Boat Loans

Compare flexible and low rate loans for yachts, dinghies and other boats with Savvy today. Get started with a free quote.

No obligation. It won't affect your credit score.
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, updated on August 24th, 2023       

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Lower rates on boat loans

If you’re looking to add to the almost 1 million boats currently registered in Australia (as of July 2022), it’s important to take the time to consider what the best boat loan for your needs may be when purchasing it. That’s where Savvy can help you. We’re partnered with a range of reputable lenders who specialise in helping Australians like you secure finance for the boat or leisure craft you’re after with minimal fuss and maximum satisfaction. 

Marine finance your way

With the help of a member of our finance consultant team, the heavy lifting can be done for you on your boat loan application, with the entire process taking place online and handled by experts. We can help you source and purchase your next boat whether brand-new from a dealer or used in a private sale. You can get the boat finance process started with us today by taking out a free, no-obligation quote.

Boat Finance Banner

The features and benefits of boat loans with Savvy

Competitive interest rates

With so many lenders on our panel, we’re in a great position to help you compare options and pick out the loan offer which has the most affordable interest for your situation.

Repay over one to seven years

You can choose the time over which you repay your boat loan debt, ranging from as few as 12 months up to as long as seven years, providing a range of options for how you wish to service it.

Any boat, new or used

Regardless of whether you’re looking to buy a used dinghy or a brand-new yacht, Savvy can help you source your boat and financing from around Australia.

Up to 100% of your boat’s purchase price

We can help you get approved for a loan worth up to 100% of the purchase price of your boat, with no deposits required as part of the process (subject to your borrowing power).

Fast and online approvals

Through our simple online form, you can have your application completed in ten minutes and submit your documents to potentially have your loan settled within two business days.

Commercial solutions available

If you’re on the lookout for a boat for your business, such as if you run a fishing company, we can help you secure commercial financing through a chattel mortgage or leasing agreement.

Simple pre-approvals

You can also apply to get pre-approved through Savvy, which can provide you with a clearer idea of what your budget may be before you go out and start shopping around.

No effect on your credit score

When processing your application, your consultant will conduct a soft credit check, which means that applying through us will help you avoid your credit score being impacted.

Why apply for your boat loan through Savvy?

How to apply for a boat loan with Savvy

Our Process

Submit your online application

Firstly, tell us about yourself and the boat you’re after. This will help your consultant determine which lenders and loans are most suitable for you. You can do this online or apply over the phone.

Send through any necessary documentation

If we require any further documentation as a way to verify your income and employment, you can submit these via our online portal. You can also sign documents electronically here (such as your consent form).

Speak about your options with your consultant

Once we’ve compared from our lenders, your consultant will reach out to inform you of what the best options are and provide an indicative interest rate. If you’re happy, you can give the go-ahead to proceed.

Get approved, settle and sail away

Your consultant will prepare and submit your application for formal approval, which can come in as few as one business day. We’ll handle the settlement with your vendor, after which the boat is all yours!

Common queries about boat loans

Which types of boat can I finance?

There’s a wide range of boats for which you can get a loan approved through Savvy. Whether you’re looking for a sailcruiser, yacht, dinghy, motor cruiser, powerboat, keelboat, trailer sailer or anything else, you can apply for finance through us today.

How should I compare boat loans?

There are several key areas you should look at when comparing boat loans, which your consultant will also look at for you. These include:

  • Interest rates
  • Fees
  • Available loan terms
  • Minimum loan amount
  • Vessel eligibility criteria
  • Applicant eligibility criteria
Can I still get approved for a boat loan if I have bad credit?

We may be able to help those who have struggled with their credit in the past get approved for boat finance. You can speak with your consultant about what your available options are if you find yourself in this position and want to purchase a vessel to hit the water on.

Can I apply for a boat loan if I’m self-employed?

You can still qualify for a loan to purchase a boat if you’re self-employed, provided you can supply all the documents required to verify your income. Because self-employed individuals generally don’t receive payslips, you’ll typically be asked to provide the last one to two financial years’ worth of tax returns to display your earnings.

How do I work out how much my repayments cost?

There are many variables which help determine the cost of your repayments, such as the size of your loan, the length of your term and your interest rate. However, you can quickly and easily work out what these may be by using Savvy’s boat loan repayment calculator. This enables you to input all the above variables, as well as how often you’ll make repayments, to provide an estimate of how much your loan may cost you per instalment or overall.

Will I be able to take out a boat loan if I’m retired?

We may be able to help applicants who have retired and are looking for finance for a boat, provided the income you’re receiving is stable enough to support your repayments. Some of our lending partners accept the aged pension as a source of income, so your consultant can help you find a suitable loan for your needs.

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