Andrew Parker Jul 3, 2023

So you’ve finally decided that enough’s enough: you’re going to take the plunge and buy yourself a boat. Good on you - there are few things more fun in life than launching your very own boat and getting out on the water for a day or two!

And if you’re reading this article, it means you’ve also narrowed your decision down to one or two models, but you’re not 100% sure on how to find yourself the right lender or loan product that works for you. Thankfully, this list of 5 super-useful tips is going to help you do just that, and may very well save you a lot of dollary-doos in the process.


Tip 1. Shop around/do your homework


If you were in the market for, say, a new fridge, you wouldn’t just go “Yep, I’ll take it for that exact price” at the first place you find it - you’d take note of the model number and head home to Google it and find the lowest price.

Considering how much more a boat sells for, you need to be doing at least that when you’re in the market for one. Get in touch with loads of different lenders and find out what deals they can do for you according to what you need to borrow. All of their terms are going to differ at least a little bit, so it’s important that if you want to find the one perfect for you, you’ve got a good idea of who provides what.

During this process, also take note of things like how good their customer service is and how quickly it takes for them to get back to you. Because if you end up going with them and have a question or concern down the track, you need to know they’re there and easily contactable for you when you need them.


Tip 2. Don’t be suckered into dealer finance


Alright, so if you’ve read many of our other articles it’s probably become rather obvious that we’re not exactly the best ambassadors for dealer finance. Whether it’s car, boat, or equipment/machinery, financing offered directly from the dealer is… well, it’s just not good.

While it may look attractive (and they’ll definitely be trying to push it in any ways they can), once you actually have a read through the Ts & Cs you’ll quickly discover that it doesn’t compare in the slightest to loans and financing deals you can find elsewhere.

So please, please don’t fall for the BS and promise us you’ll steer well clear of dealer financing in any and every way, shape or form.


"When you choose to finance your new boat, there are a lot of lenders that will actually allow you to include all the marine equipment you need within the amount you borrow, making everything so much simpler and easier."


Tip 3. Understand the actual amount you need to borrow


Unless you already have a trailer, you’ll probably need to buy one at the same time as buying your boat. There’s also a lot of other equipment that’s required for boating that you may not have taken into account which can really add up such as approved life jackets, registered EPIRB, marine radios and more (depending on your state/type of waterway/how far you’re heading out from shore).

Understanding this, you can see how the price of the boat itself isn’t actually the total amount you’ll be spending so put a list together with estimated costs to determine the actual total.


Tip 4. Simplify things with financing


When you choose to finance your new boat, there are a lot of lenders that will actually allow you to include all the marine equipment you need within the amount you borrow, making everything so much simpler and easier.

So essentially you’re able to consolidate not just the boat but also a trailer plus all the required gear into one super-convenient, straightforward monthly repayment. Find out how low your monthly repayments could be using our online boat finance calculator!


Tip 5. Skip the hassles and use a broker


Don’t have the time to do all the legwork of reading through umpteen lenders’ terms and conditions to find one that’s right for you? A good boat finance broker will have access to lots of different lending institutions and can take care of it all for you, which means you can focus on other things while they do all the work.

Plus, unlike when you speak to your randomly-matched banking staff member, when you opt to go with a broker you can feel confident they have the specific boating finance experience necessary to match you with the perfect deal available.


Speak with Stratton Finance to get quick and easy boat finance approval


Ready to chat with the best boating finance brokers in the business who can help you secure boat finance fast, getting you out on the water sooner? Give the Stratton Finance team a call today on 1300 787 288 or message us via our online enquiry form and you’ll hear from us ASAP.

Disclaimer: Nothing in this article should be assumed as personal advice. You should consider whether the information is appropriate to your needs, and where appropriate, seek advice from a professional financial adviser.

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