Important disclosure

Boat Loans & Boat Financing

Don’t leave your plans of owning a boat dead in the water. Compare boat loans in Australia and calculate repayments below to discover options that also take your budget and needs aboard.

Learn more about boat loans >

Compare boat loans

Loan Amount

$10,000

Term

3 months

OurMoneyMarket

Low-Rate Personal Loan - Excellent Credit - Zero Fee

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Plenti

Unsecured Personal Loan - Exceptional Credit

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Now Finance

NOW Finance Unsecured No Fee Personal Loan

EST Monthly Repayment
EST Monthly Repayment
6.75%
Advert. Rate (p.a)
Comparison rate
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 26.95% p.a.*
Liberty

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Secured) - Very Good

EST Monthly Repayment
EST Monthly Repayment
6.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Good

EST Monthly Repayment
EST Monthly Repayment
7.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Average

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Plenti

Plenti - Personal Loan - Very Good Credit

EST Monthly Repayment
EST Monthly Repayment
12.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Liberty

Unsecured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
Plenti

Plenti - Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
14.99%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Arab Bank

Unsecured Personal Loan - Variable

EST Monthly Repayment
EST Monthly Repayment
15.60%
Advert. Rate (p.a)
Comparison rate
You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!
ANZ

ANZ Variable Rate Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're looking to buy a new car, take a holiday, renovate your home or you want to consolidate debt, ANZ could help you with a Variable Rate Personal Loan.
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.

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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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motor boat cruising

Boat loans in Australia – Spend more time out on the water

Need a boat at your beck and call, so you can get out on the water more often? Whether it’s on a calm lake, a winding river, or blue ocean waves, charting your own course on Australian waters can be a fantastic experience. There’s also the solo fishing trips and family cruise adventures that make owning a boat well worth the purchase.

But, if your dream boat looks like it’s about to capsize your budget, read our boat loans guide. Here, we break down everything you need to know about getting the extra cash you need.

What’s a boat loan?

Boat loans are simply personal loans where the borrowed funds are working part-time or full-time to cover the purchase of your vessel. Since boats are notorious for being expensive, most Aussies find they need a financial leg up before they can put the wind in their sails.

Therefore, you can enlist the help of a personal loan to buy a new or used boat for either leisure or business purposes. Depending on the lender and your circumstances, you can also:

  • Purchase through private or commercial sales
  • Borrow up to $100,000 or more
  • Repay the debt over long periods of up to 10 years
  • Use the funds to cover other expenses (for unsecured loans)

How do boat loans work in Australia?

In keeping with typical personal loan features, boat loans can be divvied into the following types:

  • Secured. A secured personal loan for a boat is one where the boat’s value fills in for your repayments if you default. In other words, the lender will sell the vessel to recover any losses should you fail to repay. Since they can always convert the boat into cash, the lender doesn’t consider the arrangement too risky. As a result, you’re likely to get a competitive rate when you opt for a secured loan. However, because secured loan amounts tie in with the boat’s value, you might not be able to borrow extra to cover additional expenses.
  • Unsecured. If you settle for an unsecured personal loan, you won’t have to use the vessel as a guarantee. That means there’s no risk of repossession on your side. However, without this token of assurance, the lender’s risk is a bit greater. They’re more likely to charge corresponding higher rates in case you fail to follow through on your repayments. Compared to secured loans, unsecured loans might also be capped low for loan amounts and repayment periods.
  • Variable-rate. A variable rate changes every once in a while, which leaves you with an inconsistent budget. The good news is, if the rate drops, your repayments also follow suit. But, keep in mind your potential savings can quickly vanish if the rate starts going up.
  • Fixed-rate. A fixed rate generally stays untouched even when the Reserve Bank cash rate fluctuates. The upside is your budget won’t hear of any sudden increases or adjustments. But, if the cash rate drops, the downside happens when you miss out on savings.

What type of costs are associated with buying a boat?

As mentioned earlier, owning a boat doesn’t always come cheap. Before touching base with any lender, it’s best to stockpile the major costs involved, so you know what you’re getting into:

  • Buying the boat. The purchase can easily run into hundreds of thousands of dollars, depending on your selection. If you’re looking for something less pricey, some small vessels cost as little as $20,000.
  • Registration and license fees. This varies with location, but you might need to cover compliance costs if you plan on mooring or berthing on Australian waters.
  • Buying basic equipment. Before you go adrift, make sure you haven’t skimped out on essential safety gear such as life jackets, GPS, and rope. If you’re invested in your hobby, you might also need some non-essential accessories and electronics.
  • Fuel. Your operating costs should factor in how much fuel you’ll use. Fuel consumption typically depends on horsepower, the vessel’s size, and how long the motor runs during boating activities.
  • Upkeep and repair. You can lower the cost of maintenance by keeping your boat covered and giving it regular freshwater washes. You’ll still have to pay up for services like oil changes and antifouling. Expect to pay more for pre-owned boats, which require a bit more TLC.
  • Storage. Again, you can cut costs if you have a driveway, garage, or backyard space available. For larger vessels, you might have no choice but to pay for marina berths and mooring fees.
  • Boat insurance. Ideally, you’ll need full coverage for offshore and onshore protection of your vessel. Consider all options, including specialist marine insurance.

What common types of boats can I finance?

Aussies are well known for their love of boating. It’s no surprise you’ll be one of thousands enjoying this fun recreational activity. You can expect to see all sorts of boats on Australian waters, including:

  • Bass boats. Built for fishing with anglers, livewells, bow-mounted electric motors, and sufficient horsepower.
  • Bowriders. Most suited for lake cruises, skiing, and wakeboarding because of their spacious open-bow areas.
  • Cruisers. The vessel comes with full-living quarters and basic amenities such as a toilet, shower, and kitchen.
  • Cuddy cabins. These have cabins at the bow for afternoon naps and overnight trips.
  • Catamarans. Multi-hull, power and sailing boats with all basic amenities for prolonged cruising and fishing trips.
  • Dinghies. Small boats that can fit on larger vessels. Great for fishing and shallow water activities.
  • Gameboat. Designed for hunting big fish and equipped with cooking galleys and sleeping berths.
  • Houseboats. Floating ‘homes’ with all the creature comforts of modern apartments.
  • Ski and waterboard boards. Designed for watersports and tow sports involving a variety of skiing tricks, jumps, and other open-water feats.
  • Sailboats. These have sails that harness wind power to move the boat.
  • Runabouts. Open boats with limited space, a steering wheel, and a small windscreen. They’re most suitable for fishing and tow sports.
  • Trawlers. They have displacement hulls for efficient cruising and basic amenities for those long water trips with family and friends.
  • Walkarounds. Provide full walk-in access to any part of the boat, including the central cabin and the stowaway seating area.
  • Centre consoles. Open boats designed for deep water fishing.
  • Motor yachts. Powerful boats for offshore cruising and long stays that require sleeping berths, cooking galleys, and proper air conditioning and plumbing.
  • Canoes and kayaks. Affordable options that make for easy storage and transport.

How do I carry out a boat loan comparison?

A personal loan comparison is handy when you want to avoid paying a boatload of cash to cover finance costs. You’ll also want to ensure the loan comes with as many flexible features as possible. Look out for the following:

  • Interest rate and fees. A low rate needs to be combined with low fees for maximum savings. A look at the comparison rate usually tells you the real cost of a lender’s offer. That’s because the comparison rate includes the interest rate plus other fees and charges such as establishment fees, ongoing monthly service fees, and late payment fees.
  • Loan terms and amounts. Check to make sure the lender offers you enough funds to buy the boat and sufficient time to pay off the debt.
  • Monthly repayments. BestFind’s boat loan calculator lets you estimate your repayment amount, so you can figure out which amounts and terms work for you. Be mindful of super long terms that increase borrowing costs.
  • Other convenient features. Ideally, you’ll want an option that makes for smooth sailing. For instance, some lenders allow you to make extra and free repayments, which you can then withdraw any time you need them (redraw facility). Others offer flexible repayment plans where you can make loan repayments per week, fortnight, or month according to your personal timetable. Still, others offer excellent customer service and specialised marine finance. Such options typically have more streamlined features than those for standard secured personal loans.

Pros of boat loans

  • It’s a quick way to become a boat owner since you don’t have to build up your savings
  • You can negotiate a competitive rate when you choose a secured loan
  • Flexible repayment periods that allow you to repay the debt at an affordable pace

Cons of boat loans

  • You’ll typically need to borrow large amounts, which can lead you further into debt
  • They may work similarly to secured car loans since you risk losing the vessel when you default

Boat loans FAQ

How do I apply?

Start by comparing loans using BestFind’s product table and boat finance calculator. Once you’ve found the perfect option, click the right “Go to Site” button. During your online personal loan application on the lender’s website, you’ll need to supply the following:

  • Copies of your ID, payslips, and bank statements
  • Basic contact information and details about your employment and finances

What should I avoid when searching for a boat loan?

Give unlicensed finance providers and unaffordable loan amounts a wide berth. Also, don’t rush to sign up for a loan without first lining up your options.

Can I get a boat loan with bad credit?

A low credit score might make getting approved tricky, but if you’re successful, you’ll also meet high interest charges. Most bad credit boat loans are secured, which means you lose the vessel if you default.

Where can I find jet ski loans?

Read our guide to find out about personal loans for jet skis.

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