Category Archives: Boat Loans

The Benefits of Buying a New Boat vs a Used Boat

Buying new or used boats is a tough call for any boat buyer, particularly first-timers. There are no right or wrong answers. Instead, the considerations will boil down to your personal taste and budget. There is nothing wrong with either buying a new or used boat. To help make the most suitable choice, here is a breakdown of the advantages of buying new and used boats, so you can consider your options and make the best choice for your needs.

Benefits of Buying a New Boat

Here are the perks that you will enjoy when you decide to buy a new boat:

 

Full Warranties

Every new boat has a warranty with a unique period depending on the manufacturer or dealer. Other than the manufacturer’s warranty, there is often a warranty on the equipment that will go even further. An example is an engine warranty that you can extend for an additional cost. Just like with a car, the boat’s warranty will give you peace of mind. Should something go wrong in the initial stages of your ownership period, you will be covered by the manufacturer.

 

Equipment

When you buy a new boat, your equipment will likely be new and unused. Having the latest equipment on the market means you don’t need to worry about the cost of upgrading in the very near future. To learn more about the items you will need when you buy a boat, check out our previous article onĀ the five things you’ll need when buying a boat.

 

Financing

Arguably, financing rates on new boats are better than on used boats. You may not be aware, but it can be challenging to get financing when the boat’s age exceeds twenty years, and you may need a higher percentage deposit.

For new boats, the overall disadvantage here is mainly the cost. The price of the marine vessel is by far the most important consideration for most people. When buying a new boat, you pay a premium to enjoy all the advantages of purchasing a new one. Understand that the value of the boat will also depreciate over its life. This can be handy if you are using the boat for business purposes. Otherwise, for regular users, your resale value will reduce over time.

Benefits of Buying a Pre-Owned Boat

The advantages of buying used boats are not as many as new boats, but they can be the best option for you. Here are the top benefits:

 

Cost

The price of such a significant asset is the most crucial advantage for buying used boats. The cost of a vessel will depreciate over time, and you can find a good one at a low price when you use a reputable dealer.

Boats are rarely on everyone’s radar at the same time. So looking for your boat “out of season,” can see you get a great deal. No matter your budget, the most important thing is to have a reliable vessel to get out of the water with friends and family.

 

Maintenance and Upgrade

When shopping around for a used boat, we recommend thinking about maintenance and upgrades as part of your purchase. If you buy your boat from a responsible owner, it may have an upgraded system. They could also have fixed bugs and motors, leaving you a clean machine that you can use for years. In addition, you won’t have any pressure to upgrade to the latest system.

On the other hand, you might be able to negotiate a better price if you need to upgrade systems. So be ready to deal!

The disadvantage in terms of maintenance and upgrades is that you never know what you are getting. You have to take some time to examine the vessel and ensure the systems and upgrades are practical and will suit your purposes. In addition, used boats may have unnoticeable maintenance issues that will trouble you in the future, resulting in more repair costs.

Finding Your Boat Loan

Ultimately, the choice you make comes down to your budget. You can simplify the process ahead of time by investigating your budget and by getting a boat loan pre-approval to achieve your dream of buying a boat. Ezilend helps you get tailored loans when you need them. if you are interested in learning more about how to finance a boat, we haveĀ  Four Easy Tips To Prepare For A Boat Loan!

Get your boat loan today and make your dream a reality.

Four Easy Tips To Prepare For A Boat Loan!

Have you always dreamed of buying a boat but thought the process was just too complicated to get one? Owning a boat can be both fun and rewarding! It can also provide many benefits for both you and your family! At Ezilend, we want to help you make your dream a reality. So today, we are going to share with you four tips on getting a boat loan that is both affordable and simple.

Have Your Information Ready

One of the first steps in pursuing a boat loan is to have all your information upfront and ready to go. Doing so can help make the loan process go faster and shows that you are serious about purchasing a boat. The following is a general list of the information that may be needed when buying a boat: Your

  • Name, Address; Phone Number
  • Employment Details
  • Income Information
  • Property Ownership
  • Monthly Expenses.

Details about the boat you are looking to purchase are also helpful to know ahead of time and can increase your chances of being approved for a loan.

Check Your Credit Score

Knowing your credit score can give you a good idea of how much a lender may be willing to approve. If your credit score is a little lower than excellent, do not fear. You can still get approved for a loan; it may just have a higher interest rate. It depends on the loan company and their policies. Ezilend’s experienced team can help figure out the best options for your personal situation.

Plan For Additional Expenses

When preparing to buy a boat, there are a few things you may want to consider ahead of the purchase to avoid unexpected expenses. When maintaining a boat, there are a few things to help the operation run smoothly. The following is a list of things you may want to add to your monthly budget:

  • Boating Insurance
  • Maintenance and Repairs
  • Operating Expenses (such as fuel and motor oil)
  • Storage and/or Dry Docking.

Know Your Budget

Having a budget in mind is another key step in preparing for a boat loan. Once you have your personal information, credit score, and other expense details ready, you can use this information to form your budget. This will help you see how much you can pay per month, as well as what type of down payment you can pay upfront. And sticking to your budget can help eliminate confusion and/or frustration in the long run!

You can start to work out the estimated weekly, fortnightly, or monthly repayments on your loan by using our handy online boat loan calculator. Simply choose the borrowing amount, the duration of the loan period, and the interest rate. Then, if you think the loan is affordable for you, click the start pre-approval button and fast-track your application today!

Work With A Finance Company You Can Trust!

Getting the right loan for your boating needs may seem complicated. You want an experienced loan company that will help you find the best loan at the best price. At Ezilend, we work to make sure you get the right loan that is right for you! With over twenty-five years of experience, our team specialises in getting marine financing loans that work for you! We walk with you in each step of the process. To learn more about how we can help you, contact us! We’re here to help make your dreams become a reality!