Perhaps you have had your eye on a great leisure boat for a while and it is finally time to secure some boat finance in Brisbane. You have got your budget all worked out and you are ready to apply for a loan and get the ball rolling.
However, before you take the plunge, you need to make sure that you have factored these hidden costs into your budget, over and above the loan repayments, so that you can ensure you do not end up sinking under your debt.
Upkeep
Like any other vehicle, boats require regular maintenance and repairs. This includes regular engine servicing, hull cleaning and routine inspections to ensure that the boat is sea-worthy and safe.
Failure to carry out maintenance will lead to more expensive repairs or potentially dangerous situations later down the line. Therefore, it is wise to factor maintenance and repairs into your annual boat budget.
You also need to consider the cost of consumables such as fuel, coolant and oil.
Insurance
Although boat insurance is not mandatory in Queensland unless your boat is more than 15 metres in length, it is still recommended. After all, anything can happen while you are out on the water and if your boat is not insured, you could lose your investment to the waves.
As such, including insurance in your monthly boat budget is the smart thing to do.
Licence and Registration
In Queensland, all boats with a 3 kW engine or larger need to be registered or else they are not allowed on the water. Boats that are used for anything other than personal leisure need an additional commercial registration.
Failing to have the necessary registration could result in you being fined thousands of dollars so it is important to keep your boat’s registration up to date.
Boat registration fees vary depending on the year and on how large your boat is, among other factors, ranging from about $100 to $1000 a year.
Boat drivers also need to be licensed, which is an additional once-off cost of about $120.
If you are looking for the best deal in boat finance in Brisbane, apply for and compare loan options through iCREDIT. Contact us to ensure you get the best value for your circumstances.