Are you looking to build a business on the water? Do you need a boat? A pleasure craft? Something bigger? Need an entire fleet of them? Savvy has a wide range of commercial marine finance options to get your business afloat. As always, Savvy taps into over 25 of Australia’s finest marine finance lenders and banks to find you the greatest deal on commercial boat loans.
A chattel mortgage is a loan product for business customers who intend to use their boat for over 50% business purposes. A chattel is the boat or marine craft you intend to purchase. The mortgage is the loan amount you pay back. There are many benefits to choosing a chattel mortgage. In addition to getting Savvy’s low rates, you can claim GST and depreciation back on your next Business Activity Statement (BAS.) You may also opt for 100% finance in a chattel mortgage, and even finance extras such as insurance. You can structure a chattel mortgage for 12 to 60 months and even have balloon payments (also known as residual value payments) to offset regular repayments.
A finance lease is similar to a lease with a set term in years. You pay a regular repayment as part of the lease. However, the customer must maintain the boat with regular upkeep, fuel and insurance. At the end of your lease, you have an option to purchase the vehicle. The Australian Tax Office determines this value. Lease terms typically run from three to five years, but the choice is yours!
A hire purchase is similar to a chattel mortgage, except the financier owns your purchased boat or asset with ownership passing to you at the end of the hire purchase term. Much like a chattel mortgage, you can use a hire purchase to preserve cash flow. You can finance 100% of your boat or marine vehicle and include a balloon payment at the end of the loan. If you are registered for GST, you may claim the GST on the purchase price. Please consult your accountant for more information about claiming GST on hire purchases.
All these options are available with Savvy’s market-leading low rates on marine finance and boat loans. If you want to learn more about how you can compare and save with Savvy, get a free online quote or talk to one of our financial professionals who specialise in marine finance for business. With Savvy, you’re in business!