Your perfect new or used boat loan rate is only a few clicks away.

Assess all your options

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, an unsecured boat loan doesn’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 vehicle and boat 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. 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 hello@driva.com.au.

Yep! Whether you’re buying a brand new boat, or are looking at second hand models, Driva can help you secure finance. We can organise boat loans if you’re shopping at a dealership, buying from a private seller or bidding at an auction.

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 early repayment fees or monthly fees. 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, change your loan term or take advantage of your improved credit score, is to refinance your loan. With over 30 lenders on our panel, we’re confident that we can help you find a refinance arrangement that works for you.