Boat Financing Loan | Chattel Mortgage
A Boat Financing Loan is also know as a Chattel Mortgage. It is used by businesses wanting to purchase a new or used boat for commercial use. Businesses from sole traders, partnerships and trusts to large corporations can use a Chattel Mortgage to secure a loan against a boat. The business owns the boat from the start of the agreement.
To qualify for a chattel mortgage you must:
- Be an ABN holder.
- The boat or motor vessel must be used for a minimum of 50% business use.
Advantages of a Boat Financing Loan
- Up to 100% finance, no deposit loan for approved customers.
- GST registered customers can claim the GST portion of the purchase price.
- Access to possible tax benefits where the boat is used to generate income (check with your accountant).
- No GST is charged on the monthly mortgage repayments.
- Low establishment fees and monthly fees with no payout penalties.
- Terms from 1 to 7 years.
- Fixed interest rate.
- Fixed monthly repayment schedule.
- Boat loans from $5000.
- Balloon payments are available.
Apply for Boat Financing Loan
Call one of our AAA Marine Finance Specialists today to get your business on the water tomorrow!
Call (07) 5493 1222 or make a Quick Loan Enquiry Now. One of our friendly team members will be in contact with you shortly.
Insurance is a must. Insurance protects both your boating asset and your boat financing loan. Comprehensive Boat Insurance is a mandatory requirement by all of our lenders. We offer very competitive comprehensive boat insurance. Call today for a quote. Gap Insurance and Loan Protection Insurance are both products that protect your loan and your credit rating.
Useful link | National Standards for Commercial Vessels
The Australia Maritime Safety Authority has become the single national regulator from 1st July 2013. The AMSA will be reviewing the National Standards for Commercial Vessels. This link can help you keep up to date.
*The Comparison Rate is calculated on a Secured Loan of $30,000 fixed for a term of 5 years, effective 12/06/2015 and subject to change. WARNING: The Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.