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    Boat Loans & Marine Finance FAQ’s

    If your question is not answered below please either call us on 0800 MY FINANCE (693 462) or submit a query using the live chat or contact us page and one of our friendly staff will be more than happy to assist you.


    Q:  What age boats will you finance?
    A: Typically we will finance boats as old as 15 years. We can however, lend on older boats dependent on their make, model and valuation.

    Q:  What terms do you offer?
    A: Our minimum term is 12 months and our maximum is 60 months. We can also structure payments allowing for GST rebates or balloon payments to help achieve a lower monthly payment.

    Q: What is your minimum loan?
    A: $3,000.00.

    Q:  How old do I need to be to get a loan?
    A: For marine loans you need to be 23 years of age and over.

    Q:  Why would I need a guarantor?
    A: A Guarantor is a parent or parent in-law of reasonable credit worthiness. They may be asked to support your application in the instance of lack of deposit or if your have a minimal credit history.

    Q:  Do I need a deposit?
    A: We can provide 100% finance to applicants, who are not necessarily homeowners but have lived at their residence for 2 or more years, have clean credit history and stable full-time employment. If you do not fit this criteria we require some form of equity in the loan, this may be a cash deposit, trade in or security over a second boat, car or property.

    Q:  What other information do I need to apply for a loan?
    A: Photo ID like a NZ driver’s licence, passport or firearms licence, one month bank statement, your latest pay slip or other form of proof of income and once you have found your boat we will require confirmation of full insurance to the value of the purchase.

    Q:  What do I do if I need more money than I applied for?
    A: To request a higher loan amount call us on 0800 MY FINANCE (693 462). There should be no problem as long as you can still afford the repayments and the security valuation is sufficient.

    Q:  Are there any fees if I settle my loan early?
    A: Yes, there are fees for early repayment in full. The fees and amounts differ between lenders. The fees applicable to early settlement are set out clearly in the loan documentation. There are no penalties for making extra payments.

    Q: Where do I sign the documents?
    A: We have mobile representatives available in most areas who can meet with you at a convenient time and place. We can also email or courier the documents to you for you to sign in front of a JP, court registrar or another person of responsibility. We will advise you at the time who will qualify as an approved witness.

    Q:  Do I need a good credit history?
    A: A good credit history helps with gaining a better interest rate but not essential. We can still help if your credit is not the best with a bad credit loan.

    Q: How quick can a loan application be approved?
    A: You can have a conditional approval in as quick as 10 minutes! We do try to maintain an approval time of 1 hour depending on the information received and complexity of the deal from the time we receive your application within normal business hours.

    Q: How do I make my loan payments?
    A: You can pay weekly, fortnightly or monthly by direct debit, automatic payment or direct from wages.

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