Considerations to help you make the most of your Boat purchase
Owning a boat creates opportunities for incredible experiences for yourself and those around you. You can comfortably explore aquatic spaces; enjoy such activities as fishing and tubing, and have boat parties with friends and family.
Here are some suggestions that you should consider when buying a boat.
The type of boat to buy
Various needs dictate the type of boat you might consider. Such needs include:
- Passenger capacity- depending on how many people you look forward to having on the boat, ensure that the boat you consider for purchase is just the right size.
- Location: The waterway you intend to use your boat is also a significant consideration. Consider the salinity of the water and the depth of the channel. In addition, tidal issues, surf conditions and the boat’s capacity should be considered.
- Storage- When buying a boat, it is also necessary to consider the implications of storing it, whether to have it docked or use personal storage on dry land. Docking it at the marina attracts monthly costs while keeping it on dry land will incur transport costs if you need to purchase or hire a trailer.
History of boat usage
After identifying the type of boat you intend to buy, you can now select whether you’ll go for a new or pre-owned boat. New boats come with a warranty, meaning the manufacturer repairs it at no extra cost, should it malfunction. A new boat is unlikely to have significant issues, but it will cost more than a used boat.
A used boat is relatively cheaper, but all necessary repair costs have to be footed by you. It may also be a disadvantage if the previous owner poorly maintained the boat, so an inspection may be on the cards prior to purchase.
Once you narrow down your search, you may want to have an inspection on your choice of boat. Take it out for a test, inspect the engine condition, check its service and maintenance history. This process is vital, primarily if you have settled for a used boat.
Closing the deal
There are some costs often incurred after the sale of a boat, which are essential to consider before signing off the deal.
- Final costs – you must pay for your boat’s insurance, registration, dealer fees, and upkeep.
- Delivery – You are never guaranteed to find the boat of your choice at a dealership near your home/storage point. Therefore, you will have to consider delivery costs and possibly the need to buy or hire a trailer.
Decided on the perfect style of boat, considered everything you need to think about and are ready to find your perfect boat? To start your boat financing journey, check our website for fast pre-approval, as it helps you know how much you can easily afford to borrow. Get your pre-approval, and start your loan application. Then all that is left to do is find the perfect boat and … as they say… Sail off into the sunset!