Boat loans NZ: rates and real costs
See what a boat loan costs each week and all up, then have a licensed broker call you about your options.
$146 a week
$37,994 paid back in total
Estimate for a $30,000 boat over 5 years at UDC Finance's 9.30% fixed marine rate, checked 21 Oct 2026. Fees and conditions are below.
What will my boat loan cost each month?
Put in the price and the rate, and you'll see each repayment, what you pay back all up, and what the boat costs you in its first year once running costs are added. It starts at UDC Finance's marine rate of 9.30% p.a., so change that to the rate you're quoted.
For other kinds of loan, use the full loan calculator. Nothing you type leaves your screen unless you send the enquiry form.
What are boat loan rates in NZ in October 2026?
Boat loan rates run from 7.95% to 29.95% p.a. at the ten lenders Compare Loans checked, and most are fixed. Where you land depends on your credit history and the boat. A loan secured on the boat usually starts lower than an unsecured one.
Set-up fees run from nothing to $550. On $30,000 over 5 years, the cheapest lender here costs you $141 a week. Once a lender looks right, a broker can check whether it would consider you.
| Lender | Rate (p.a.) | Fee | Each week | Paid back in total |
|---|---|---|---|---|
| Harmoney (unsecured)7.99%–24.99% p.a. | 7.99%–24.99% | $150 | $141–$203 | $36,595–$52,874 |
| Finance Now8.25%–29.95% p.a. | 8.25%–29.95% | $215 | $142–$225 | $37,048–$58,507 |
| Marac8.95%–13.95% p.a. | 8.95%–13.95% | $249 | $144–$162 | $37,555–$42,064 |
| UDC Finance9.30% p.a. | 9.30% | $249 | $146 | $37,994 |
| AA Money9.40%–12.15% p.a. | 9.40%–12.15% | $249 | $146–$156 | $38,072–$40,530 |
| Oxford Finance9.95%–20.95% p.a. | 9.95%–20.95% | $153 | $148–$188 | $38,551–$48,962 |
| Toyota Finance9.95%–15.95% p.a. | 9.95%–15.95% | Up to $550 | $149–$171 | $38,817–$44,392 |
| MTF Finance10.55%–22.55% p.a. | 10.55%–22.55% | Up to $380 | $152–$197 | $39,590–$51,188 |
$30,000 over 5 years, weekly, at the bottom and top of each lender's range, with set-up, PPSR and account fees included. The cheapest 8 of the 10 boat lenders checked 21 Oct 2026: Harmoney, Finance Now, Marac, UDC Finance, AA Money, Oxford Finance, Toyota Finance and MTF Finance.
See which lenders would take my boatWhat does a $30,000 boat loan cost a month?
$635 a month over 5 years at UDC Finance's marine rate, or $146 a week, and $37,994 paid back all up. $7,994 of that is interest and fees.
Borrowing more or less? The table runs from $15,000 to $100,000, secured and unsecured. Westpac's unsecured loan stops at $50,000, so a bigger boat usually needs to be the security.
| Borrowed | Secured, each week | Secured, paid back | Unsecured, each week | Unsecured, paid back |
|---|---|---|---|---|
| $15,000 | $74 | $19,225 | $80 | $20,831 |
| $20,000 | $98 | $25,481 | $107 | $27,774 |
| $30,000 | $146 | $37,994 | $160 | $41,661 |
| $50,000 | $242 | $63,021 | $267 | $69,436 |
| $100,000 | $483 | $125,588 | Over the limit | – |
5 years. Secured: UDC Finance 9.30% p.a. with its fees. Unsecured: Westpac 13.90% p.a., no fees. Estimate only, not a quote or an approval. Your rate depends on your credit and the lender. Rates checked 21 Oct 2026.
Ask a broker what my rate would beSecured boat loan, personal loan or mortgage?
Adding the boat to your mortgage gets you the lowest rate, but over 25 years it costs you the most: $59,321, against $37,994 for a 5-year boat loan. Pay the top-up off in 5 years instead and it's the cheapest of all.
A personal loan needs no security, and what it costs depends heavily on the rate you're offered. A top-up is secured on your home, so think it through before you use it. See personal loans and refinancing and top-ups.
| $30,000 | Security | Rate (p.a.) | Each week | Paid back in total |
|---|---|---|---|---|
| Boat loan, 5 yearsUDC Finance 9.30% | The boat | UDC Finance 9.30% | $146 | $37,994 |
| Personal loan, 5 yearsHarmoney 7.99%–24.99% | None | Harmoney 7.99%–24.99% | $141–$203 | $36,595–$52,874 |
| Mortgage top-up, 25 yearsKiwibank 6.25% | Your home | Kiwibank 6.25% | $46 | $59,321 |
| Mortgage top-up, 5 yearsKiwibank 6.25% | Your home | Kiwibank 6.25% | $134 | $34,949 |
Set-up fees included for the boat and personal loans; Kiwibank's home loan fees not included and its variable rate held at 6.25%. Rates checked 21 Oct 2026.
Do lenders need insurance or a newer boat?
Some do. If the boat secures the loan, expect to insure it, and an older boat can narrow your choice of lender:
- Oxford Finance and Toyota Finance need the boat insured, with the lender named on the policy.
- Better Finance says most lenders prefer boats under 15 years old for secured loans.
- Harmoney says secured marine finance usually needs a marine survey.
- The lender registers its interest in the boat on the PPSR, for a small fee.
If your boat is older, Harmoney's unsecured loan needs no survey and sets no age rule.
How much does it cost to own a boat each year?
Allow about 10% of the price each year to run it, on top of the loan. For a $30,000 boat on a 5-year UDC Finance loan, your first year comes to about $10,617: $7,617 in repayments plus $3,000 for mooring, insurance, registration, fuel and maintenance. You can set your own running costs in the calculator.
Does a deposit lower the cost of a boat loan?
Yes. A 20% deposit on a $60,000 boat cuts what you pay back from $75,534 to $60,518. $12,000 of that is your deposit, and $3,016 is interest and fees you no longer pay. You don't need a deposit, though: UDC Finance can lend the full price if you're approved.
| Deposit on $60,000 | Each week | Paid back in total |
|---|---|---|
| No deposit | $291 | $75,534 |
| 10% ($6,000) | $262 | $68,026 |
| 20% ($12,000) | $233 | $60,518 |
5 years at UDC Finance's 9.30% p.a. with its fees. Estimate only, not a quote or an approval. Your rate depends on your credit and the lender. Rates checked 21 Oct 2026.
Can I finance a boat bought privately?
Yes. UDC Finance lends on private sales, Trade Me auctions included, and can pay the seller for you. Better Finance says its lenders consider private sales too. Need something to tow it? See car finance.
Before you pay, check two things:
- search the boat, trailer or outboard on the PPSR for under $3, to see if anyone has a loan secured on it;
- buying privately means the Consumer Guarantees Act doesn't cover you, while buying from a dealer does.
Can I finance a jet ski, outboard or trailer?
Yes. The calculator works the same for each, and these lenders cover them:
- Jet skis: UDC Finance, AA Money, MTF Finance, Oxford Finance and Finance Now.
- Outboards: UDC Finance and Finance Now.
- Trailers: Finance Now.
- A motor on its own: lenders through the broker Simplify, at a rate set by the engine's age and value.
Who can get a boat loan in NZ?
If you're 18 or over, a New Zealand citizen or resident, and your income covers the repayments, most boat lenders will consider you. Every lender checks you can afford the loan before it says yes.
Have your driver licence or passport, proof of address and three months of bank statements ready. If there's a default on your credit file, see bad credit loans.
| What they ask | UDC Finance | Harmoney | Oxford Finance |
|---|---|---|---|
| Minimum age | 18 | 18 | 18 |
| Residency | Citizen or resident visa | Citizen or permanent resident | Citizen or resident visa |
| Income | Assessed by UDC | Paid work | Over $30,000 a year |
| Credit file | Assessed by UDC | No defaults | Assessed by Oxford |
From each lender's page, 21 Oct 2026. Oxford Finance asks applicants under 21 for a co-borrower.
How does Compare Loans find a boat loan broker?
You answer a few short questions and a licensed broker calls you back. Compare Loans compares advertised rates from a selection of New Zealand lenders and passes your enquiry to the broker. It doesn't lend money or give financial advice.
- 1
Choose what you're financing (a boat, jet ski, outboard or trailer) and roughly how much.
- 2
Add your region and whether you're buying from a dealer or privately.
- 3
Leave your first name, mobile, email and a good time to call.
- 4
The broker shows you which lenders fit the boat and your situation. A lender runs credit and affordability checks only when you apply.
What else do people ask about boat loans?
Who is the best lender for boat loans?
No one lender is cheapest for everyone, because each prices on your credit, the boat and the term. Better Finance and Harmoney advertise the lowest starting rates, from 7.95% and 7.99% p.a., and Harmoney's $150 set-up fee is the lowest of the lenders that charge one. To see which quote is cheaper, compare the total you'd pay back with fees included.
Is it hard to qualify for a boat loan?
It's about as hard as any other loan. The lender checks your income, spending and credit history, and none of the ten lenders publishes a minimum credit score. Harmoney won't lend if you have defaults, judgments or bankruptcies, and AA Money sets its rate mainly by your credit score.
Do boat lenders check my credit?
Yes, every boat lender checks your credit and whether you can afford the loan. Checking your rate on Harmoney's site is a soft inquiry that doesn't affect your score. If your credit history is patchy, see bad credit loans.
Can I get a 20-year boat loan in NZ?
No. The longest boat loans here are 7 years at Harmoney and 84 months through Better Finance's lender panel; the "up to 20 years" you may see online describes lending in the United States. Only a mortgage top-up stretches that far, and $30,000 over 25 years at Kiwibank's 6.25% p.a. would cost you $59,321 all up.
Can I get approval before I find a boat?
Yes. UDC Finance gives a conditional approval that lasts 30 days and works at any registered boat dealer or for a private sale. Oxford Finance's pre-approval lasts 14 days, if the boat meets Oxford's criteria.
What happens if I sell the boat before the loan ends?
The loan is paid off out of the sale, because the lender has to release its security before the buyer gets clear title. Paying early costs nothing at Harmoney and Westpac and $8 to $25 at Oxford Finance, MTF Finance and Toyota Finance, where some lenders add a charge for the interest they lose.
Is it worth refinancing a boat loan?
It's worth it when the new loan, with its set-up fee and your old lender's early repayment fee, costs less than the repayments you have left. Early repayment fees run from $0 at Harmoney and Westpac to $25 plus a break cost at Toyota Finance. See refinancing to work out where you break even.
Is it worth getting a loan for a boat?
It's worth it if the repayments and the running costs both fit your budget. A $30,000 boat costs about $3,000 a year to run, on top of $7,617 a year in repayments on a 5-year UDC Finance loan. Sorted's free guide "Before you use credit" helps you test the budget first.
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