The Frequently Asked Questions
Getting a jet ski loan sometimes attracts confusion. So, are you looking for clarity? Here are answers to some frequently asked questions that you might have. This way, you can walk into a jet ski loan with more clarity and understanding of your obligation under the loan arrangement.
How Much Will It Cost me to Apply?
Generally, an application for a boat loan requires you to pay for account keeping charges which vary from states to states and from financier to financier. You’ll also need to discharge other government taxes like GST, stamp duty, FID, and REVS.
Does Paying Off My Loan Early Reduce My Interest Obligation?
Yes, by paying your loan off early, you’ll get to reduce how much you have to pay. This is because the interest payable is usually calculated based on the outstanding amount. As such, by reducing the outstanding amount faster, you get to pay less in the long run.
When Do I Need to Make My First Repayment?
You will need to make your first repayment either a month or two weeks following your loan’s settlement. So, once you complete the loan arrangement, your repayment duration begins to count. However, in commercial loans, you will make your first repayment on the day the loan agreement is completed.
How Do I Make Repayments?
Usually, your repayments will be deducted when due from your bank account. However, you must have nominated this bank account under the loan agreement.
What Happens After My Loan Gets Approved?
Once your loan gets approved, you’ll need to sign the loan agreement within 24 hours. Afterwards, you’ll receive the loan sum that you require to buy the jet ski. You can then go ahead to complete the purchase of your boat afterwards.
Do I Need a Boat Insurance for My Boat Loan?
Yes, you’ll need to get an insurance cover if you are looking to get a boat loan. This is regardless of the finance option that you opt for.
Where Can I Buy A Boat?
You can buy a boat from a wide range of places. However, these places must fall under dealership, private sellers, or during an auction. You can also finance the purchase of used boats. However, we will need to examine the boat before financing. This is to ensure that the boat can still offer value for money.
Can I Get a Loan with a Bad Credit Rating?
Generally, a bad credit rating disqualifies you for a boat loan. However, you can use a bad credit boat loan to achieve your financing goals. Keep in mind that under this arrangement, you will need to pay more interest. Also, there is a limit to the amount you can loan.
How Do I Improve My Credit Rating?
Your credit rating is a reflection of your commitment to repaying your past loan. As such, to improve your rating, you’ll need to ensure you discharge other loan obligations timely. You also need a long credit history that reflects repayment.
Can I Get a Competitive Interest Rate?
Yes, you can get a competitive interest rate. We have a wide range of lenders that offer different interest rates. You can assess them and choose based on your preference.
How Long Do I Have to Wait to Get an Approval?
Depending on your loan application, you can get approval in some hours. However, in cases of complex applications, you might need to wait for as long as 48 hours before getting approval.