Firstly, consider your budget, where you will be keeping the boat. For example, will the boat be on a trailer at a residence or mooring at a marina, and the costs involved? Then, choose a vessel that you want to purchase.
New or used boat?
A new boat is going to be supplied by a dealership, which gives you peace of mind. New boats are less likely to break down than used boats, and are likely to remain mechanically sound for many years after purchase if serviced correctly. They are also covered by a warranty, which provides some certainty about future operating costs.
A used boat is either available firstly from the private owner or through an experienced boat broker. There are a lot of pros and cons for buying a used boat. While it might not seem as glamorous as a new boat, there are thousands of well-maintained and serviced used boats available. If you do your research and negotiate well, it could save you a lot of money. You might even find that the new boat you have been considering is available as a used boat at a much cheaper price, with only a handful of hours. The key is research.
It should be noted that private sales are high risk and unregulated. As such, you must be extra vigilant with your checks, therefore obtain a condition report, completed by a marine mechanic. It is also recommended to complete a Personal Property Securities Register search (formally REVS check) to help identify if a boat has money owing on it or if it has been reported stolen.
Who should I go through for finance?
There is a plethora of financiers and brokers out there, some just obtain your application and sends off to the lender without doing the necessary background work to help with getting you approved. Credit One liase with the lender with your information before submitting a formal application. In that way, we are able to obtain all the necessary documentation and information that the lender will require to help support your application.
Who are Credit one?
Did you know as well as being judged as one of Australia’s best car and asset finance brokers, the Credit One Group is fast becoming one of Australia’s leading specialist marine financers. So if you are in the market for a new rig, whether it is the smallest tinny, a jet ski, a yacht, or a commercial vessel, Credit One can assist with years of experience arranging all types of marine and boat finance.
In fact, Credit One have specialist marine financiers offering deals that even the banks cannot get close to. Credit One Boat finance specialists can arrange pre-approval before you shop, and can also arrange competitive insurance quotes through our marine insurance partner Club Marine.
To find out why Credit One is fast becoming Australia’s leading choice for all types of Boat & lifestyle finance options call on 1300 273 348, or contact via email at boats@creditone.com.au
Don’t just take our word for it though, have a look at what our customers have to say
In late 2016, Christian McNally wanted to buy a boat and take delivery before Christmas so that his family could be out on the water. Christian had a long-term history with bank finance, but on this occasion he was won over by the Credit One experience. “The team did a great job securing our finance. It was hassle-free and saved me so much time in the process. Adding that it was the Christmas rush period and my requirements were for a boat – not a car, Credit One still exceeded my expectations.”
In the same year, another boat buyer, Bastien Treptel, was looking at an older vessel built in 1996. To further complicate matters, Bastien is self employed. This did not stop Credit One delivering on their promise. “The Credit One team went above and beyond to get the loan settled quickly, right before Christmas. Furthermore, their rates were better than the banks and the team was very friendly. I can’t recommend these guys enough.”
Credit One are incorporating their support of the Southport Flotilla (QF1) of the Australian Volunteer Coast Guard into the finance options to boat buyers. For customers signing up for boat finance, they will include a two-year membership with Coast Guard’s Marine Assist, similar to your car’s roadside assist, but on the water.
Editorial by Andy Kancachian
