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A couple launching an aluminium runabout off its trailer at a calm harbour boat ramp, pohutukawa in flower behind

Boat finance in New Zealand

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The short answer

How do you get finance for a boat in New Zealand?

You get boat finance in New Zealand by applying to a lender or finance broker, who looks at your income, expenses and the boat you want before deciding what it will lend. With Finance Made Easy you apply online and we aim to give you an initial decision quickly, often within an hour during business hours, for a dealer or private sale, subject to lender criteria.

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What to expect

Apply online, then a quick answer.

Applying starts online, and you can talk to us whenever you want to.

Apply online

Tell us about your income, your regular expenses and the boat you have in mind. Prefer to talk? Call 0800 995 014.

A quick initial decision

We aim to come back within the hour during business hours, so you know where you stand before you go much further with a seller.

Funding in 24 to 48 hours

Once your loan is approved, funding usually follows within 24 to 48 hours, so the purchase does not stall while you wait.

Getting started

How do you get finance for a boat?

You get finance for a boat by applying to a lender, or through a broker such as Finance Made Easy, and showing that the repayments fit comfortably inside your budget.

Boat loans are one part of vehicle finance, and the process is much like buying a car: the lender looks at you first, then at what you are buying. Talk to us about the boat you have in mind, from a trailer runabout or fishing boat to a jet ski. Whether a lender funds a particular boat depends on its criteria.

Lenders usually look at four things:

  • Your income. Where it comes from and how regular it is.
  • Your expenses and existing debts. Rent or mortgage, other loans, credit cards and the everyday costs of running your household.
  • The boat. Its age, value and condition, and whether you are buying from a dealer or a private seller. We arrange finance for both.
  • Any deposit. Money you put in yourself reduces the amount you need to borrow. Whether a deposit is needed depends on the lender.

Eligibility

How hard is it to get financed for a boat?

How hard it is depends mostly on affordability: whether the repayments fit comfortably alongside everything else you already pay for.

New Zealand's responsible lending rules require lenders to check that a loan is affordable and suitable before they lend, so expect questions about your income, your spending and any debts you already have. A steady income and a clear picture of your outgoings make the process smoother.

Some applications fall outside what we can help with. If your main income is a benefit, or you are not working at the moment, we are not able to arrange boat finance, and we will tell you so politely at the start rather than take you through an application.

Worth weighing up

Is it worth getting a loan for a boat?

Whether a boat loan is worth it comes down to how often you will use the boat, what the loan costs in total, and whether the repayments leave room in your budget. Only you can weigh those up, and this page is general information, not financial advice.

A loan spreads the cost, so you can be on the water sooner rather than saving for several seasons. The trade-off is interest and fees, so you pay back more than the purchase price, and a longer term lowers each repayment but usually increases the total interest.

Questions worth answering honestly before you apply:

  • How many days a year will you realistically use the boat?
  • What will the loan cost in total over its full term, including fees?
  • Could you keep up the repayments if your income dropped for a while?
  • Have you budgeted for the running costs as well as the loan?

Running costs

What does a boat cost beyond the loan?

A father checking the straps and outboard of his trailer boat in the driveway while his daughter hands him a lifejacket

Beyond the repayments, a boat has ongoing costs that are easy to underestimate. It pays to build them into your budget before you apply.

  • Insurance. Cover for the boat and trailer, including liability if your boat damages someone else's property.
  • The trailer. Registration and a warrant of fitness, plus tyres, bearings and lights that cope with salt water.
  • Storage or mooring. Space at home, a storage yard, a swing mooring or a marina berth.
  • Servicing. Regular engine servicing, antifouling for boats kept in the water, and general upkeep.
  • Fuel and safety gear. Fuel for every trip, plus lifejackets, a way to call for help and other safety gear kept in good condition.

Repayments

How much is a payment on a $30,000 boat?

At an example rate of 12% p.a. over 5 years (60 monthly payments), a $30,000 boat loan works out to about $667.34 a month, excluding fees. Your actual rate is set by the lender, and the repayment also depends on the term, any fees and any deposit you put in.

Our boat loan calculator gives you an estimate. Enter the amount, choose a term and see the estimated weekly, fortnightly or monthly repayment, then try a shorter or longer term to see how it changes both the repayment and the total you pay back.

Calculator results are estimates only. Your actual rate, fees and repayments are set out in the loan documents if a lender approves your application.

How it works

How to apply for boat finance

From application to funding. Applications are not an offer of finance.

  1. 01

    Apply online

    Apply for boat finance online, or call 0800 995 014 if you would rather talk it through.

  2. 02

    Get an initial decision

    We aim to give you an initial decision quickly, often within an hour during business hours, based on what you have told us. It is subject to lender criteria and to verification.

  3. 03

    Verify your details

    The lender checks what you have told us, usually with documents such as your driver licence, proof of address and proof of income.

  4. 04

    Receive the funds

    Once your loan is approved, funding usually follows within 24 to 48 hours so you can complete the purchase.

Side by side

Who has the best financing for boats?

No single lender or type of finance is best for everyone. What suits depends on your circumstances and the boat, so it helps to compare the main routes on the same terms.

Dealer financeYour bankFinance broker
Who you deal withThe boat dealer arranges the loan, often with a lender it has an arrangement with.Your own bank, directly.A broker who handles the application with lenders on your behalf.
Private salesUsually limited to boats that dealer sells.Depends on the bank.With Finance Made Easy, private or dealer sales are both fine, subject to lender criteria.
What to checkThe total cost over the term, fees, and any insurance or extras added to the loan.The total cost, fees, and whether the loan is secured against the boat.The total cost, fees, and any broker fees or commission. Ask how the broker is paid.

General information only, not financial advice. Rates and fees are not shown because they depend on the lender and your circumstances.

Related

More vehicle finance

Planning road trips as well as days on the water? Read about caravan and motorhome finance, or see every type of loan we cover.

Questions

Boat finance, answered.

Quick answers. Longer chats are welcome on the phone.

Talk to us before you start shopping. An initial decision, which we aim to give you quickly, often within an hour during business hours, gives you a clearer idea of what you can spend, although final approval depends on the lender checking the boat you choose and verifying your details. Approvals typically remain valid for 30 days.

Talk to us about jet ski finance. It follows the same process as a boat loan: you apply online or by phone, then the lender looks at your income, your expenses and the jet ski itself. Whether a lender funds a particular jet ski is subject to its criteria.

Yes. We arrange boat finance for private sales as well as dealer sales, subject to lender criteria.

It can be either. A secured loan uses the boat as security, so the lender can take the boat back if the repayments stop. An unsecured loan is not tied to the boat. Which applies depends on the lender, the boat and your application, and it is written into your loan documents.

No. If your main income is a benefit, or you are not working at the moment, we are not able to arrange boat finance, and we would rather tell you that at the start than take you through an application.

We aim to give you an initial decision quickly, often within an hour of applying during business hours. Once the lender has verified your details and approved the loan, funding usually follows within 24 to 48 hours. You can apply for boat finance online or call 0800 995 014.

Applications are not an offer of finance. All lending is subject to lender criteria, affordability, verification and responsible lending checks. Calculator results are estimates only. This page is general information, not financial advice.

Finance Made Easy is a trading name of TrueNorth Financial Services Limited, FSP1011270, and a member of Financial Services Complaints Ltd (FSCL), membership 9517.

Request a call back

Rather we call you?

Answer a few quick questions and we aim to call you within 15 minutes during business hours. It is an enquiry with no obligation, and it is not an offer of finance. Ready to go? Apply online now.

  • Vehicle loans, personal loans and mechanical warranties
  • Plain English, no jargon
  • We aim to call you within 15 minutes during business hours
Prefer to talk? 0800 995 014 info@fmefinance.co.nz

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