Buying a boat of any size or type is an exciting time. Considering all the options and different models, selecting which one suits your recreational style, your family, your business. But the process is not without potential pitfalls and pressures. Whether you’re buying a new boat from a dealer or a used boat from a dealer, a private seller or at auction – sellers are usually very keen for a quick sale. Especially in the post-pandemic economic environment, everyone is keen to make sales and get the economy moving into recovery.
For some buyers, pressure from the seller can lead to making less than wise decisions. Especially if they don’t have their boat loan organised or don’t have any indication of what a boat loan for that particular boat may include. Staying on top and in control of the buying process rather than being pressured, enticed and swayed by the seller or dealer to make decisions that suit them but necessarily you can be significant.
Here are our tips for how you can ride the wave and avoid being dumped when buying a boat.
Tip 1: Use our Boat Loan Calculator
One of the biggest questions in the back of your mind when looking at boats to buy is how that purchase price will actually translate into monthly repayments on a cheap boat loans rates?
Everyone knows that interest rates are currently at low levels but very few know how all that will work out over the term of a boat loan.
Having that information before you start you start talking to boat sellers can not only save you time, it can save you money.
We make that possible with our online boat loan calculator. You can easily see how it works and give it a try right here on our website. In brief, you enter the purchase price or the amount you want to borrow to buy your boat, the current low interest rate we are offering on boat loans and the loan term and the system calculates a rough ballpark estimate of monthly repayments.
We stress this is a rough ballpark because it is a generic device and doesn’t have the functionality to allow for nuances around your individual application or any fees and charges from individual lenders. Your repayments may end up lower or higher than the estimate. It’s also not a confirmation of an offer or that your application is approved.
But, it is a very valuable tool that you can use when it comes to negotiating with a boat seller. A rough estimate on repayments empowers you to make more informed decisions around affordability and be aware of your maximum purchase limit when it comes to adding any extras.
The calculator is an online device so you can use it from your mobile phone to quickly compare estimates on different boats while you are at a dealership, at an auction, a boat show or at a boat ramp or marina with a private seller.
Tip 2: Organise a Pre-Approved Boat Loan
You don’t have to wait until you’ve found the boat you want to buy and started discussions with the seller to start the boat loan process. The calculator allows you to receive a rough estimate on repayments, but how much better would you feel if you knew your loan had been approved and you had a firm quote based on a price range?
That’s the essence of a pre-approved boat loan. The process is essentially the same as when you apply after you have the boat purchase underway. Your Jade consultant will provide you with a cheap boat loan quote based on the price range of the boats you are considering. On accepting the quote, they will process your application and you will know you’re pre-approved for that amount.
So you know how much you have to spend and you know you can settle the deal relatively quickly – both great tools to have in your boat buying tool box.
Perhaps ask the seller will you reduce the price if I can settle quickly?
Or keep that poker face on when the initial price suggested is already under what you’d budgeted and let the seller keep reducing the price till you agree.
If the price comes in lower than you anticipated and your finance is approved, you may choose to add some extras into the deal – extra safety equipment, upgrade to the better GPS, add a fish finder or accessories.
Our pre-approved boat loans all include:
- Cheap interest rates fixed for the term of the loan
- Fixed loan term
- Fixed monthly repayments
Ride the boat buying wave expertly with a pre-approved boat loan from Jade Boat Loans. Discuss your requirements with one of our consultants. Call 1300 000 003