Using a consumer loan to buy a boat
Fancy a new boat but can’t afford the asking price? Then a consumer loan could be the perfect option. With this kind of loan, the lender will use your new boat as security for the loan which often means more affordable repayments. This is also why it’s sometimes called a secured loan.
How it works
When you agree to a consumer loan, your lender provides you with the funds to buy your new boat, and once you purchase it, you have ownership. However, the lender will take an interest in it as security for the money you borrowed. And as soon as you make your final payment, your lender will remove their interest giving you full ownership.
- Opt for repayment terms from one to ten years (12 to 120 months)
- Tailor your monthly payments to suit your means by arranging a balloon payment at the end of the loan term
- Choose either fixed or variable interest rates
- May receive a tax deduction if using the boat for business*
- Get lower interest rates with a secured loan
* Please refer to your accountant for eligibility.
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