0800 399 666

What is the legal definition of your loan?
It is known as an Instrument by way of Security. Repayable by monthly instalments, it provides a range of options regarding deposit, term, balloon payments etc.

Why are your interest rates quoted on the home page of your website?
We offer a specialised product and the home page rates are our lead rates. The interest rate we can offer will be the most competitive available but will vary according to the type of boat and the credit history of the client.

Will you finance older boats?
Boats tend to hold their value better than cars, particularly if they're well maintained, so we can be quite flexible towards lending on older boats.

Do you finance boats bought privately?
Yes

What if my credit rating is poor?
Our flexibility allows us to deal with borrowers in all categories, however a higher interest rate would normally apply and additional guarantees may need to be put in place.

Can I get approval for a loan before I've found the boat I want?
Yes, approval in principle can be given, subject to the boat fitting the criteria for the loan.

How long will my pre-approval last?
A pre-approval remains 'live' for 30 days.

Will my application remain confidential?
The only people who will see it are ourselves or any other finance company with whom we do business.

How much deposit do I have to pay?
This can vary according to your personal circumstances, the boat, or the length of the term. In some cases, such as a business proprietor or home owner, or where other securities are available, a no-deposit loan may be possible.

What are your application fees?
On most occasion's there are no fees for our services.
However loans for clients with less than perfect credit may incur a brokerage fee once the loan is approved. This fee is always fully disclosed in the loan agreement.

How long does it take to process my application?
In straightforward cases, once we have acknowledged your application, we can get approval in an hour or two. If there are complexities, it could take 24 hours.

Can you help me find a boat?
You can click onto the following links, which will provide an extensive list of boats for sale.

• www.boatpoint.co.nz
• www.trademe.co.nz

Can I change the amount of my loan after it is approved?
Yes, just let us know you new requirements and we can process it without re-application, this is subject to the repayments still falling within your disposable income guidelines.

What is a credit reference?
Sometimes loans can only be approved subject to a statement from previous lenders that you have been able to make payments on similar loans in the past.

What is a guarantor?
Occasionally there will be a need for a loan to be guaranteed by a parent (or parent-in-law). The guarantor needs to be living in New Zealand and have a good credit rating. In a case of serious default on the loan, the guarantor will be legally responsible for any outstanding amount.

Does my boat have to be insured?
Yes. It needs to be insured against theft and accident damage, and the finance company needs to be noted on the policy. We can help you to arrange the insurance.

Do you need to see the boat?
No, but if it is a private sale we may need a valuation.

How are repayments processed?
Repayments need to be by automatic payment, direct debit or internet banking from your nominated bank account.

If my circumstances change can I pay back the loan early?
Yes!