Yes, a personal loan that can be used to finance any number of things, including home renovations, holidays, car purchases - and a new boat.
When you use a personal loan to buy a boat, you need to think about not only the price tag on your new sail boat or dinghy, but also how much extra you’ll pay in interest and fees.
You can use a boat loan calculator to work out how much your monthly repayments will be and how much interest will be added to your bottom line. And remember - the key to keeping the price of your new boat under control is getting off on the right foot with the lowest rate boat loan.
You sure can! Start by comparing personal loan options below to find the one that suits your needs and budget. Then, when you’ve found the right fit, just click the blue ‘Go to site’ button to go through to the lender’s website, where you can get more information or start an application. You’ll be out on the water in no time!
Fixed
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Excellent Credit, Fixed
Terms from 2 to 3 years. Representative example: a 3 year $10,000 loan at 6.99% would cost $11,114.11 including fees.
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan
Variable, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
Read our Mozo Review to learn more about the Symple Loans Personal Loan
Fixed
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,405.64 including fees.
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!
Read our Mozo Review to learn more about the Wisr Unsecured Personal Loan
Fixed
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,208.67 including fees.
Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you'll likely qualify.
Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you'll likely qualify.
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 12.69% would cost $41,270.45 including fees.
Get same day approval on flexible personal loans from $5,000 to $55,000 on 1-7 year loan terms with NAB. Enjoy no fees for extra early repayments and get funds in your account fast. To be eligible you must be over 18 and be an Australian resident.
Get same day approval on flexible personal loans from $5,000 to $55,000 on 1-7 year loan terms with NAB. Enjoy no fees for extra early repayments and get funds in your account fast. To be eligible you must be over 18 and be an Australian resident.
Read our Mozo Review to learn more about the NAB Personal Loan
Fixed
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.
No account keeping fees. Apply online and get a fast decision, normally within 24 hours. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2020.
No account keeping fees. Apply online and get a fast decision, normally within 24 hours. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2020.
Read our Mozo Review to learn more about the CUA Unsecured Personal Loan
Excellent Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,580.23 including fees.
OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Fixed over 5 years
5 year term only. Representative example: a 5 year $30,000 loan at 6.99% would cost $35,633.67 including fees.
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
Be rewarded for your good credit history with low rates. Plus there are no ongoing fees and you can pay off your loan with no early repayment penalties. Simply apply online and get a quote in minutes.
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan - Excellent Credit
Fixed, Excellent Credit
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.
With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
Read our Mozo Review to learn more about the Plenti Unsecured Personal Loan
Fixed, Secured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.99% would cost $35,820.67 including fees.
Offering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.
Offering loans from $3,000 at a fixed rate for the life of the loan. You can check your personal loan interest rate before applying in 3 minutes with no impact to your credit score. Repayments can be made weekly, fortnightly or monthly and extra repayments are accepted.
Read our Mozo Review to learn more about the Latitude Personal Loan
^See information about the Mozo Experts Choice Personal loans Awards
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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
How much could you save by switching your personal loan? Compare savings from over 200 personal loans. Find out in a few clicks.
A boat loan is very similar to a car loan, in that you might find an option specifically designed for that purpose, or opt for a more general personal loan. Either way, the important thing is that you find the best deal that suits your needs, with a competitive interest rate, low fees and all the handy features you could dream of.
To help you get started on your search, we’ve answered some of the most frequently asked questions about boat loans below.
The price tag of a new boat can vary a lot depending on what kind you’ve got your eye on, from a two-person fishing dinghy, all the way up to a luxury yacht. That’s why the borrowing limit on boat loans varies as well - they often have a minimum borrowing amount, which can be as low as $1,000. Some also have a maximum amount you can borrow, though there are plenty of options without this limit.
How much you’ll be able to borrow depends on a few different factors, including your credit history, income, whether you’re securing your loan and which lender you’re applying with.
Just like with any other kind of personal loan, there are a few steps you can take to make sure you’re going to get the best possible deal when shopping for a boat loan, including:
There are a few key features that you should keep a weather eye out for when choosing a personal loan for your boat purchase, such as:
TOP TIP: Check the comparison rate. One super useful tool to work out the ‘true’ cost of a loan is the comparison rate. This is a percentage rate which takes into account interest and fees to help you compare loans on even footing. So make sure you check this rate while doing your comparison.
Before you get carried away by dreams of sailing the world and lazing around on the deck of your new yacht (or tinnie) take a minute to consider some of the pitfalls of a boat loan. Being prepared for these potential mistakes is the best way to avoid them, so make sure you don't get caught:
TOP TIP: Don’t forget the exchange rate. If you’re buying your boat from outside Australia, don’t forget to factor in exchange rates into the cost of your boat and plan for that when you crunch the numbers on how much you can borrow.
Having a bad credit history can put a damper on securing a boat loan, but depending on just what your credit history looks like and which lenders you approach, you should probably still be able to snag a loan. The downside is that generally, the worse your credit score is, the higher the interest rate you’ll pay and the trickier it will be to get approval.
If you’ve got bad credit, here are a couple of steps to consider before applying for a boat loan.
Yes! If you’d like to crunch the numbers on personal loan options from the Mozo database, all you need to do is scroll up to our personal loan comparison table and enter your loan amount and term. This will show you the estimated monthly repayment on each option listed in the table.
Or, you can head over and use our personal loan repayment calculator to work out just how much your brand new boat could stretch your budget. And if you’re tossing up between two options and not sure which one will save you the most, check out our personal loan comparison calculator to crunch the numbers on both side-by-side.
Curious about other vehicle specific loans? Check out bike loans, new car loans or even car refinance loans.
Excellent customer service in all areas. Highly skilled phone staff. Incredibly fast personal loan approval ($48000 towards my new preowned vehicle) for existing customer with a recent homeloan approval. Personal loan interest rates are seriously shabby and can be beaten elsewhere but if you get the (higher) variable option, you can pay it down hell for leather; they are quite flexible with their lending products. And their customer service is exemplary in my opinion. Just choose your products wisely and don't hock yourself to the eyeballs. Very convenient for existing customers. Good for female borrowers, whether working, retired, pensioners etc.
Read full reviewExcellent customer service in all areas. Highly skilled phone staff. Incredibly fast personal loan approval ($48000 towards my new preowned vehicle) for existing customer with a recent homeloan approval. Personal loan interest rates are seriously shabby and can be beaten elsewhere but if you get the (higher) variable option, you can pay it down hell for leather; they are quite flexible with their lending products. And their customer service is exemplary in my opinion. Just choose your products wisely and don't hock yourself to the eyeballs. Very convenient for existing customers. Good for female borrowers, whether working, retired, pensioners etc.
Its a bad joke, hidden fees / deceptive interest rates & sneaky brokerage. A network of lies.
Read full reviewIts a bad joke, hidden fees / deceptive interest rates & sneaky brokerage. A network of lies.
Terrible company to deal with, terrible customer service, not very flexible most certainly not helpful at all. Would not deal with them at all for anything ever again.
Read full reviewTerrible company to deal with, terrible customer service, not very flexible most certainly not helpful at all. Would not deal with them at all for anything ever again.
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