Loan Against Boat
U-Pawn – 💰 Fast Loans to $50,000
Sydney’s leading Boat Pawn Shop
🕵🏽 No Credit Checks
✔️ No Establishment Fees
👌 No Repayments First 3 Mths
People often ask can I get a loan on my boat? … the simple answer is Yes!
Getting a loan against a boat can be a good way to borrow money using it as security for the loan.
By far the simplest and easiest way to get a loan on a boat is to pawn it. There are No applications – No credit rating checks – No upfront fees – No waiting around for an answer and No explanations why you need the money or what you’re going to do with it.
Just about anyone over the age of 18 years can qualify for a pawn loan against a boat, as long as they:
- own the boat;
- are at least 18 years of age; and,
- have sufficient identification.
Simply Phone Us ☎️ 1300 205 558 or fill-out our Online Enquiry Form and we’ll call you. Better still, we can come to you to offer a free loan-value appraisal.
Quick Cash when you need it $$
A boat (power boat or sailing boat) is often one of our most valuable assets. So, utilising a boat’s value to secure a cash loan can be a great way of putting it to work financially. Indeed, using your boat as collateral for a loan is the easiest way to get a quick cash loan.
Loans on a used boat
Most of our clients already own their boat, so by definition, their boat is a used boat. Unlike most large financial institutions like banks, we provide loans on used boats by pawning them. The amount we will loan on a used boat depends on its age and condition. Generally, the more the boat is worth the more we can loan on it.
We loan against most types and makes of boats, for example:
- Trailer Boats
- Power Boats
- Sailing Boats
- Fishing Boats
- Wakeboard/ Ski Boats
- Bowrider Boats
- Catamaran Boats
- Cuddy Cabins Boats
- Centre Console Boats
- Houseboats
- Cabin Cruiser Boats
- Game Boats
- Motor Yacht Boats
- Jet Skis (PWC) Boats
- Jet Boats
- Dinghy Boats
We also Specialise in Loans on Most
Popular Makes of Boats
I.e; Bar Crusher – Cruise Craft – Haines Hunter – Haines Signature – Malibu – Quintrex – Riviera – Sea Ray – Stabicraft -Stacer – Whittley.
Phone Us ☎️ 1300 205 558
Quick Cash in Minutes $$
Once we assess and verify your boat’s ownership – its registration and history – and your identification – we will let you know how much we will loan against your boat • the interest rate we will charge you • and the final terms of the loan.
We don’t do credit checks
Our loans against boats are secured by the boat itself, so no credit rating check is needed. This can have a number of advantages:
- People with poor credit such as missed payments can still borrow when they need it;
- Those with no credit history who may have been turned down before can usually get a loan against their boat;
- There’s no record of this loan on your credit file, so you don’t have to worry about it impacting future or other applications for credit;
- Those who may find it hard to be considered for credit such as the self-employed, or people who claim benefits and part-time workers can still get a loan against their boat;
- You don’t need to worry about doing lots of paperwork or dealing with a long application process.
Note: See more in the FAQ’s section below
To get a pawn loan on a boat you will need to have:
Acceptable identification
- Your full name;
- Your current address;
- Your date of birth; and
- Your signature.
To see a complete list of acceptable I.D. please see the FAQ’s section below.
Proof of your ownership
- Registration Papers (if applicable);
- Sales Invoice; or
- other acceptable proof of purchase to prove your ownership.
We’re located in Parramatta Sydney
We can also come to you, just ask!
U-Pawn is a high-value collateral lender specialising in providing pawn loans against Cars | Motorcycles | Boats and Trucks. We also loan against Machinery | Recreational Vehicles | Caravans | Trailers | Farm Equipment and even Aircraft.
Please visit the relevant page for any asset you want a loan against:
FAQs
Frequently Asked Questions
Can I use my boat as collateral for a loan?
Absolutely Yes – Essentially, a secured loan is a loan backed by collateral, usually assets of a tangible value owned by the borrower. The idea behind a secured loan is that the lender’s risk is secured by the collateral loaned against. A good example is a homeowner borrowing against the equity in their home. Of course, borrowing against your home usually requires an extension to be made to any existing mortgage or the creation of one. This usually requires a lot of paperwork, additional fees and taxes, and can take quite some time to arrange; though, interest rates on 1st and 2nd mortgages are relatively low because loan-to-value ratios are generally set quite low. We call these risk-averse loans.
But, if you need a small cash loan or even a large one quickly, you can get a secured loan against your boat by pawning it. Basically, you use your boat for a loan; in this process, we secure the loan against your boat to a value calculated on its market value. Because the values of boats fluctuate, loan-to-value ratios are less than what might be offered on a home used to secure a loan. The advantage of being able to get a secured loan against your boat is that it is virtually instant and paid in cash. Additionally, we do not do credit checks – there are no upfront fees required – you don’t have to fill out any applications – you don’t have to wait around for an answer – you don’t have to disclose to us your financials nor do you have to tell us what you want the loan for. Getting a secured cash loan against your boat is a great way to get a quick cash loan to tide you over. It is also worth noting that if you are borrowing for business reasons the interest might be entirely tax-deductible.
Can I get a loan against a boat with a bad credit rating?
The short answer is Yes. People often ask us, does a bad credit rating matter? Your good or bad credit rating is not a reflection in obtaining a cash loan from us because you are pledging your boat as collateral for a loan by handing it over to us until your loan (and any interest due) is repaid in full. This is the essence of pawning as you are using your boat as collateral for a loan.
Indeed, if you need quick cash or if you have a bad credit rating you may struggle to find a loan company willing to take the risk of lending to you on short notice or at all. Perhaps your credit cards are maxed-out; unless you have a standing line of credit with a bank like an overdraft or a mortgage drawdown facility you might struggle to get a loan quickly; that’s why getting a loan against a boat by pawning it is often the best way to get a quick cash loan. The great thing is, you can borrow money that you need right now by getting a pawn loan against your boat for any reason.
Besides, credit checks aren’t always the best way to find out if someone is suitable for a loan. There can be many reasons why people have a bad credit rating, from not being on the electoral roll to being financially linked to someone with poor credit, so borrowing against your boat’s equity can be a good alternative in these situations. Learn more about bad credit loans >
Is there a minimum loan period?
No – many of our customers need a loan for just a few days or a few weeks to get them over a financial hump or they might be having to put their financials together to arrange a traditional loan. Many self-employed people don’t have their books right up to date and it might take their accountant a few weeks to put in order to present to a bank. A loan against your boat can tide you over during this period. Our pawn loans are set for a 90-day maximum period and can usually be renewed if a bit more time is required.
Do you do small loans?
Yes – our minimum loan against a boat is $2,000. Generally speaking, your boat will need to have a wholesale market value of at least $3,000 for a loan of that size. Most of the loans against boats we pawn average between $5,000 and $10,000. Some customers need a small loan to pay an urgent bill while they are waiting on a payment from elsewhere.
How much can I get a loan against my boat for?
Ultimately, it depends on the value of the boat you want a loan against. It will be unlikely you could borrow the full value of the boat from any lender. As a specialist boat pawn shop, we keep the boat as collateral for the loan so, thus its market value is very important to us. Accordingly, we use valuation experts to get a fair market value for your boat, so you can be sure you’re being quoted a fair price. Usually, but not always, we will lend about 60% to 70% of its value. We pawn just about all makes and models of boats, whether it’s a power boat or a sail boat, as long as it meets our criteria, you can borrow against it.
Loans are available from $2,000 to $30,000. In some cases, we will consider lending more.
Do I have to sign my boat over?
No – You are not required to sign your boat over to us. When you take out a pawn loan with us (and other pawnbrokers in NSW) you will get a ‘Pawn Ticket’ and ‘Loan Agreement’ which will stipulate the terms, conditions, and interest rate for the loan.
These documents that we provide you will tell you about what happens if you don’t repay the loan with due interest. Ultimately, if you don’t pay out your loan and interest in full we can sell the boat to recover our loan principal, outstanding interest, and costs. But, you have significant legal rights. To learn more about your rights and the pawnbroker’s rights please click here >>
You should read through all the paperwork and your pawn contract before signing. It is important you understand how long you have to repay your loan and how much you will need to pay back. If you have any questions or concerns, this is the time to ask. Once the contract is signed, you are bound to its terms and conditions.
Where will my boat be kept?
For the duration of the loan term (and for any extended period thereafter) the boat will be kept securely stored at premises registered to the pawnbroker. By law in NSW pawned goods have to be kept at premises registered to the pawnbroker. The boat will not in that time be used, though, as a standard procedure we will usually start the boat at least fortnightly to ensure that the battery does not go dead-flat. Some owners prefer for us not to do so. Of course, we abide by the owner’s wishes. But, in situations of ‘force-majeure’ we might have to move the boat to keep it safe.
- You will have to keep insurance on it, even while the boat is in our storage.
- If the boat is registered, you will have to keep the registration current.
You will also be required to sign a ‘waiver’. In simple terms, a waiver is an agreement that you will not hold us liable for any loss or damage howsoever occurred as a result of something we do or do not do. The terms of the waiver will form part of the loan contract. This is why you should keep the boat insured at all times while we have it.
Do you loan against unregistered boats?
Yes – as a specialist boat pawn shop we’re interested in all types of boats, for example, we often lend against valuable and high-powered wake-boats kitted out on their own custom trailer. We also often provide loans against farm bikes and quad bikes (and even special purpose vehicles) for farmers needing a quick cash loan for any number of reasons. Indeed, some of our customers have a lot of capital tied up in their boats – particularly superbikes, some of which have a pawn value of more than $40,000. No one wants to sell their boat for some ridiculously low fire-sale price just to get a short-term cash loan; thus pawning their boat is a great alternative to selling it. See our article Selling v Pawning >
Do you loan against vintage boats?
Absolutely Yes – we have regular customers who borrow against their vintage and antique boats, many of which are true collector’s items. A lot of these types of boat are highly sought after and hold significant financial value. By getting a loan against such a boat owners can unlock equity for use in another purpose without having to sell it.
Loan against boat and still ride it?
In New South Wales a person borrowing money from a licensed Pawnbroker must leave the asset being borrowed against with the pawn shop (in this example the boat being loaned against). Essentially, the loan is secured against the boat until the debt and due interest are repaid.
Do I have to be 18+ to pawn something?
Yes – to pawn something in NSW you must have attained at least 18+ years of age.
Does U-Pawn loan against other things besides boats?
Absolutely Yes – mostly we loan against Cars | Motorcycles | Boats and Trucks. We also loan against Machinery | Recreational Vehicles | Caravans | Trailers | Farm Equipment and even Aircraft. Learn more >
Why not use your boat for a loan. To learn more about our pawn loans please visit our FAQs page by clicking on the button below: