Much like boating, the process of purchasing a boat can be a precarious one. If you don’t know how to read the signs or spot the hidden dangers just beneath the surface, you could end up in some serious strife. With that in mind, get familiar with these big mistakes that you need to avoid, otherwise you could end up a nervous (ship)wreck.

The Boat For You

Boats are a fantastic asset, but you need to understand your needs first. Boats come in all shapes and sizes, and are designed for all bodies of water. Are you heading for a fishing trip? Lazy cruise on the local river? The horizon? Think about what you want this boat to be best prepared for, otherwise you could end up in a storm aboard the Minnow.

Purchasing Grey Imports

Many people have been tempted into making the most of Australias current financial situation, and buying in products from the States for cheaper than they would pay here. These boats that are being imported through non-authorised channels are known as ‘grey imports’. However, while these boats may seem like a bargain, they may end up costing you more in the long run if they don’t meet Australian standards. Steer around this problem and still make the most of the exchange rate by purchasing through registered boat importers.

Skipping The Boat Inspection

A legitimate boat dealership or boat yard has a reputation and commercial license to think of, so will only sell second-hand boats that meet certain standards, and are required to inform you if the boat needs any alterations or special care. A private seller, however, just wants to sell off their boat, and could even be unaware themselves of any dangers below the depths. If you’re considering purchasing a boat privately, always bring in a professional to evaluate the boat first.

Forgetting To Factor In Resale

Unless you’re purchasing one boat for life, or you’ve found the retirement houseboat of your dreams, there may come a time when you are going to look into accepting offers for your beloved boat –so keep this in mind when you’re buying. Take a little time to research the brand and model, the market value, and how that may change. This is a useful step when purchasing a boat, as you can use this information when negotiating the price.

Agreeing To The Wrong Loan

If you’re using a finance company to help you with your boat purchase, you need to be confident you can meet the repayments to avoid getting some swashbucklers knocking at your door. Make sure you know what you can afford, what fees your loan may include, and how long your repayment term is.

Here at Biziloans, we’re boaties too, and regardless of what kind of craft you’re after, we will help you get the best boat loan for your lifestyle and budget -and with same day approval, now you can rev the engine or open the sails, and enjoy the sunset on the water today!