BOAT FINANCE
ly important. Look for OMOA Clean
Marine marinas. Ask if they are a
Certified Dealer. And, after you decide
where you want to go boating, look
for the dealer who is conveniently
located near that area.
A good dealer is your gateway to
economical, trouble-free boating.
They can sell you your boat, repair it,
store it, take it back as a trade-in later
and most importantly, when you’re
just getting into your first new boat,
they can provide you with a lot of
valuable advice.
That includes financing. As you get
ready to buy your first boat, start with
these basics steps:
1 Know your credit history and your
budget – Annually, you can obtain
a free credit bureau report on yourself. Loan providers use this information. It is a smart move to check
it yourself first.
2 Purchase from a reputable dealership – many boat dealers are well-established and in some cases have
been in business for several generations. Pick one that you feel you
are really confident in and work
with them.
3 Take a test drive - If the weather
permits, take a test drive, get the
feel of the boat and ask questions.
Even dryland marinas can launch
the boat and take you out. At the
same time, you can watch the pros
trailer, launch and retrieve the boat.
4 Ask more questions – How long have
they sold this brand? Do they have
used boats and what are their values?
Do they offer storage? What are their
shop labour rates? What warranty is
offered? Have some fun with
this…you are making an important
lifestyle decision. Be happy.
WHAT ARE THE OTHER COSTS TO
NEW BOAT OWNERSHIP?
Many dealers offer a package deal
with a fully equipped boat in a package with a matched engine and
matched trailer. Some also include a
top, trailering cover, safety equipment
and even lines and fenders – the
works.
A package is good because the
manufacturer chooses a series of carefully matched components that often
represent better value than buying the
pieces separately. On the other hand,
some boats are not offered in a package and that’s where the dealership’s
expertise comes in. The dealership
can help you select a suitably
matched trailer to go with the boat
and motor you’ve chosen.
Once you have your full trailer boat
package together, there are a few additional costs. Some minor costs are an
extended warranty, loan insurance and
there is a registration fee ($65.76 for
PPSA – personal properties security
act) as well as the vessel registration
through Service Canada.
INSURING YOUR BOAT
Your car insurance company may
offer to insure your new boat under
your home owner’s policy. That’s OK
for smaller boats but we recommend
what is called a “yacht policy” for
most new boats. When insuring the
boat, consider insuring your trailer in
the package. That way a claim won’t
increase your car insurance.
STORAGE
With a trailer boat, you can probably
keep it at home in your garage. If the
boat is too large for that, it makes
sense to store your boat with the
dealer you’ve purchased it from. Their
qualified mechanics will be the best
to winterize the boat or carry out
maintenance or repairs in the winter
when you won’t be using the boat.
Of course, there is gas and oil, maintenance and…well, that’s about it!
