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Can I buy a vessel and get a boat loan during lockdown?

The coronavirus pandemic continues to cause outbreaks throughout Australia, creating and causing impacts through many areas of lives and lifestyles. At the time of preparing this article, multiple states have been put into lockdown with a stay at home orders in place for a few days up to currently 2 weeks. The situation is evolving and escalating. A scenario that may require a rethink of your boat buying plans.

Boat sales have skyrocketed over the time of the pandemic as new people choose the boating lifestyle with their usual holiday and travel plans thwarted. This spike in demand has left stock levels low for many manufacturers and those looking to buy are keen to place their orders and avoid FOMO this coming summer boating season. More info.

If you are in the position of considering a new boat purchase or selling your existing boat, we cover off ways forward to proceed with your plans and what may need pausing.

New Boat Buying

Each state has different regulations at different times in regard to what is and is not permitted under their ‘stay at home’ orders. You will need to check your individual states current rulings in regard to what you intend to do.

In most cases, heading to a boat dealer to inspect boats for sale would not probably be considered an essential purchase. In the first instance, check with the dealer if they are open and what restrictions they have on their operations.

If you were planning to travel outside your local area, region or state to inspect and buy a boat, that is likely to be off the cards under lockdown.

Even prior to the emergence of the coronavirus many manufacturers and dealers of new boats had extensive websites. As a result of the pandemic, many have upgraded their online resources to enable buyers to view their new models from the comfort of the home. Many include videos and 360-degree viewings so buyers can clearly see all the details.

So if you are in the market for a new boat and are unable to get to the dealership to view it in person, you should be able to check out the vessel online and discuss availability and pricing with the dealer over the phone or online.

Ensure you discuss their individual ‘change of mind’ or cooling off policies in case you do have a change of heart when you finally get to inspect the boat in person. Most dealers are sure to be keen to move stock and no doubt will be helpful and considerate.

Some boat shows and regional outdoor expos will need to be cancelled due to the current outbreak. Check the event website for updates.

Buying Used Boats Online

Online platforms have made buying second-hand goods conveniently, whether or not the buyer is subject to stay at home orders. But buying completely online has its drawbacks and buyers should be alert to online scams.

The ACCC recently reported an uptick in online fraud in regard to cars, boats and caravans. Either the goods did not exist or the seller’s identity was fraudulent. Refer to www.accc.gov.au for guidelines and the latest alerts.

Most boats need to be registered and ID and verifications of hull numbers can be done through the state registration authorities. Checks can also be done on the PPSR to ensure that money is not owed to the vessel.

When using our boat loan services as your lender, our consultants can assist with many of these checks through our extensive industry-level resources.

In general, it is not wise to purchase a boat without an in-person inspection and in many cases, arranging a marine engineer or surveyor inspection report is highly advisable to check the condition of the boat.

Selling Your Boat Under Lockdown

If you were hoping to sell your existing boat so you can trade up to a new boat, then the lockdown restrictions may require a rethink. If trading in with a dealer, you may have to postpone that visit until after lockdown.

If selling online, you can proceed to list and advertise your boat, but there is a chance that buyers will not be in a position to come and see the boat. Include good quality photos and as many images as permitted on your listing so buyers get a great view of the boat. And be honest in your descriptions.

Sourcing a Boat Loan

Throughout lockdowns and all restrictions, our online boat finance resources are operational for your use. You can use our boat loan calculator while at home, to compare repayments on any number of boats you’re considering.

To source, a quote, simply contact us via phone or our online portal. Our team will be continuing with our quoting and lending services. If you have already committed to a purchase, prior to lockdown, we can proceed with arranging your loan right through to settlement via our contactless systems. So your loan can be sourced and settled so your new boat will be ready for you to take delivery when the restrictions permit.

To ensure you don’t face penalties, be totally aware of the health orders in your region and abide by the rulings. Some aspect of the boat buying process and especially the entire boat loan process can proceed under lockdown so your boat owning dreams are not totally out of the water for now.

Contact 1300 000 003 or online to discuss your marine lending requirements.

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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