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Finance for Day Boat v Overnighter and Other Considerations

When it comes time to buy a boat, especially a first boat ever purchased, there are quite a few factors to consider. As a first boat or entry level many buyers might be thinking, something small as a runabout for fishing with mates and family fun with a day on the water. This can be a great choice and great value buy with a great range of Aussie boat manufacturers of tinnies and what the industry may classify as ‘day boats’ available on the market. They have a lot going for them for sure and we assist many buyers acquire theirs with our cheap boat loans.

But if thinking of buying a day boat, Jade Boat Loans offers up a range of factors as to why a larger or overnighter may actually be a more practical choice and affordable with our cheap interest boat loans.

Keep in Mind….

Price may seem an obvious deciding factor in the boat buying process as budget is usually a high priority. A boat with more features and inclusions than a ‘day boat’ will typically come with a higher price tag. But not always. Day boats such as rigid hull inflatables, speedboats and some wake boats can be priced higher than a smaller cabin cruiser.

We address ‘price’ in terms of affordability in our section below on boat loans. So set that aside for a minute and consider some of the boat selection factors:-

  • Toilet facilities. Most simple, open day boats do not come with toilet facilities and for a lot of people that is important. Some do have a small enclosure with facilities but most are bare. Buying a boat with no toilet is going to be an issue especially if you plan to take the family including children.
  • Will that smaller boat actually cater for as many people as you plan to invite? If the boat truly is for yourself and 1-2 friends for a relatively short fishing outing, then a small day boat is probably fine. But depending on the size of your family and when you add in friends that children like to include, you maybe will need to get a bigger boat.
  • On the flip side of above, a lesser capacity can mean more opportunity to get away from it all and enjoy the solitude!
  • Features and inclusions are installed for comfort and enjoyment. An area to lay down and have a sleep or nap, especially when children are aboard is important. As is refrigeration facilities for food and beverages. And that’s just for starters! After-purchase accessories are available for some makes and models which may suit the purpose.
  • Limited places to venture. Smaller boats offer less options for where you can go. Fine if you’re happy in the local bays, inlets and riverine waterways. But if you yearn to chase the big ones off shore, consider a higher rated engine boat at least.
  • Flip side again, smaller vessels can explore many rivers and lakes that are inaccessible to larger vessels.
  • On the key practical considerations is to have shelter from the weather, the elements and even spray. There are add-ons available for tinnies that provide some level of protection but for true comfort a cabin, bimini, windshield and similar are worth considering.
  • Safety on the water should be a major priority for all boat owners at all times. From the selection through launching and operating. Regardless of small or large size, making sure the vessel is equipped and has the capacity to safely perform in the waterways of choice is vital.
  • One of the big pluses in favour of basic smaller boat is the ease of operation, manoeuvring, trailing and launching at the ramp

Loan Similarities and Differentials

When it comes to the boat loan, our Secured Boat Loan is suited to all types of boats – large and small. The same cheap interest rates apply to new boats as the rate is determined on the risk assessment of the loan applicant, not the features of the boat.

Trailer and boat combo loans are available for trailer boats of all sizes and boat and motor loans for non-trailerable models. By referring to our Compare Interest Rate calculator, buyers can quickly compare possible repayments on any number of boat models to assess affordability.

Other Costs and Benefits to Consider

Insurance is required for boats under finance. The increased price tag will therefore attract a higher insurance premium.

Trailer boats require – a trailer! This is an extra cost but does avoid the costs of permanent berthing options of a marina or mooring. But trailers need parking and/or storage space.

The debate could be endless in the ‘for’ and ‘against’ different types of boats!

Buying Strategy Suggestions

With plenty of reasons ‘for’ and ‘against’ we’ve compiled a few suggestions to assist buyers in selecting the right boat for their boating activities.

  • Read the advice columns in reputable publications such as boatsales.com.au. These are prepared by experts and their reviews of the latest models can also be extremely helpful.
  • Visit boating and outdoor leisure shows if possible to speak with other owners for tips and hints.
  • Strategically and honestly identified your requirements in terms of how you intend to use the boat and who you intend to invite aboard and ensure you are catering for their requirements.
  • Compare the boat loan repayment estimates for different priced boats so you can compare the affordability of each model not just the price tag. At our cheap interest rates, you may be pleasantly surprised at how affordable and attainable we can make that larger and more comfortable boat. A boat that will offer increased enjoyment for your time on the water.

Contact Jade Boat Loans on 1300 000 003 to discuss loans for all types of boats.

DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.

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