Boat Loans, Sorted

When you see a boat you’d like to purchase, a boat loan can give you the money upfront to get the deal done. You then repay it, plus interest and fees over a period of time. This can be handy from a cashflow point-of-view, and might mean you can afford a more expensive boat than if you were covering the whole purchase price initially yourself.

Getting a boat loan might not take as long as you expect. The team at Motor Vehicle Finance are experts at getting lending done, and sometimes can turn around an application in less than a day. A few factors can affect how long it takes, like having all the necessary information with your application from the get-go. But rest assured that when you work with us, we’ll be doing everything we can to get you on the water as quickly as possible.

Part of our process involves helping you identify the right lender for your needs. At the moment, our panel includes Heartland, Marac, Oxford Finance, Finance Now, Geneva Finance, Avanti Finance, UDC, Gem Finance and Community Financial Services.

What you are charged in interest will depend a bit on your borrower profile – things like your credit history and the security the lender will have on the loan can make a difference.

Rates can range from 9.95% p.a. to 29.95% p.a. To find out what sort of interest rate you might qualify for, complete our simple form here.

It’s a good idea to check what fees you will pay over the term of any loan. When you take a boat loan through Motor Vehicle Finance, there will be establishment/introducer and lender fees involved.

You can click here for a copy of our disclosure statement, or if you want more detailed information about lender fees click here.

As an example, if you had a loan of $5000 over 12 months at 10.95% p.a. with establishment and introducer fees of $495 and a PPSR Fee of $7.39, the total amount to repay would be $5,835.93 which is 12 monthly payments of $486.34.

Our calculator is a handy tool to help you work out exactly how much you’re likely to be repaying. You can use it to check out different scenarios, too.

By adjusting the amount, the term of the loan and other factors, you can get a sense for what different loan settings might be like and what is a good fit for your budget.

Once you apply, you can work with one of your team of experienced financial advisers who will help you to understand the options and what will work for you. Getting a loan that fits your personal circumstances is really important.

Not necessarily. No-deposit lending can be possible, subject to lender approval. If you’d like to look at whether borrowing the full amount of your boat purchase price is possible, you can fill out the application form here.

You can. But if you are thinking about doing so, it might be a good idea to consider why your current loan isn’t working for you.

Are you looking for a better interest rate? Wanting to refinance over a longer term to lower your repayments? Having a clear idea of why you’re refinancing will give you a excellent chance of getting a new loan that is a better fit for those goals.

No, when you apply for a boat loan with MVF, it won’t hurt your credit score.

We’re aware of how important credit scores are to borrowers – we see the impact of a good credit score in applications every day! That’s why we do everything we can to protect your credit score. There won’t be any credit report run, or inquiry on your record, until you’ve chosen a preferred lender and want to go ahead with the loan.

If you’re wondering about your credit history, check out Clear Score or other credit bureau tools in NZ. They can give you an overview of your credit profile, and you can then take any action that you might need to, to get it in the best shape possible.