-Fixed & variable rate loans
You can avail of any option. A fixed rate loan charges higher rate of interest as the rate is fixed and the monthly payments do not change at all over the period of the loan taken. As the name suggests, variable rates change over the period of the loan. Usually, the first year is like the fixed rate, thereafter the rate changes for the remaining loan period.
-Fees
Find out about the closing costs and loan related fees like processing and underwriting fees, the cost of a credit report, application fee, appraisal fees and tax service fees. However, the fees may not be limited to only these, there may be more you might want to consider.
-Prepayment penalties
Some of the loan institutions may have a penalty for paying your loan before the agreed time. Make sure to inquire about them specially if there's a possibility of you acquiring a large income during the loan period.
-Investment standpoint
Buying a boat is an investment for you, so you can deduct the interest expenses on your tax return.
-Loan Process
You need to find out how long will it take for your loan application to be processed.
-Choosing a lender
When choosing a lender, make sure they specialise in boat loans because they are different for the other loans and also laws differ for a used boat and a new boat or a boat upgradation.
Financial Institutions offering Boat Loans
-FINLEASE (AUSTRALIA) PTY. LTD.
Unit 26, Norberry Terrace
177-199 Pacific Highway
North Sydney NSW 2060
Ph: +61 2 9959 3122
They have offices at Melbourne and Brisbane also.
-STRATTON FINANCE
PO Box 182
Albert Park
Victoria VIC 3026
Australia
Ph: 1300 132 058
They Have offices in Queensland and Victoria and offer nationwide services.
-PROPER FINANCE SOLUTIONS
Level 1, 1104-1108 Toorak Road
Camberwell, VIC 3124
Australia
Ph: +61 3 9809 1444
Mobile: +61 423 055 241
-AUSSIE BIKE, AUTO & BOAT LOANS PTY. LTD.
Unit 4 / 2 Booran Street
Slacks Creek 4127
QLD Australia
Ph: 07 3387 8222
-ESANDA
Level 12 / 77 St Georges Terrace
Perth WA 6000
Ph: + 61 8 9323 8222