The recent Sanctuary Cove Boat Show gave many of us the opportunity to get on board and inspect the boats that, unfortunately, many of us will never be able to afford. But it’s nice to dream…Right!
The purchase of a boat is most likely going to be one of the largest investments you will make in your lifetime. So, here are some things to consider which may help you when looking to buy that boat you have always wanted.
Before deciding on which boat to buy, you really should consider such things as:
What you want to use the boat for: fishing, wakeboarding, cruising, sailing, etc.
If it’s a trailer boat, where are you going to store it, or can your vehicle legally tow it?
If it’s going to be moored, where are you going to keep it and what are the costs?
What will it cost to maintain, register and insure? The cost to regularly antifoul and service boats that are moored can come as a shock to those who haven’t done their homework.
What is your budget and how are you going to fund the purchase – cash or finance?
If you are going to finance the purchase, evaluate the various finance options available to you. Decide how much you can comfortably afford with repayments, and how long you want to take the loan over. Consider arranging a finance pre-approval, they can give you the confidence to negotiate a great deal, and will confirm to the dealer or seller that you are a serious buyer.
A finance pre-approval should be an obligation-free service, so if you decide to not proceed with finance, there is no cost.
So, the next question is: should you go directly to a bank or use a finance broker?
A bank can only offer their own products and let you know about their credit guidelines. Will they tell you that another bank or lender has a better deal?
When sourcing the right finance for your boat purchase, it is best to enlist a specialist marine finance brokers, like the Credit One Group, who understand the lender’s requirements to obtain for you the very best interest rate that is suitable for your requirements.
Once you have done your comprehensive research on the boat that best suits your needs and you have a finance pre-approval in place, it’s time to get serious and find a bargain.
Although we are in winter and water-based activities are not as inviting as the summer months, it can be a great time to negotiate with both dealer and private sellers before summer arrives and inspires everyone to get on the water.
It is always a good idea that when you put in an offer to purchase your dream boat, you make the offer subject to a marine survey, rigging inspection, a sea trial, and finance approval (if you need a loan to complete the purchase).
Our experienced marine finance specialists at Credit One are happy to discuss any questions you may have regarding your personal circumstances and on obtaining that boat loan, or getting an obligation-free finance pre-approval in place.
We are also agents for Club Marine Insurance to keep your pride and joy covered.
So give us a call today on 1300 Credit (1300 273 348), visit us online: www.boatloansfinance.com.au or email us: boats@creditone.com.au
