Boat bargains are beginning to surface

by Helena Heidenreich on 17 Mar 2009 As you trawl through the various trader websites, you’ll find there are some real bargains on offer in the boat market right now. Certain brands are offering generous cash back deals, while in the pre-owned market there is a good choice of boats available.

Of course while the bargains are flowing freely, you may also find that funding options are drying up as well. With lending criteria amongst the major lenders tightening up in recent months.

Is it really that tough? On speaking with Finlease, a finance broker with extensive marine experience, finance for boats is not ‘dead in the water’.

Interest rates are at 40 year lows, which will save you even more money.

However it is more important than ever to make sure your finance application is handled correctly, with all the information the financier needs correctly presented. You can’t afford a slip-up as a finance refusal can torpedo your chances of returning to that financier for a second attempt.

Compounding the difficulties is the fact that only certain financiers are lending against boats in this tighter market. So the services of a specialist finance broker will not only oil the wheels of the transaction, it may be vital to ensure that the deal goes through at all. So where do you start?

Mark O’Donoghue of Finlease advises that it’s a good idea to get the finance in place early in the piece. Set a price for a hypothetical boat, get your application in and approved before you go shopping. Then when you come across that once in a lifetime opportunity, you’re in a stronger position to negotiate.

A finance broker works as your advocate in presenting a watertight case to a financier. This greatly increases your chance of a successful application at preferential terms.

Be aware that from a financier’s point of view, boats generally have substantially better long term resale values than high ticket items like motor vehicles.

So with the boat show season fast approaching, talk to a finance broker like Finlease that specialises in marine finance to test the water for you. Because right now you can get into the boat you want for much less than you might have imagined.

Background on Finlease

Finlease is a specialist finance broker that has grown 20 times in 20 years and has nearly $1 billion worth of funds currently arranged and in place for their predominantly small to medium business clients. Financing all manner of business and personal assets from charter boats to cranes, aircraft to fit-outs and all types of property. Finlease has over 4,000 clients throughout Australia, and acts as finance advocates to ensure favorable outcomes for our clients.

For more information including cost projections, or an interview with a Finlease broker, call Steve Daley phone 1300 FINLEASE (346 532) or 0448 480 405 sdaley@finlease.com.au