Boat Loan Refinancing in New Zealand
Lower your boat loan payments and save thousands with competitive refinancing rates. Our marine finance specialists help you find better terms and reduce your monthly payments.
When Should You Refinance Your Boat Loan?
Rates Have Dropped
Interest rates are significantly lower than when you first borrowed
Credit Improved
Your credit score has improved since you first applied for the loan
Lower Payments
You want to reduce monthly payments by extending the loan term
Better Terms
You want better loan features or remove mortgage insurance
Boat Loan Refinancing Process
Check Current Loan Details
Gather your current loan balance, interest rate, remaining term, and monthly payment. Check for any early repayment fees or break costs.
Get Current Boat Valuation
Obtain a current market valuation for your boat. This determines your loan-to-value ratio and affects the interest rates available to you.
Compare Refinancing Options
Shop around with multiple lenders to compare rates, terms, and fees. Consider both your current lender and new lenders for the best deal.
Calculate Break-Even Point
Factor in application fees, legal costs, and break fees to determine if refinancing will save money over the remaining loan term.
Apply and Settlement
Submit your refinancing application with required documents. Once approved, the new lender pays out your existing loan and you start with new terms.
Potential Refinancing Savings
| Loan Amount | Old Rate | New Rate | Monthly Savings | Total Savings* |
|---|---|---|---|---|
| $50,000 | 9.5% | 7.5% | $85 | $8,500 |
| $100,000 | 10.0% | 8.0% | $170 | $17,000 |
| $200,000 | 10.5% | 8.5% | $340 | $34,000 |
| $300,000 | 11.0% | 9.0% | $510 | $51,000 |
*Based on 10-year remaining term. Actual savings depend on loan terms, fees, and individual circumstances.
Boat Refinancing Checklist
✓ Documents You'll Need
- Current loan statement
- Proof of income (pay slips, tax returns)
- Bank statements (3 months)
- Boat registration and ownership documents
- Current boat valuation or appraisal
- Insurance policy details
💡 Key Considerations
- Break costs from your current lender
- Application and legal fees for new loan
- New loan features and flexibility
- Interest rate type (fixed vs variable)
- Loan term and total interest cost
- Timeline for settlement
Ready to Start Saving on Your Boat Loan?
Don't overpay on your boat loan. Get a free refinancing quote and discover how much you could save with better rates and terms from New Zealand's top marine lenders.