Obtaining a marine vehicle loan is not much different from a car loan, as essentially the same finance options are available. Here are some tips for buying a boat/jetski, etc.:
- Think ahead
- The Big Buy
- RESEARCH: Have you thought about what you will use the boat for and where it is to be stored? It is best to identify your performance criteria before beginning your search. Have you thought about who will be operating the boat? Will your current car be able to tow the new boat? Will you require help from others to get the boat in and out of the water?
- PRE-APPROVAL: Arrange finance before you start looking at boats. Knowing you’ve been approved and that the money is at your disposal will give you the confidence to negotiate a better deal from the vendor.
- BUDGETS: When you are doing your budget don’t forget those often overlooked operating expenses. Larger cruisers can incur larger costs such as marina space and mooring, engine services and large amounts of fuel if you love to travel. A smaller boat can be a lot easier to manage both physically and financially.
- SHOP AROUND: There are many large boat yards to visit in person, or if you prefer to do your research online you will find tradingpost.com.au and boatsales.com.au to be some of the best online search sites for boats. You will also find dealers advertising in the newspapers.
- SAFETY: Did you know that for recreational vessels powered by a motor greater than 6HP, it is compulsory to obtain your Recreational Skippers ticket? It will teach you to be safe on the water and learn the dangers associated with boating. It is a good idea to discuss your safety requirements with your boat dealer also.
- BUYING SECOND HAND: Buying second hand can be a great option if you are price conscious as they will often be thousands of dollars less than the new version. Buy from a reputable dealer to avoid buying a stolen boat. When you buy from a dealer – depending on the boat – you may qualify for a 3 month statutory warranty and the option to have a full warranty providing you with peace of mind.
The Big Buy
- DEPOSITS: Most dealers allow you to leave a deposit of about $50-$100.
- CONTRACTS: When you sign the contract always sign with the condition that sale is “subject to finance and satisfactory mechanical inspection.”
- BOAT VALUE: In the emotion of updating your boat, you may convince yourself to pay more than you should! Ask Best Loans to check that the boat you’re about to purchase is appropriately priced.
- NEGOTIATE: Don’t settle for the first boat you see, and always ask for a discount on the sticker price. Use the internet to email dealers your requirements and see if they will come down in price before driving to the yard.
- INSURANCE: If you’re financing your boat, be sure to ask Best loans Australia about including insurance in your contract. You will most likely save your time and money. Comprehensive insurance is mandatory for a boat that is under finance. Some insurance companies do charge you extra to pay by the month instead on annually.
Buying a boat isn’t always easy but at Best Loans, it’s what we are all about. Is there any way we can help you buy your dream boat? We’d love to help! Enquire online now or call us on 1300-002-190.