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Top 5 tips to find the right boat

Published on December 7th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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If you’re thinking about buying your first boat, you’ve come to the right place. Because there is a great variety of boats to suit each person’s budget and activity, there are certain aspects you should consider before making a sensible decision. You want your dream boat to fulfil your family’s wishes and requirements, so take your time and consider the following top tips.

Consider the purpose of your boat

Before deciding on the boat you want to purchase, the first thing you should do is to think about its purpose. What will you use your boat for? Will you sail longer distances? There is a myriad of boats, from low profile wake boats to fly-fishing boats and more. Thus, analyse your performance criteria before deciding on a particular purchase.

Consider the size of the boat

This will depend on the number of people that will be sailing with you, the waters you want to sail on – whether they are flat or choppy – the activities you wish to organise on your boat, and if you are planning to trailer the boat or not. If you’re a beginner, you should know that certain boats are increasingly more difficult to handle than others – you might want to steer clear of those particular models. We recommend you to balance the aspects concerning recreation and those regarding function. This way, you can make the best decision.

Storage space

When buying a boat, it’s important to think about the place you’ll be storing it – whether it’s your backyard, a trailer or the marina, taking a tape measurement when browsing for the perfect boat for your family is fundamental. This will prevent any further disappointments from occurring. For instance, you should know that Australia surely offers secure moorings for boats, if you’re considering storing it at a marina.

Your budget

Similar to cars, boat shopping is meant to suit various needs and finances. Thus, there certainly is a boat out there that is perfect for your budget as well. In this view, you should think of keeping an eye out for possible boat sales, perhaps you’ll get an unexpected discount you shouldn't miss out on. Plus, at the moment, the boat market provides a wide range of boats that encompass various needs and great features at more affordable costs. Remember to buy only from a reputable boat dealer; you don’t want to end up purchasing a stolen boat.

Get acquainted with the safety requirements in Australia

In Australia, if you wish to purchase your private boat, you have to present a boating licence that implies having attended a mandatory course. For your sailing experience to be utterly satisfying, you have to be safe out there on the sea, as many dangerous outcomes can occur. In this view, various interactive courses can aid you to get the necessary information concerning boating. You should talk about these safety requirements with your boat dealer as well, to make sure your knowledge on the subject is satisfactory.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for leisure loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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