Having a boat opens up a whole horizon of possibilities when it comes to exploring the water — and Australians know this well. Out of every ten Australians, one of them has a boat license. But there’s a big difference between knowing how to drive a boat and actually owning one for yourself.
If you’re an aspiring boat owner, this guide is for you. In this article, we’ll take you through the essential steps to buying a boat, from doing the initial research to financing your purchase.
What are your Boating Needs?
As a first-time boat buyer, before even considering the question of how to buy a boat, you first need to ask yourself: “What am I going to use my boat for?”. Understanding your specific boating needs, whether it’s for fishing, leisurely cruises, or thrilling water sports, will help you narrow down the choice of boat to go for.
Additionally, you should also consider things like how many passengers you’ll typically have on board or whether you’ll be navigating freshwater lakes or saltwater oceans, as this can influence the type of boat that suits your preferences.
Researching Boat Types and Models
There is such a wide array of boat types and models, from luxurious yachts to efficient fishing boats and versatile pontoons, that looking through them all would be an exhausting process. To find what you’re looking for, we recommend relying on your boating needs to pick a particular category of boat to start your search.
Alternatively, you can start by researching popular boat brands and models to get an idea of what other boaters usually use. Don’t hesitate to delve into reviews and seek recommendations from experienced boaters; their firsthand experiences can be extremely valuable.
Buying A New Boat vs. A Used Boat
Another important choice to make is whether you’re going to buy a new boat or a used boat. While new boats are priced higher, they offer more value with cutting-edge features and the ability to customise parts to your liking. Official dealerships also offer warranties that grant first-time buyers peace of mind due to the extra layer of security.
On the other hand, buying used boats can help you bring costs down significantly. However, you’ll be responsible for inspecting the boat’s condition and ensuring its compliance with legal regulations. There will also be the risk of poor performance due to wear and tear.
Budgeting for Your Boat Purchase
While deciding which boat to buy and who you’re going to buy it from, you should set a realistic budget for your eventual purchase. Apart from factoring in the upfront cost of the boat, you should remember to account for additional expenses such as insurance, maintenance, fuel, docking fees, and potential upgrades. Don’t overlook these costs — not keeping track of them can lead to unexpected strains on your finances in the long run.
Financing Your Boat: Exploring Your Options
As you’re already aware, buying a boat is a significant expense. While you may not have the immediate funds to buy a boat outright, you can still make it happen with the help of a boat loan. Many boat owners opt to work with a reliable boat financing service so that they can get out on the water without any unnecessary financial stress.
The Importance of Pre-Approval
Another thing to remember about financing your boat is the importance of getting pre-approval for your boat loan. With pre-approval, you’ll be able to get a clear budget range, enabling you to focus on boats within your financial reach. Additionally, having a pre-approved loan will streamline the buying process, allowing you to confidently approach dealerships or private sellers, knowing that your loan is ready to go.
Conducting Thorough Inspections
Just like buying a car, a thorough inspection guarantees that you’re making a sound purchase. Check the boat’s hull, engine, and electrical systems for any damage or errors, making sure that every component is in good condition. If you’re not well-versed in boat mechanics, consider taking along a friend who knows what to look for during the inspection. This pre-purchase inspection can reveal hidden issues and save you from unexpected post-purchase expenses.
Completing the Purchase and Paperwork
If you’re happy with all the above steps, it’s time to pull the trigger on your purchase! There will be some paperwork involved for the transfer of ownership, vessel registration, and legal requirements. No matter how excited you are to take your boat for a ride, don’t rush this part of the process. Double-check that the bill of sale, title transfer, and any warranties are clearly outlined and accurate.
Final Thoughts
Congratulations! You are now the proud owner of your very own boat. The seas are open to you, and you can enjoy them to the fullest on your new vessel.
Our team at Credit One is passionate about marine leisure and wants to make the buying process as simple as possible for you. With years of experience offering competitive loans for all types of boats, we are the perfect partner to work with to finance your new boat purchase. Contact us today for a quick quote and get started on your journey toward boat ownership!
