Important disclosure

Boat Finance

Your next boat is a loan decision away. Boat finance loans are all the rave among South African lenders and our intent is to help you make the best decision about obtaining such finance.

Our loan calculator was designed to help you create a vision of the best monthly payment combination. So, go ahead and input the loan amount and adjust the filter to the desired loan term to see how a certain lender’s loan option will affect your budget.

Calculate repayments

Go through Fincheck's online application to get matched with personal loan provider that's best suited to your credit score and personal circumstances. Easy online application.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate16.00%

Personal loan APR16.00%

EST monthly repayment (approx)R815

Total repayment amount (approx)R29,340

Total interest & fees paid (approx)R9,340

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO MoneyShop

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO MoneyShop

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A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR2,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R796

Total repayment amount (approx)R28,656

Total interest & fees paid (approx)R8,656

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of18.01.2020

GO TO RCS

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Loans up to R250,000. Terms between 7 months and 72 months. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR4,000

Minimum term (months)7 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?No

Sponsored Yes

Data accurate as of18.01.2020

GO TO African Bank

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A personal loan from R1000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Fixed monthly repayments. Free monthly statement via email or SMS. Optional Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR5,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR15.00%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO DirectAxis

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?No

Sponsored Yes

Data accurate as of18.01.2020

GO TO DirectAxis

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MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR12.90%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO MoneyShop

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO MoneyShop

Hide info -

Go through Fincheck's online application to get matched with personal loan provider that's best suited to your credit score and personal circumstances. Easy online application.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate16.00%

Personal loan APR16.00%

EST monthly repayment (approx)R815

Total repayment amount (approx)R29,340

Total interest & fees paid (approx)R9,340

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO MoneyShop

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO MoneyShop

Hide info -

MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate24.75%

Personal loan APR24.75%

EST monthly repayment (approx)R910

Total repayment amount (approx)R32,760

Total interest & fees paid (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO MoneyShop

Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO MoneyShop

Hide info -

Loans available from R2 000 to R300 000*. Flexible repayment periods from 6 up to 72 months. Monthly repayments debited from your bank account. The best possible interest rate that we can offer you. Easy online loan application process. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Overview

Minimum monthly incomeR3,500

Minimum term (months)6 months

Interest rate24.75%

Personal loan APR24.75%

EST monthly repayment (approx)R910

Total repayment amount (approx)R32,760

Total interest & fees paid (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO Nedbank

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of12.07.2020

GO TO Nedbank

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CompareLoans.co.za provides factual information in relation to financial products. While CompareLoans.co.za attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on CompareLoans.co.za is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with CompareLoans.co.za. CompareLoans.co.za recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see CompareLoans.co.za's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

Get personalised boat financing in South Africa

If you regularly picture yourself sailing off into the sunset, then boat financing can help turn your vision into reality. Whether you’re searching for a low interest rate loan, flexible repayments, or a 0% deposit plan, CompareLoans can guide you towards a customised solution that works for you.

Before you jump on board and buy your boat on finance, here’s how the process works, features you can use to personalise your loan, the best way to compare loans, and other options to consider.

What are boat loans, and how do they work?

When you receive a boat loan, you get a lump sum to partly or entirely cover the purchase price of a boat, watercraft, vessel, or even a jet ski. As long as you have a good credit score and the required income level, most lenders will provide you with the loan amount you need. However, as a reference point, maximum loan amounts usually go up to R300 000, although this can be negotiable.

The boat loan is typically repaid in monthly instalments (in most cases via automatic payments) over loan terms that can stretch to 84 months (7 years).

Get a personalised loan by choosing various boat financing features

You can get a boat loan to work for you and your financial situation by choosing some of the following loan options:

  • Secured. You use the boat you’re purchasing as security or collateral for the loan. In return, you benefit from lower interest rates and higher borrowing limits. On the downside, you lose the boat if you can’t finish making repayments. However, if you’re looking for boat financing for bad credit, a secured loan might be your best option.
  • Unsecured. The purchased boat is not used as collateral (no risk of losing the boat if you fail to make repayments), but you have to deal with higher interest rates and limited loan amounts. You must also have a good or excellent credit score.
  • Private boat financing. This financing option allows you to purchase your boat from a private seller. This could be a family member, friend, private individual or business.
  • Dealer financing. Some dealerships can offer you both the boat and in-house or third-party financing if you’re looking for a one-stop deal.
  • Variable interest rate. The interest rate can go up or down, depending on the economic climate. You can potentially benefit from a decline in interest rates. However, it is best to quickly repay the loan before the rate gets too high.
  • Fixed interest rate. The loan might have a higher starting interest rate, but you get peace of mind from knowing that your monthly repayments are constant throughout the life of the loan.
  • Deposit. Similar to car loans and other big-time purchases, you might have to put down a deposit. The required deposit amount usually ranges from 10% to 20% of the purchase price. A larger deposit reduces your monthly and interest payments, and the total cost of your loan will be lower since you have to borrow less.
  • New boat. If you’re buying a brand-new boat, you’ll most likely be able to borrow more as well as choose a more flexible repayment period.
  • Used boat. You can use a boat loan to purchase a pre-owned watercraft as long as it meets the lender’s requirements.

Comparing boat loans in South Africa

Use the following key points to help you choose a boat loan with the most suitable structure:

  • Requirements. Make sure you choose a lender or boat loan with requirements you can easily qualify for.
  • Interest rate. Low interest rate boat loans are possible if you have a good credit score. However, bad credit boat loans come with high interest rates.
  • Fees and charges. A better way to compare loans is the APR which takes into account the interest rate and loan fees. Looking at the APR helps you to calculate the total cost of the loan so you can figure out if your current loan option is affordable.
  • Loan structure. This includes the loan term, monthly payments and whether you can make early or additional repayments at no extra cost.
  • Loan amount. This depends on the boat’s cost and whether you have enough savings to afford the required deposit. Also, make sure the lender can offer your requested loan amount.

Boat finance calculator

Your monthly payments are another key point to consider if you want to stay ahead of your budget. You can calculate these payments with our easy-to-use boat loan calculator. Simply enter your preferred loan amount and repayment period before clicking “Calculate Repayment.”

Using the loan calculator helps you to pinpoint an affordable monthly instalment that can be smoothly integrated into your monthly budget. Check for the results in our comparison tables and click the “View fees and additional info” link if you wish to know more about a particular lender.

What you need to get approved for boat finance

Some lenders might have more specific requirements, but the basic ones are as follows:

    • A clean credit report and excellent credit score. This reduces the risk for the lender and affords you a more favourable interest rate.
    • Stable income. Your latest bank statements and payslips are used to prove you have a regular, monthly income and can afford your repayments.
    • Net worth. You might have to provide documents that detail all your assets and their value.
    • Low debt-to-income ratio. You should not have too many debts because lenders want to make sure your current income can handle the additional debt.

 

  • Minimum 18 years.
  • South African citizenship or permanent residency.
  • Boat licence and insurance.

 

Apply for your boat loan online

Once you have gone through our comparison tables and used the boat loan calculator, you can now make an online boat loan application. Simply click “Go to Site” for your desired lender, and once you have landed on their website, go ahead and fill in the application form. An extra step involves uploading some important documents.

If you’re lucky, you can get pre-approved, which enables you to go boat shopping with a confirmed budget. However, some lenders might require a purchase agreement from your seller before approving the loan.

Can you use a personal loan to finance your boat purchase?

Personal loans are a more flexible option that enables you to pay for boat-related expenses like insurance, maintenance and service costs if the lender allows it. Other options to consider include:

  • Using your savings. This should be your number one option since it’s the cheapest option.
  • Home equity. You can take out a second mortgage to cover your boat’s costs and get lower interest rates since the loan is secured.
  • Boat lease. Renting enables you to experience the feeling of owning a boat without having to deal with maintenance costs or issues like registration and insurance.
  • Boat clubs. When you join a boat club and pay a membership fee, you can enjoy the same benefits of renting a boat.

Important tip

Before looking for boats for sale on finance, make sure you understand the full range of costs associated with owning a boat. Also, keep in mind that from the moment you start enjoying your boat, it will immediately begin depreciating and continue to do so as you repay the loan. Add all the costs and compare them with the estimated total cost of your loan to check if boat financing is a viable option.

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