Boat Financing FAQ
Everything you need to know about boat loans and marine finance in New Zealand.
What is the minimum and maximum loan amount for boat finance in NZ?
Loan amounts typically range from $5,000 to $500,000 or more, depending on the lender and your financial situation. Most lenders require a minimum loan of $5,000 for boat finance.
What interest rates can I expect for boat loans in New Zealand?
Boat loan rates in NZ typically range from 6.99% p.a. for new boats with good credit, up to 15-20% p.a. for older boats or borrowers with poor credit history. Your actual rate depends on factors like credit score, boat age, and loan term.
How old can a boat be to qualify for marine finance?
Most lenders will finance boats up to 20 years old, though some may extend to 25 years for well-maintained vessels. Newer boats typically qualify for better rates and longer terms.
What deposit do I need for a boat loan?
Deposits typically range from 0-20% of the boat's value. While some lenders offer 100% finance, a larger deposit usually secures better interest rates and terms.
How long can I take to repay a boat loan?
Boat loan terms typically range from 2-15 years, with longer terms available for more expensive vessels. Shorter terms mean higher monthly payments but less total interest paid.
What documents do I need to apply for boat finance?
You'll typically need: proof of income (pay slips, tax returns), bank statements, proof of identity, boat details (make, model, year, value), and marine survey for expensive boats.
Can I get boat finance with bad credit?
Yes, some lenders specialize in bad credit boat loans, though you'll typically pay higher interest rates. Consider improving your credit score or providing a larger deposit to get better terms.
Is boat finance tax deductible in New Zealand?
If you use the boat for business purposes (charter, fishing business), some costs may be tax deductible. Consult with an accountant for advice specific to your situation.
What's the difference between secured and unsecured boat loans?
Secured loans use the boat as collateral, offering lower interest rates but the lender can repossess the boat if you default. Unsecured loans don't require collateral but have higher rates.
How quickly can I get approved for boat finance?
Pre-approval can be obtained within 24 hours for complete applications. Final approval and settlement typically takes 3-7 business days once all documentation is provided.
Still Have Questions?
Our marine finance experts are here to help you find the perfect boat loan.