Get the boat that you’ve always wanted

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Get the boat that you’ve always wanted

Everyone has a luxury item that they would love to buy but just can’t afford. For some people it’s a boat or caravan, and for others it may be a golf cart or jet ski, and these leisure items can be quite expensive. Therefore it’s hard for you to fit it into your budget and buy it once off. However, there are lenders who offer to finance for those leisure items that you can’t afford. Before you plan on going to a lender, here are a few tips to ensure that you get the boat of your dreams.


Take a look at your finances

Before you head out and go buy a boat, you need to look at your finances and create a realistic budget. Just as you would budget when purchasing a car or house, the same steps should apply for when you plan on purchasing your own boat.

Many people love boats and have always wanted to own one but aren't able to due to finances. This is why most people need to get financing in order for them to get their dream boat. You need to look at your monthly income and expenses and see how you’d be able to pay the monthly instalment. While you’re looking into your finances, think about the cost of maintenance, storage, insurance and any additional benefits you would like.

Another helpful thing would be to start saving. Having a deposit upfront is a great way of lowering your monthly repayments and tackling interest rates. With a deposit, you can settle your debt sooner.


What type of boat are you looking for?

Once you’ve looked at your finances, you need to decide what type of boat you would like to own. There are many different types of boats for you to choose from. When choosing a boat you also need to think about what you’re going to use the boat for. Are you interested in a fishing boat, deck boat, dingy boat, bowrider boat, or cuddy cabin boat?

There's always a boat for you, you just need to find one that you love and that will give you peace of mind. If you’re unsure of what boat you’re interested in, surf the internet and go to boat shows that will help you in choosing the kind of boat you like.


You need a boat license

According to The South African Maritime Safety Authority (SAMSA), you need to take an exam before you’re allowed to drive a boat. The exam is called a Certificate of Competence (COC) and only needs to be taken once. It would be wiser for you to get your skipper license before you go shopping for a boat or finance.

Many financial service credit providers will need to see a drivers license or skipper’s license before they approve you for finance. Another important reason why you need the certificate is that the insurance company will want to see the COC should you be in an accident. The insurance company will not pay for damages or theft if you don’t have the COC.


Getting financed

In order for you to get leisure finance for your boat, you need to take a few things into consideration. Make sure that your credit score is in good condition, this will give you a better chance at getting finance. Before applying for finance, try and pay off a few of your debts. By paying off your debts you are boosting your credit score which will increase the chances of you getting financed.

Another great reason for paying off your debt is that you will have less to pay every month if you have settled a few debts. A key way of doing this is covering the small debts first then work your way up. It’s also best to have all the necessary documents, as this creates a smoother process. Some of these documents include:

  • Your identification document (ID)
  • Your driver's license
  • Proof of income or payslip
  • Proof of address
  • Insurance details which will be required when the agreement is finalised


Brand new or second-hand?

Many people are choosing to purchase second-hand items as they are more affordable. The same can apply for a boat, if you feel like you can’t afford to buy a brand new boat, that's okay. There are plenty of good quality second-hand boats available for you. Before you buy a second-hand boat, make sure you have it inspected, that way you know if there is anything you should be worrying about.


Shop around

Once you have been pre-approved and have decided whether you’re you're purchasing a second-hand car or not then you can shop around. Weighing up your options is a great and fun way of choosing the boat of your dreams. Consult a boat magazine and go to boating shows so that you can have a better idea of what boat you’re interested in. If you decide to go for a second-hand boat, make sure you do all the necessary boat inspections to make sure you’re buying a quality boat.

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