in repayments. Remember, it’s often prudent to include a smaller buffer for unexpected costs.

This helps set a limit as to what types of boats you could be able to afford.

To apply for a boat loan or any other watercraft loan through Handy Finance, you must be at least 18 years old. You’ll also need to meet other eligibility criteria, including proof of income and a stable financial history. If you’re considering your first boat loan, our team can guide you through the process to ensure a smooth and informed application experience.

Traditional bank lenders tend to have higher operating costs, which can result in higher rates. Handy Finance aims to keep rates low by keeping operating costs down and remaining focused on our mission – allowing people to live life to the fullest.

Fixed-rate loans are completely transparent from day one – because the rate doesn’t change, you know exactly how much you will be repaying and how often for the entirety of your loan.

Handy Finance aims to ensure borrowers with a good credit history are rewarded with better rates. Handy Finance’s boat loan interest rates are based on your personal credit history and evaluation against our credit scorecard. You can receive an indicative rate estimate in just a few minutes via our online application form. Any estimates provided do not constitute an offer or approval of finance. Your repayment amount and interest rate will be provided if an application is submitted and approved

With Handy Finance, you can repay most personal loans for up to seven years – our green loans have a maximum term of 10 years. Repayments are made weekly, fortnightly or monthly. 

Repayments on Handy Finance loans can be made weekly, fortnightly or monthly. You must use direct debit for all scheduled repayments. To make repayments ahead of schedule, log into your borrower dashboard and do so using BPAY.

If financial hardship is making repayments difficult to meet, please contact the Handy Finance team at 1300 990 115 or [email protected]

Boat loans from Handy Finance range between $2,001 and $75,000, depending on how much you need, your income, credit rating, and evaluation against our credit scorecard.