Frequently Asked Questions

Marine and Leisure Finance

How long will it take for my loan application to be approved?
We’ll let you know in about an hour if you’re buying from a dealer, or within one working day (once we have all the information we need) if you’re organising a loan directly with us.
Can I get a loan approval before I’ve found the boat that I want?
Yes – we know that some people like to know how much they can borrow before they go shopping for a boat. You apply for the loan as normal and we’ll email you a pre-approved finance voucher which you can use with a MARAC-authorised boat dealer, or with your MARAC financial services manager
Can I change the amount of my loan after it is approved?
Yes. If you want to increase the amount, it simply needs to be approved by us (you won’t need to fill in another loan application). Just speak to either your MARAC-authorised boat dealer who will organise it for you, or your MARAC financial services manager.
Do you offer insurance?
Yes. To find out about our insurance products click here.
What interest rates do you charge?
Our interest rates are competitive and vary depending on the amount borrowed, the loan term and your credit history. To get an idea of our current rates, either click here to send us an email, or call one of our financial services managers on 0800 520 009.
How long are the loan terms?
Our terms are flexible, ranging from six months to 10 years.
Is there a minimum age for applying for finance?
Yes, you need to be at least 18 years of age and must be a New Zealand resident.
What is the security for my loan?
The security will be the boat you’ve purchased, although we may ask for additional security or a guarantor.
Can I change my repayment amounts during the loan term?
Yes. Give your MARAC financial services manager a call on 0800 520 009, and we’ll see what we can do to change your loan to suit your circumstances (there may be a fee to restructure your loan).
What is a guarantor?
A guarantor is someone who agrees to pay your loan if you don’t keep up the payments.