How it works

How our loan process works

Getting a loan with NOW Finance is straightforward, and you’ll always know what’s happening at every stage.
No hidden fees, no confusing steps, just a clear path from quote to funds in your account.

step one

Get your rate

It takes 2 minutes to get your personalised quote without impacting your credit score.

We’ll show you exactly what your repayments could look like, so you can make an informed decision before applying.

Won’t impact your credit score

step two

Apply online

Once you’ve seen your rate, choose your loan term and complete your application online.

You can upload your documents directly and, with just a few details handy like your income and expenses, you’ll be done in minutes.

Fast and easy completion on your phone

You’ll need about 5–10 minutes

step three

Money in your account

Access your funds within 24–48 business hours of being approved and signing your contract.

A dedicated Loan Advisor will also be assigned to your application to guide you through the process and answer any questions along the way.

Dedicated support

A dedicated Loan Advisor will also be assigned to your application to guide you through the process and answer any questions along the way.

Loan eligibility checker

Who can apply for a loan?

You can check if you’re eligible using our Eligibility Checker.

To be eligible for a loan with us, you’ll need to meet the following criteria:

You’re an Australian citizen or permanent resident.

Unfortunately, we can’t accept applications from temporary visa holders.

Your employment is your primary source of income and you’re not on probation.

If you’re self-employed, you’ll need at least 2 years of business activity. If you’re in a casual role, you’ll need to have been working for at least 3 months.

You haven’t had a bankruptcy or unpaid defaults.

Having a clean credit history helps us assess your application faster and gives you a better chance of approval.

You have a valid form of ID

A current ID, either an Australian Passport or a valid Australian Driver’s Licence, allows us to confirm your identity securely and keep your application safe.

You’re at least 18 years old.

Applicants must be 18 or older to meet responsible lending requirements and qualify for a loan.

Award-winning loans. None of the bank.

Recognised year after year by Finder, Mozo, and WeMoney for simple, no-fee personal loans, and car loans with excellent rates and fees.

With NOW Finance, you can borrow between $5,000 and $150,000 for a boat loan. The amount you’re approved for depends on factors such as your income, credit history, and the type of boat you’re purchasing. We provide flexible loan options for both new and used boats, with repayment plans tailored to your budget and financial goals.

You can finance a wide range of boats with a NOW Finance Boat Loan, including sailing boats, speedboats, fishing boats, yachts, and more. Whether you’re buying new or used, from a dealer or private seller, we offer flexible loans that can be tailored to your budget and goals.

NOW Finance offers flexible loan terms ranging from 18 months (1.5 years) to 7 years (84 months). You can choose a term that suits your budget and goals. There are no fees for extra repayments or early payout, so you can pay off your loan faster and save on interest if you choose. You can use the NOW Finance Repayment Calculator to explore different term lengths and find the best option for your budget and goals.

Yes, you may be able to refinance an existing boat loan to a new NOW Finance loan to better suit your current financial situation. Refinancing involves replacing your existing boat loan with a new one, which could offer lower interest rates, different repayment terms, or the option to access additional funds. You might consider refinancing if your credit score has improved, your income has increased, or market interest rates have dropped. Please note that refinancing involves a new credit assessment and credit check, and eligibility depends on your existing loan balance and our lending criteria. Make sure to review your personal circumstances and the loan terms to ensure refinancing is suitable for you.

With NOW Finance, you typically don’t need a deposit to get a boat loan. You can borrow the full amount needed to purchase your new or used boat, depending on your income, credit history, and overall financial situation. However, making a deposit can reduce the total amount borrowed, lower your repayments, and help you pay off the loan sooner.

Yes. Unless you are choosing our unsecured Personal Loan option, your loan is secured by the boat you are purchasing, we require it to be comprehensively insured for the duration of your loan. Having comprehensive insurance on your boat helps protect you and reduce financial risk if it’s damaged, stolen, or written off. At NOW Finance, insurance isn’t included in the loan, so you’ll need to arrange it separately through your preferred insurer.

Yes, you can get a car loan for a second-hand or used boat. Loan terms may vary depending on the boat’s age, condition, and value, as we’ll assess these factors when determining eligibility. A used boat loan works the same way as a new boat loan, you borrow a set amount with a fixed interest rate and make regular repayments until the loan is fully repaid.

A boat loan from NOW Finance is designed to help you purchase a new or used boat without paying the full cost upfront. You borrow a set amount and repay it through fixed monthly instalments over a chosen term, which includes the interest rate and any applicable fees. With a boat loan, you could get your boat sooner while spreading the cost over time. NOW Finance offers boat loan amounts from $5,000 to $150,000, flexible repayment terms and no ongoing fees, making it easier to find an option that suits your budget.

NOW Finance and the relevant partner will handle your personal information in line with their privacy policies. We may receive information from the partner to track your activity, confirm whether you qualify for cashback and process your payment.

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