Pleasure Craft Loans
Secured Loan For Consumer
If you are a consumer on wages or salary, this is the most common type of loan to finance a boat or water craft for personal use. The loan will be a Fixed Rate, can generally be provided with or without deposit depending on your circumstances. It can be used to purchase a New or Used boat or water craft from a Dealer or Private source. The Term of the Loan can be adjusted to suit your situation, usually between 2 to 5 years, but can also be extended to 7 years on a new craft.
Chattel Mortgage (Cm) For Business
The Chattel Mortgage product, is when a mortgage is placed over goods to be financed. A Chattel Mortgage is classed as a cash sale in that the goods will automatically become your property on purchase and the finance company takes a mortgage over the chattels. You can claim depreciation, running costs and interest paid, against your business income. The chattel mortgage allows your business to claim the full input tax credit from GST incurred expenses immediately (next BAS statement). (refer to your tax advisor or accountant).