Boat finance for your business
Thursday 10th April, 2014
Owning a boat is on the to-do list of many Australians, but when it comes to making it happen, most people understandably feel a little out of their depth (pun intended!). That’s why we’ve put together some information to shed light on how boat loans work, as well as some handy hints on how to go about getting boat finance.
Personal Vs. business boat finance
It’s important to distinguish between boat loans for personal customers and those specifically tailored to self-employed and business owners.
Buying a boat for your business can offer certain benefits in terms of tax, which is why there is a need to distinguish personal and business customers.
To qualify for business boat finance, you will most likely need to satisfy the following criteria:
- You are registered as a legal business entity in Australia and hold an ABN.
- The boat you intend to purchase will be used primarily for business purposes. This means that you are buying the boat to engage in an income-generating activity, and not simply for your personal enjoyment.
If you’re still unsure about how buying a boat will affect your business, you should seek professional advice from your accountant.
If you are interested in finding out more about business boat finance, feel free to get in touch with a Get Approved expert finance consultant on 131 438 to discuss your boat loan options today!
This article contains information on boat finance for your business. The information provided is intended as a guide only. It should not be treated as financial advice and does not take into account your personal circumstances. If you have any specific questions about individual financial matters, you should consult an appropriately qualified professional.