With the RBA expected to move shortly with another cash rate rise, interest rates on boat loans provide another very compelling reason why winter can be a great time for buying and enjoying boating. Buying a new boat with finance now rather than waiting until the official start of the next boating season, could result in a significant saving on interest on the boat loan. While offering the boat owner an ideal reason to get out on the water and enjoy the delights that winter boating offers.
Summer is of course the most popular time to get out on the water with the official start of the boating season flagged as September-October. But winter boating holds its special appeal with great locations to visit and great experiences to be enjoyed. It can also be a great time to purchase a boat.
We outline why now could be a great time to purchase a boat with finance and provide hints on the special considerations associated with boating in the colder months.
Winter Boat Buying
Buying a boat in winter can be a very astute decision. Some boat owners opt to sell rather than pay storage and mooring costs over winter. This represents a good time for buyers to swoop in for a good deal on a used boat.
Another consideration is supply. It is widely known that the availability of many boats, especially jet skis, has been limited over the past few years. This is a result of both increased demand due to the pandemic and global issues including computer chip shortages.
So waiting until warming times to buy, could mean the risk of missing out or facing longer delivery times. With potentially fewer buyers in winter, dealers may be more accommodating on price also.
Winter is also the time for the major boat shows. Sanctuary Cove has just finished and the Sydney International Boat Show will be held in July-August. Shows offer excellent opportunities for buyers to see the latest models up close. With many shows cancelled in 2020/21, there could be sellers keener than ever to move stock. For buyers, that may mean better deals.
When buying a boat to use in winter, there are some things to keep in mind. Look for a boat with a cabin area so you can get out of the weather when moored up. You will also need additional gear such as safety equipment, water weather clothing, covers to protect the boat when out of the water and other similar gear.
It can be advisable to have some, even basic, cooking facilities to prepare hot drinks, soup and other meals. They can be very warm on cold days.
Where possible, purchase any additional equipment from the same boat dealer at the same time as the boat. By doing so, your Jade Boat Loans consultant can work towards including the costs in your boat loan if desired.
Winter Boat Finance
There are no seasonal variations with boat loans. The same Secured Boat Loan is available with the same features at all times. But what could make the winter 2022 boat loan different from the winter 2020 and 2021 is the interest rate on the boat loan. Through 2020 and 2021 we saw the RBA cut rates to record lows which flowed through to cheaper lending rates in many markets.
But since the May rate rise decision by the RBA, rates are expected to go up several times in 2022. So buying a new boat with finance in winter this year may attract a cheaper interest rate than waiting for spring or summer.
The Secured Boat Loan is widely-suited to new boats and many second- hand vessels. Where a used boat is not seen as suitable security by the lender, buyers may request us to source a quote for an Unsecured Personal Loan.
Winter Boating Weather and Pleasure
Except for some icy blasts and some southern areas that experience very cold winters, across much of the country, we enjoy quite mild conditions during the winter months. Ideal for boating.
Waters are less crowded as many boat owners will mothball their vessels over the winter months. More space and less competition for the best mooring spots and fishing locations. Ramps can also be less crowded so you can hit the snooze button a few more times and start the day a bit later and still avoid ramp-rush.
Consider heading to inland waterways and rivers when off-shore and more exposed regions are forecast for heavy seas and strong winds. Conditions can be calmer and offer a more enjoyable day out.
BOM reports that most climate models it has surveyed indicate the climate driver La Nina will move to a more neutral position in early winter. That hopefully will mean less rainfall in eastern Australia.
Equip yourself with a trailer boat, and you can simply hitch up and set off to a climate and conditions that suit you. For fishers, key species can be at their best in the winter months. Whale watching is excellent in the early part of winter but keep your distance.
For yachties, winter sailing can be fantastic. Recreational sailors can have more space and great conditions. For the more competitive types, many yacht clubs run great winter racing programs.
Tips for Preparing for Winter Boating
Ensure your boat is well maintained, serviced, and ready for the winter conditions in yacht financing Perth. Be diligent in checking the engine oil as fluids can be prone to thickening in colder temperatures. Make sure safety equipment is functional.
Keep a check on the BOM app for weather data and conditions so you’re prepared with the information you need. If conditions are not suited to boating offshore, don’t go or select a safer location.
The June holiday weekend is on the horizon and the July school holidays are not far after that. So why not get out and about to find your dream boat but contact us first to arrange a pre-approved boat loan so you can purchase more quickly and start planning a great winter of boating.
Contact Jade Boat Loans on 1300 000 003 to discuss a boat loan quote or a pre-approved boat loan
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 MIS-PRESENTED DATA AND DETAILS HEREIN.
