How to apply for marine finance in New Zealand?

New Zealand is a haven for marine enthusiasts with stunning scenery and crystal-clear waters! As spring arrives, it’s time to turn your attention to the open sea and embark on exhilarating marine adventures there. Whether you wish to buy a fish boat, jet-ski, yacht, or any other type of watercraft, getting marine finance can be the key to realizing your marine dreams. In this blog, we will guide you through what, where, and how to apply for marine loans in New Zealand.

What is marine finance?

Marine finance is a type of financing that is specifically towards boat/jet ski/yacht owners. It allows people to buy boats, yachts, jet skis, and other maritime vessels without having to pay the full price upfront. Instead, the borrowers can make smaller payments every month until they have paid the whole thing. The details of marine finance, like how much your interest rates will be, and how long the loan terms will be, can be very different because of different lenders and other factors. So if you wish to get a marine loan someday, you’d better search different options and then choose the best one for you.

Where to get marine finance?

In New Zealand, you have various options to get the marine finance.

• Traditional financial institutions: The primary option is to go to traditional banks, credit unions, and online lenders to apply for finance. Many of them in New Zealand offer marine loans to clients directly.
• Dealership: Also, some boat dealerships get their in-house marine financing service to help customers get loans.

How to apply for marine finance?

1. Determine your budget and boats

Before you apply for marine finance, it’s important to determine your budget first. You should not only consider the purchase price but also the ongoing costs like insurance costs, maintenance fees, and registration fees. It’s also crucial to figure out how much you can afford to pay as a down payment in the future. Once the budget has been confirmed, it’s time to choose your loved boats, jet skis, or other marine vessels.

2. Research lenders

Finding a suitable lender to assist you before you begin your marine financing is highly crucial. Since different lenders will have varying interest rates, loan terms, and other requirements, you should choose the one that suits your needs.

3. Prepare required documents

To assess your finance applications, lenders will ask for particular information and documents. If you prepare it beforehand, you can save time and receive approval quickly. Be prepared to provide the following things:

• Proof of identity: Passport or driver’s license, visa status
• Basic information: Name, email address, contact number, date of birth, and living address
• Proof of income: employment status, payslip, and 30 days bank statements
• Other loans information: mortgage loans, and other loans information

4. Fill out the loan application

Once you have chosen a lender and prepared the documents, you can start your application now! Most of the time, you can do it online directly. When you fill out the loan application, it’s important to take your time and provide proper information on the loan application. This will help lenders have enough information to evaluate your application. Please make sure to double-check all the information you provide. In addition, don’t be afraid to contact your lender if you have any queries or concerns about the marine finance application. Also, please remember that honesty is the most important thing when you apply for finance. Don’t try to lie or provide misleading or false information to your lender at any time, it’s not going to help your application. So, be thorough, be honest, and good luck with your marine finance application!

5. Get pre-approval

After you submit your application, the lender will take the time to review and make a final decision. If approved, you will receive your loan contract. Remember to read the contract carefully including loan amount, interest rates, loan terms, and monthly installments.

6. Make a purchase

Once you have the pre-approval, it’s time to get your boat and start your breathtaking spring adventures in New Zealand!

Why choose Kiwi Car Loans to apply for marine finance?

• Easy application process: We work with New Zealand’s best lenders and ensure a seamless and efficient financing process for our clients.
• The fast and best finance service: Client satisfaction is our top priority, and our professional team will work 7 days a week to bring you the fastest and best finance approvals to suit your requirements.
• Competitive finance rates: Client satisfaction is our top priority, and our professional team will work 7 days a week to bring you the fastest and best finance approvals to suit your requirements.
• Customize financing solutions: Our expert will tailor a financing solution to your specific needs and ensure the best rates for you.