Boat Finance

[locodave]

I'm too familiar with boat finance as I am with cars

But is it simalr as to cars? The older the baot the more interest there is?

Thinking of getting a 99 model boat. Who would offer the ebst insurance for that?

[caine]

I'm too familiar with boat finance as I am with cars

But is it simalr as to cars? The older the baot the more interest there is?

Thinking of getting a 99 model boat. Who would offer the ebst insurance for that?

Yes if you are looking at secured finance the older the boat the higher the rate. This does not apply for an unsecured personal loan however in theory the rate should be higher.

Insurance wise there are not too many options! Start with club marine

Edited July 19, 2007 by CaineS

[aussie big bob]

I'm too familiar with boat finance as I am with cars

But is it simalr as to cars? The older the baot the more interest there is?

Thinking of getting a 99 model boat. Who would offer the ebst insurance for that?

First of all i would be having a real good look at the price you are will to pay for the second hand boat.

I would then have a look at what a new one is worth. I would compare what you will get with the

old one and what you can get a dealer to throw in on a new one . You realy must think about what type

of use or fishing you are going to use the boat for, and has the second hand boat got every thing you want.

I know that there are many people that will say i can get this or that later but i find that many dont.

I myself have done this and found out that i did not realy save much on the second hand boat.

I am not saying not to buy a second hand boat but have a real good look at the cost of a new one

fitted out to what you realy want as you might save a lot of money in the long run.

And with some of the offers from the dealers you might save on some interest as well.

Some times better to pay a little more up front to save a lot in the the end, and be truly happy with what

you have bought.

cheers

bob

and no matter which way you go happy and safe boating

[pelican]

Hi.

I don't know your circumstances but beware about financing second hand boats or any boat come to think of it. Basically if you can get away with a smaller boat you won't have to finance do that and see how you go. Don't buy one and get more experience in the style of fishing etc you want to do by renting one or going with mates and sharing costs is a much cheaper and lower responsibility option.

Costs of boat ownership can be a bit hard on the pocket and can be surprisingly similar for the smallest boat through to bigger tinnys due to basic insurance and maintainance costs.

Perhaps a few members could put up real numbers of their insurance costs and annual costs for rego etc and maintainance including replacing safety gear and the couple of abchors a year you lose etc etc. so you have a clearer picture. Depreciation and basic repairs let alone fit out and customisation.

The purchase price is only a small part of the cost of boating

Boats are bad debt and in an cconomic downturn prices really do go through the floor and there is a lot of forced sellers and finance repossessions.

All that said it is wonderful to be able to get out on your own boat but you don't want to be working your butt off just to pay the interest bill and not maintaining it etc etc. Worst case is like a few mates where they have their precious boat and because they are working so much it sits gathering dust unused which is seriously the worst and quickest way to wear out a boat. Think seriously about how many days you are going to have to take it out and how many you are going to spend doing maintainance and unless you are goinfg to get reqular use charters mates boats sharing costs and renting are all a lot more eccononical and just as convenient if you get organised.

Recently with the number of days suitable for small boats that have occurred on weekends around Sydney most blokes wouldn't have got there moneys worth.

It's a balance but don't go into lots of debt as you are better off spending your hard earned on enjoyment rather than hard slog worrying about finance companies their seriously silly interest rates and fees.

Pel

[Guest]

Wise words Pelican

Cheers Stewy

[locodave]

Hey guys,

Thanks for all your words of wisdom! I have had a boat before, but I still agree with you Pelican.

At the moment im thinking of just getting a small boat, not more than 15k. Ill probably just finance the last 10k if anything, which I don't think will cause a big dent in the wallet

Thanks for the advice though

[Jason Sunn]

Hi Locodave,

I think the old addage is that you should expect to spend 10% of the value of the boat each year in maintenance and insurance etc. it has worked as a good guide for me and I have had a 15 ft half cab up to a 25 ft bertram. (sadly boatless now due to overseas travel and work)

I arranged Finance through Finlease and found them to be very good and experienced in lending for boats. but as with any purchase and Finance is a purchase, Shop around.

Good luck with the search , nothing like finding that boat and falling in love with it. New or second hand it really does not matter when you can call it yours.

Cheers Sunnyboy

[paul_pero]

as a rule : only borrow money if it will make money. ie you need what you are purchasing to make money.

one excemption maybe: your house.

if you can't afford it save it or buy something you can afford.

sure it's good to have it now, but it will end up costing a lot more, than being patient and saving.