Boat finance rates
These are the lowest available rates through Savvy as of July 2026:
Rates correct as of 20 August 2026. Rates are based on a $30,000, five-year loan term. Your actual interest rate will depend on factors including your credit history, financial position, the vessel being financed, loan amount, term and the lender's assessment criteria.
How does boat finance work?
Boat finance works much like any other secured loan. You borrow a set amount to purchase the boat, then repay it, plus interest, in regular instalments over an agreed term, typically between one and seven years.
In most cases, the boat itself acts as security for the loan, which means the lender can repossess it if you default on repayments. Because you're securing the loan against a boat rather than a car or property, some lenders apply different age limits and eligibility criteria than they would for other types of asset finance.
Secured vs unsecured boat finance
Secured boat loans come with lower interest rates and higher loan amounts than unsecured loans, making them more suitable as a finance option for most boats. Loan amounts can range from as little as $10,000 up to as much as $500,000 in some cases.
On the other hand, unsecured loans come without security requirements, meaning you can choose any boat you like without needing to worry about its age and condition. They’re often faster to process as a result and are flexible in allowing you to bundle other expenses into your loan. However, unsecured loans are generally capped at between $50,000 and $75,000 and come with higher interest rates and fees.
If your boat meets your lender’s requirements, you’re probably better off taking out a secured boat loan than an unsecured personal loan. You can speak with your Savvy broker about your options before you formally apply.
What types of boats can I finance?
There’s a wide range of boats for which you can get a loan approved through Savvy. We can help you finance any of the following vessels:
- Bowrider
- Cabin cruiser
- Catamaran
- Dinghy
- Motor cruiser
- Powerboat
- Sailboat
- Ski boat
- Trailer sailer
Not all boats are treated equal
"Sailboats, while romantic, can be harder to finance, whereas motorboats usually have more straightforward lending options. Some lenders may also require proof of a boat licence before approving finance, so it’s worth brushing up on waterway rules if you’re unlicenced."
How much does it cost to finance a boat?
The average boat loan amount approved through Savvy in the 2025-26 financial year was $46,813, at an average interest rate of 13.44% p.a. Based on a five-year term, that works out to monthly repayments of around $1,076, with $17,730 paid in interest over the life of the loan.
However, there’s a range of factors that go into determining the cost of your boat finance deal:
- Interest rate: the higher your rate, the more you’ll pay. It’s as simple as that when it comes to boat loans.
- Loan term: a longer term lowers your monthly repayments but increases the total interest you'll pay over the life of the loan.
- Deposit: putting down a deposit reduces the amount you need to finance, which lowers your overall interest bill.
- Fees: most loans will come with establishment and ongoing fees charged on top of interest, which can add a few extra hundred dollars overall. Not all lenders will charge both or either, though.
You can see how much small differences in rate can add up to over the life of your loan in the table below:
| Loan amount | Loan term | Interest rate | Monthly repayment | Total interest |
|---|---|---|---|---|
| $46,813 | 5 years | 7.50% p.a. | $938 | $9,469 |
| $46,813 | 5 years | 8.50% p.a. | $960 | $10,813 |
| $46,813 | 5 years | 10.00% p.a. | $995 | $12,865 |
| $46,813 | 5 years | 12.00% p.a. | $1,041 | $15,667 |
| $46,813 | 5 years | 14.50% p.a. | $1,101 | $19,273 |
| Loan amount based on average boat loan approved through Savvy in the 2025-26 financial year. Interest rates are for illustrative purposes only and may not reflect the rate you're offered. | ||||
Case study: Financing a boat with a secured and unsecured loan
Matthew is scouring the market for a fishing boat he can take out on the open water. He settles on a five-year-old Stacer 589 Wild Rider, which he finds online listed for $57,990. He's confident in the 12.00% p.a. rate he's been offered on a secured loan but isn't sure how long to take to repay it, so he runs the numbers across a few different terms:
| Loan amount | Loan term | Interest rate | Monthly repayment | Total interest |
|---|---|---|---|---|
| $57,990 | 3 years | 12.00% p.a. | $1,926 | $11,350 |
| $57,990 | 4 years | 12.00% p.a. | $1,527 | $15,311 |
| $57,990 | 5 years | 12.00% p.a. | $1,290 | $19,407 |
| $57,990 | 6 years | 12.00% p.a. | $1,134 | $23,638 |
| Calculations and interest rates are for illustrative purposes only and may not reflect the rate you're offered. | ||||
Matthew realises that stretching his loan from three years to six years would roughly halve his monthly repayments, but more than double his total interest bill. He’d be paying over $12,000 extra to borrow the same amount. He settles on a four-year term, landing on a monthly repayment he's comfortable with while keeping his overall interest well below what a five or six-year term would cost him.
Boat finance costs: new vs used
The difference in cost between new and used boats can make a material difference to the cost of your finance deal, as the following examples show:
Stacer 429 SeaMaster
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2026 | $37,000 | 10.72% p.a. | $799 | $10,959 |
| 2021 | $26,000 | 14.05% p.a. | $606 | $10,339 |
|
2026 2021 |
|
$37,000 $26,000 |
|
10.72% p.a. 14.05% p.a. |
|
$799 $606 |
|
$10,959 $10,339 |
Quintrex 481 Fishabout
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2026 | $55,000 | 10.72% p.a. | $1,188 | $16,290 |
| 2021 | $42,000 | 14.05% p.a. | $978 | $16,701 |
|
2026 2021 |
|
$55,000 $42,000 |
|
10.72% p.a. 14.05% p.a. |
|
$1,188 $978 |
|
$16,290 $16,701 |
Bar Crusher 615WR
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2026 | $105,000 | 10.72% p.a. | $2,268 | $31,099 |
| 2021 | $90,000 | 14.05% p.a. | $2,096 | $35,789 |
|
2026 2021 |
|
$105,000 $90,000 |
|
10.72% p.a. 14.05% p.a. |
|
$2,268 $2,096 |
|
$31,099 $35,789 |
Haines Signature 620BRX
| Year | Price | Interest rate | Monthly repayment | Overall interest |
|---|---|---|---|---|
| 2026 | $135,000 | 10.72% p.a. | $2,916 | $39,985 |
| 2021 | $109,990 | 14.05% p.a. | $2,562 | $43,742 |
|
2026 2021 |
|
$135,000 $109,990 |
|
10.72% p.a. 14.05% p.a. |
|
$2,916 $2,562 |
|
$39,985 $43,742 |
Prices for listed new and used models sourced in August 2025 from boatsales. Interest rates based on average new and used boat loan rates approved for good credit applicants through Savvy in the 2025 calendar year. Calculations based on a five-year loan term and do not include other purchase costs such as loan fees, boat registration and more.
How to apply for your boat loan with Savvy
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Fill out our online form
Tell us about yourself and the boat you’re after.
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Supply documents
Send through any necessary documents to verify your profile.
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Chat to your broker
We’ll give you a call to discuss the finance options available to you.
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Have your application submitted
Your broker will prepare and submit your application.
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Get approval and sign off
Once it's approved and settled, the boat is yours!
Why apply for a leisure loan with Savvy?
Are commercial boat loans available for my business?
Yes, boats can be financed for commercial purposes too, whether you're running fishing charters, tourism trips, water taxis or any other business that relies on a vessel. Commercial boat finance works in much the same way as a standard boat loan, but lenders will also look at your business's trading history, revenue and ability to service the loan alongside your personal financial position.
Depending on your business's structure and financial position, you may be able to access higher borrowing limits or more competitive rates than you would on a personal boat loan, since the vessel is being used to generate income for your business.
Can I cover other business equipment with my boat loan?
In some cases, yes. If your business needs additional equipment to operate the boat commercially, such as fishing gear, safety equipment or navigation systems, some lenders will let you roll this into your loan rather than financing it separately.
This will depend on the lender and how the equipment relates to the vessel's use, with equipment on the same invoice often able to be bundled into your chattel mortgage. If not, you may be required to take out a business loan to make this happen.
It's worth speaking to your Savvy broker about what you're after, as bundling equipment into your boat loan can simplify your finances compared to juggling multiple repayments across different lenders.
Most popular boats financed through Savvy: 2025-26
Quintrex is the most popular boat make financed through Savvy, which is reflective of its status as Australia’s most searched trailer boat brand. Over one in four boat loans approved through us in the 2025-26 financial year was a Quintrex, proving that they remain the people's choice when it comes to new boats.
In terms of some of the other popular brands in Australia, Stacer, Savage and Haines also occupied spots among the most commonly financed boat makes through Savvy in 2025-26.
Tips for financing the right boat
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Set out your budget before you apply
There’s no point applying for a loan if you can’t afford it. It’ll lead to a swift rejection or delay the process by requiring your lender to come back with a counteroffer. Work out exactly what you can afford before you submit your application.
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Do all the right checks if you’re buying a used boat
It’s important to know a used boat’s history before you buy it. This includes whether it has finance owing, its repair history and whether it’s been written off or stolen previously. A PPSR check allows you to find this information out without needing to rely on your seller’s honesty.
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Don’t just pick the first loan offer you see
Comparison is key when it comes to securing the best boat finance deal. By applying with the first lender you find, you could be leaving hundreds, if not thousands, of dollars on the table. You can do this yourself online or enlist the help of a broker like Savvy to do this for you.
