With hundreds of different craft on display at this year’s Sydney International Boat Show there is a good chance you might find your dream boat and want to take it home right then and there.
With so many options to choose from the urge to splurge on a new boat or replace the old one is never stronger than when presented with so many choices.
But the decision to buy a new boat is not one which should be taken lightly with the consequences of rushing in often having long term affects on your wallet, according to Capital Finance Sales Manager Marine Tony Kutlucan.
Capital Finance is one of Australia’s leading marine industry financiers and operates in New South Wales under the BIA Marine Finance banner. The company will have a team of advisers on hand at the show to help out with any questions about financing your new boat.
“We see people making the same mistakes time and time again by simply not doing enough research,” Mr Kutlucan said. “To avoid some of the heartache we have come up with a list of tips which will ensure people enjoy their new boat for many years to come.”
1. Choose a boat that suits your needs.
Mr Kutlucan said there was nothing worse than getting stuck with a boat that is not exactly right for what you enjoy most, whether it be fishing, cruising or enjoying water sports.
“There is a huge range of craft on the market and the choices can be endless,” he said. “Buying a boat that suits your needs will give you a lot more pleasure over the longer term than something that simply caught your eye because of a few features.”
There are a number of factors to consider before you begin to search for your perfect boat, but the three main areas are, purpose, size and cost.
“Our simple message would always be to try before you buy, that way you know exactly what you are getting,” he said.
2. Choose the right dealer
There is certainly no shortage of boat dealers available, but finding the right one can be difficult. Like any major purchase you should take time to do your homework. Preferably purchase your boat from a BIA (Boating Industry Association) accredited dealer.
3. Have the boat inspected
Mr Kutlucan said buying a boat was no different from buying a house or a new car and you should always have the craft inspected by a professional.
“Always arrange for a water test prior to purchase and then if you are satisfied contact a marine surveyor, when purchasing larger vessels have the boat slipped. The surveyor will check for structural problems and provide a written report,” he said.
4. Get the right finance package
There are various options for borrowing money to purchase a new boat which is predominantly for personal use and which you want to own outright.
“Putting some time and effort into finding a finance package which suits your needs is just as important as finding the right boat,” he said. “There is nothing worse than not being able to fully enjoy your boat because of the financial strain it is putting you under.”
For people who use their boat for business there are also more options including Boat Asset Purchase or Hire Purchase.
For both types of purchases there are a many options to consider including variations in fixed or variable interest and fortnightly or monthly repayments.
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