Boat Loan Approval Process

Obtaining a boat loan is quick and simple at Get Approved Finance

Step 1: Boat loan enquiry

Fill in our short enquiry form. You need not have found a boat yet, infact we encourage you to contact us before you search for a boat. The reason for this is that we can offer you an obligation free pre-approval that allows you to know exactly how much you can borrow and also what your repayments will be. This allows you to be informed and be sure about what your future finances will look like after taking out the loan.

Step 2: Boat loan application

One of our brokers will contact you to take an application. Questions such as time in job, address, income and so on will be asked. This takes around 5 minutes. Sometimes we may request supporting documentation up front such as pay slips or tax returns. If such information is required up front your broker will ask for this during the initial phone consultation.

Step 3: Finance companies for boat loans

We then take your application to one or more lenders that are suited to your type of borrowings. For instance, some lenders offer better deals for self employed customers, whereas others offer flexible repayments or longer loan terms. Its up to you as to which lender you which to proceed with, but we will provide you with the most accurate information in regards to the options that are available to you. If there is a specific lender that you do, or you do not want to deal with, let us know and we will work within your wishes.

Step 4: Boat Loan Approved

Time between taking an application and approval take between 24-48 hours. We will keep you informed throughout the entire process. We may contact you during the approval process to ask for additional information as required by certain lenders. If we cannot contact you on your number we will leave you a voice message or send an email requesting the required documentation.

Step 5

Once you have your approval you can then search for your boat. We are able to finance all types of boats regardless of the source, so you are free to search for a boat from a dealer, or a private sale boat or through a broker. If you have already found a boat, then skip to step 6

Step 6: Finalising boat finance

Once you have found the boat you like, please notify your broker of the price of the boat and the contact details of the seller. We arrange the rest from there. There are several pieces of documentation that we require of the vendor such as ID and registration papers. This documentation is designed to protect both yourself and the lender. Loan documents are obtained from the lender for signing. Once all the documentation is in place the funds are direct deposited into the vendor’s bank account and a confirmation of settlement is sent to our office. Once the settlement confirmation is received, it means you can pick up your boat and start enjoying it!