Boat and Trailer Loans: How to Finance Your Rig
Most people buy a boat and trailer as a package. Here's how financing works for the whole rig, and what to check if you only need a new trailer.
Boat, motor and trailer as one loan
When you buy a trailer boat, lenders usually finance the boat, outboard and trailer together as one marine loan. That's simpler than separate loans: one application, one repayment, and the whole package is the security. Larger packages can often be spread over longer terms.
Replacing just the trailer
If your boat's fine but the trailer's rusted out, the loan may be quite small. Some lenders have minimum loan amounts, so for a modest trailer a small personal loan, or adding it to an existing facility, can be simpler.
Want to talk it through? Send a free enquiry and we'll pass it to a broker who does trailer loans every day. Enquiring doesn't affect your credit score.
What lenders and buyers should check
- Salt-water wear. Rust on the frame, springs, axles and rollers. Galvanised or aluminium trailers hold up best.
- Bearings and brakes. Water gets into hubs. Ask when they were last serviced.
- The right fit. The trailer's ATM should comfortably carry the boat, motor, fuel and gear.
- Paperwork. Registration for the trailer (and boat, in most states), the hull ID, and a PPSR search on both if you're buying used.
Running costs to budget for
Insurance, registration, fuel, servicing the outboard, bearings, tyres and storage all add up. Factor them in before deciding how much to borrow.
Business use
Charter operators and fishing businesses can finance boats and trailers through their ABN. The approach is different, so mention it in your enquiry.