Boats can be expensive, and you may need to take out a loan to make your next marine purchase. If that’s the case you want to make sure you get the right finance, so that owning your boat is all smooth sailing and headache free.
This is when you’ll want to talk to a boat loan broker to get some calculations on what you can easily afford and you real options for purchasing the right boat. This is especially true if you’re getting a large loan, like this couple who opted for a boat loan instead of a mortgage.
Boat loans vary a lot depending on the type of boat that you’re looking to purchase, and your situation too. It’s best to get your finance sorted out before you go to buy, and talking to a boat loan broker about what you’re looking at is the easiest way to find out exactly where you stand.
Your boat loan broker will be able to give you a quote for your loan options, using the lender’s boat loan calculator to give you your exact repayments and interest rates based on your details, the boat you’re buying, and the loan term that you’re after.
When you get your quote, it’s important that you are totally honest with the broker about your finances so you get the most accurate answer.
When you’ve found the most suitable boat loan, it’s time to start the application. To make the process quicker, here’s a quick checklist of the information that you’ll need:
Once you’ve got your boat loan pre-approval, you can shop with confidence for the boat that you’re looking for, from a dealer or private seller.
The design of the boat can impact the safety of the passengers and crew. A design that looks attractive may not be putting your safety first!
This is especially the case where the deck of the boat is rounded rather than flat - if you are climbing on and off, a flat surface offers better stability and more grip.
You can read more about one experienced boat surveyors experience with rounded decks here before deciding whether you can afford to sacrifice function for form.
If you’re buying a fishing boat, yacht or large motor cruiser, you should look for a registered boat if you’re buying second hand, and consider registration if you’re buying new.
It’s often a requirement if you’re getting finance for a boat that it’s registered too. It’ll also make it easier when it’s time to re-sell, as you’ve evidence of your ‘good title’ to the boat.
The Australian Register of Ships is maintained by the Shipping Registration Office of the Australian Maritime Safety Authority. It has the following information about registered boats:
You can find more information on registration here.
When you take your boat out for the first time you might be a little nervous. Here’s some tips to keep in mind:
Now you’re ready to find out more about getting your own boat loan, you can call 1300 722 210 to talk to a boat loan broker.
They’ll run through the boat finance calculations with you so you understand how your boat finance will work. You can ask any questions that you have too, so you have a complete picture of the financial obligation of a boat loan.