Your perfect boat finance rate is only a few clicks away.

Assess all your options

From personal loans to secured loans to even shopping with a credit card, there are many ways to finance a boat. It’s absolutely worth taking your time to ensure that you’re getting the best possible boat loan available and that you’ll be able to meet your repayment obligations. Driva works with a panel of more than 30 lenders to give you as many options as possible and the confidence that you’re getting the most competitive rate out there.

Check the comparison rate

When you’re comparing loan options, it’s a good idea to check the comparison rate, as this figure includes almost all of the fees you’ll be charged (so it’s an accurate representation of how much you’ll end up paying). Be wary of relying solely on the APR (Annual Percentage Rate) as this doesn’t include any fees so can be a bit misleading. 

Make a checklist

Before you start shopping around, we recommend making a checklist of all the features you need from your loan. For example, you might be looking for a loan where you can make early repayments if needed, or your biggest priority might be making the smallest monthly repayments possible. 

Secured boat loan

With a secured loan, your new boat will be used as collateral. This gives your lender the security that, in the event you can’t meet your repayment obligations, they’ll be able to repossess the boat and recover their funds. Because you’re giving your lender this security, they’ll normally pass on a lower interest rate. Secured boat loans are normally used for brand new boats.

Unsecured boat loan

By comparison, unsecured loans don't require any asset to be used as collateral. Because you’re not giving your lender the same amount of security, you’ll probably have to pay a higher interest rate. If you default on your loan, the lender won’t be able to immediately reclaim your boat, but you might face legal action down the line. 

Commercial boat finance

If you require a boat for business purposes, Driva can help with that too! We have a number of commercial finance options available, including chattel mortgages, hire purchase arrangements and novated leases. 

Our panel of more than 30 lenders can facilitate loan amounts from $2,000 to $250,000. No matter your budget, there are boat loan options available to you.

If you’re looking for a boat to use in a commercial setting, Driva can help with that too! We have a range of business boat loans available, like novated leases, hire purchase agreements and chattel mortgages. If you’re a sole trader looking to buy a boat, you’ll be able to access both commercial and consumer marine finance products.

Learn More: ‘Buying A Vehicle For Your Small Business - 3 Important Things To Consider.’

Nope! When you apply for your personalised quotes, we’ll run a soft credit check to find your best rates. This means that we’re able to access the same score that lenders use to price your loan without recording an inquiry on your credit file or affecting your credit score in any way. You can also use our boat and vehicle loan calculator to figure out how much you could borrow and what your monthly repayments might look like.

Yes. Driva can help you get pre-approved for a specific loan amount with a fixed interest rate before you even start shopping for boats. This gives you the confidence to shop with a set budget in mind of what you can spend, which also makes it easier to negotiate. Even if you’re not sure of the exact amount or boat you’re wanting to buy, we can still help you get pre-approved, and you can update the loan amount and boat before your loan settles. Note that your pre-approval period must be no longer than 90 days.

Every lender has different eligibility requirements and criteria that they use to assess your application and price your loan. For some lenders, your credit score is the most important factor, and the higher your score, the lower interest rates they’ll be able to offer you. In this case, having a bad credit score could make it harder to get a loan with a good rate. However, for other lenders, there are more important factors when it comes to pricing your loan, like your employment status and the loan amount you’re seeking. 

If you’re interested in finding out what your current credit score is, or understanding more about your credit history, you can access this information for free directly from Equifax. You can also reach out to the Driva team directly to discuss how you can improve your credit rating and understand the rates you’re eligible for. Feel free to get in touch on 1300 755 494 or email us at contact@driva.com.au.

Absolutely! At Driva, we understand that purchasing a boat can be a significant financial investment, and we're here to help you secure financing for your dream vessel, whether it's new or used. We work with a range of lenders who offer financing for second-hand boats, so you can find the best personalised interest rate that suits your needs and budget - with no hidden fees and any early termination fee, balloon payment and the actual cost of the loan outlined clearly in all our options. 

Additionally, we can also help you secure finance for other watercraft, including jet ski loan options. A Jet ski is a popular choice for those who enjoy spending time on the water, and we can help you find financing options that fit your individual circumstances.

Our team of finance professionals can guide you through the process of securing a boat loan or personal loan from the initial application to final approval. We make the process simple, easy and stress-free and can even secure boat insurance for you so that you can focus on enjoying your new vessel. If you’d like to check out how much you can borrow quickly be sure to check out a boat finance calculator.

Every lender charges fees in addition to interest. The important thing is understanding these fees when you’re comparing loan options, and ensuring that you’re including these in your budget. These fees could include establishment fees, early repayment fees or a termination fee. When you view your marine finance options on the Driva Dashboard, the rates you see will include all lender fees and charges. This means that the price you see is exactly what will come out of your account each month (with no sneaky fees!). 

After your loan has settled with your chosen lender, you’ll begin making regular repayments (plus interest and fees) to pay back the loan. These are normally monthly repayments, but depending on your lender you might be able to access some more flexible repayment conditions, such as making weekly or fortnightly payments instead. To get an idea of how much you could expect your repayments to be, you can play around with our boat loan repayment calculator.

If you’re not completely happy with your current boat finance arrangement, Driva can help you refinance your loan.

Because boat loans are a fixed rate finance product, the amount you pay each month will not change over the duration of the loan. While this makes it easier to budget for the future, it also means that the only way to access a lower interest rate, more flexible loan terms or take advantage of your improved credit score, is to refinance your loan.

With a wide range of lenders on our panel, we’re confident that we can find a refinance arrangement that works for you. 

We have loan terms available from 1-7 years. 

Boat finance works in virtually the same way as all other types of vehicle finance. The first step is to head to our Driva Dash and fill out an online application form to get your personalised boat finance options. This takes around 60 seconds and you'll be able to see all of your best rates in one place, but the final decision on which lender to go with is entirely up to you. 

We'll do all the necessary checks to ensure that your loan is likely to be approved before passing your application on to your chosen lender. Approval normally takes between 2 hours and 2 days, but this can vary depending on which lender you've chosen. Keep in mind that you'll need to take out comprehensive boat insurance before your loan can settle with any of the lenders on our panel. Once you've been approved and your loan has settled, you'll start making regular payments to your lender until the entirety of the loan has been paid back. It's all smooth sailing from there!

To submit an application for assessment, you'll need a few documents on hand. These normally include at least your driver's license, two recent payslips and a bank statement, but depending on your lender you might need to provide additional documentation. 

If you've got any questions about the application process or any of our loan products, please reach out to our friendly team of finance specialists! They have a wealth of finance experience and are happy to answer any of your queries. 

No, a car loan is not the same as a boat loan. While both loans are used to purchase vehicles, the lending requirements and loan terms can vary depending on the type of vehicle being financed. 

Boat loans are typically secured loans, meaning the boat itself serves as collateral for the loan, whereas cars may be secured or unsecured loans. Additionally, boat loans may have a longer loan term than car loans, and may require a larger down payment.

The minimum credit score required for a boat loan will vary depending on the lender and the loan amount. However, most lenders prefer borrowers to have a credit score of 550 or higher to qualify for a boat loan. If your credit score is below 550, you may still be able to qualify for a boat loan, but you may need to provide additional documentation or collateral to secure the loan.

The average interest rate on a boat loan will vary depending on several factors, including the borrower's credit score, the loan amount, the loan term, repayment amount and the type of boat being financed. At Driva, we work with over 30 Australian lenders to help you find the best loan options and rates for your boat purchase.

Absolutely! If a boat loan is currently not what you're looking for, Driva can provide you with personalised rates, and lender comparisons for vehicle loans including cars, electric vehicles, caravans and commercial vehicles; as well as personal loan options for debt consolidation, holidays, repairs and much more.