Whatever type of boat you are looking to buy, from dinghies to super yachts, there are many things to look out for to make sure you get the best deal, whether you are paying for it outright or with the help of bad credit boat loans.
We understand the independence, freedom, and happiness which accompany boat ownership and want you to enjoy all of this with bad credit boat loans, without the hassle.
We have compiled a bad credit guide to help ensure you don’t get a boat that sails away with your money once you have bought it.
If you haven’t yet decided what type of boat you want to buy, read our Bad Credit Guide to Buying the Right Boat for your Lifestyle.
Follow these general rules and principles so you can buy your boat with confidence.
Should You Get a New or Used Boat?
Deciding whether to buy a new or used boat is very similar to making the same choice with buying a car, but if it goes wrong, there are not as many boat mechanics as there are car mechanics.
By buying a new boat from a dealer you will avoid many of the difficulties that are associated with buying a used boat.
New boats will come with a warranty and will give you more confidence that the boat you are buying was not previously stolen.
The initial cost of buying a new boat is much higher and would in all probability require boat loans for people with bad credit to help finance the purchase.
New boats are generally less well equipped than used boats and, as with a new car, the value will depreciate rapidly.
Buying a New Boat
Buying around the end of July, just before new models come out, will generally help you save money.
Many dealers will lower their prices at this time to clear out old stock and make way for the new.
If you visit a boat show it will be an excellent way to compare several types of boat and you may be able to haggle against a selection of rival dealers so your boat loans for people with bad credit stretches further.
Buying a Used Boat
Many brokers and dealers sell both new and used boats and some may offer a limited warranty to cover your purchase.
A used boat from a private seller will generally come with no warranty, so you need to check it out carefully to avoid an expensive bad credit mistake.
Whilst a warranty will give you some peace of mind, the commission on the sale will be reflected in a higher price than if the boat was being sold privately.
Before you inspect the boat its worth making a few checks to ensure you don't waste your time and effort:
Find out about the builder of your boat
It’s worth looking to see if it is a reputable brand with a good track record.
Find out if the company is still trading, as it may prove difficult to obtain replacement parts when needed if they have since closed down.
Ask "Why The Boat is Being Sold?"
This will provide you with clues as to how well the boat has been looked after before you see it.
If the boat is a repossession due to bad credit problems, it could indicate that the boat has not been well looked after.
If the boat is being sold because the owner wants to upgrade, then this could indicate that the owner is a boating enthusiast and would have taken great care in the upkeep of the boat.
See If The Boat Has a Full Maintenance Log
The maintenance log will all services, repair, and oil changes.
If the log is missing it can be hard to tell how well the boat has been looked after.
Is All The Equipment You Need Included?
If lights, winches or navigation equipment is not included then you need to buy that equipment separately and so need to add it to your boat loans for people with bad credit budget.
What Was the Boat Mainly Used For?
The condition of the boat may be affected by the boats purpose, like those used mainly for fishing which tend to run up a large number of engine hours.
Inspect the Boat in Person
It is recommended you contact a surveyor to carry out a detailed inspection of the boat and be present when it is carried out so you can ask any questions.
Using a surveyor will give you peace of mind on your purchase and your insurance company may insist upon it.
There are some things you can look out for yourself when you inspect the boat:
Look at the gel coat, woodwork and upholstery, if these have not been maintained there is a good chance the rest of the boat hasn't been either.
Verify all wooden decking and interior woodwork for soft spots.
If parts of the exterior paintwork are poorly matched it may indicate a previous accident. This is not always reason enough to dismiss the boat, but if the owner has not mentioned it to you, then what else have they not declared?
Check that all the control cables are in good working order and that the steering and transmission move freely.
Look for water lines inside the boat or on the engine which would indicate that the boat has flooded in the past.
Open and close all hatches and sea cocks to ensure they're in good working order, checking if there are any water marks inside the hatches which are a sign they are no longer water-tight.
Test out all the systems; bilge pump, winches, freshwater system, lights, heater and air conditioning, generator, stove etc.
On a sailing boat, check all the sails and rigging to see if they are in good order.
Get a mechanic to check over the engine to see how it will perform.
Time for a Test Run
If you are happy so far, then the next step would be to take the boat for a test drive.
Before you start the engine, check the engine to see if it is already warm as the seller may have started it before you arrived to disguise problems such as; if the engine has trouble starting or if it smokes a lot when cold.
Observe how the boat performs when moving around and experiment with hitting waves from different angles or looking for excessive pitch or roll.
Test all instruments are working correctly and run the engine for long enough to see if it'll overheat.
On a sailing boat, put the sails up and see how she manoeuvres under wind power alone, try out different points of sale and examine the mast and rigging under load.
If the boat fails on any of your tests it doesn’t mean you should rule it out as any imperfections can be used as bargaining tools to negotiate a lower price and get more for your boat loans for people with bad credit.
Make a Written Agreement
If you agree to purchase the boat it’s best to get everything in writing.
Detail the terms and amount of payment, any pre-sale repairs that have been agreed on, list of accessories included, delivery and payment dates.
Beware of Fraud
There are a certain things you should look out for to guard against being a victim of fraud when you buy a boat:
Does the price seem too good to be true?
Get the real address of the seller and be suspicious of anyone who only uses a PO Box.
Verify all the contact details of the seller including email and telephone, ensuring they both work.
If the boat is in a different country to the seller, be extra cautious.
If you are feeling unsure but don’t know why, don't dismiss those feelings until you've checked it out. Your instincts are often correct.
Further Information
Stolen boats lists
Its possible to check internet lists of stolen boats to make sure the boat you are buying is not listed on any of them:
www.stolenboats.org.uk
www.boatman.com/stolen.html
Boat price guides
To make sure you are not paying "over the odds" when buying your boat these websites provide sources of boat price information:
ABOS Marine Blue Book
www.nadaguides.com
Which ever boat you choose we wish you happy & enjoyable sailing!!
You might also wish to view our
Guide to Buying the Right Boat to Suit Your Lifestyle
Bad Credit Loans 4 You helps out people who fear they have been blacklisted because of CCJ’s and Defaults.
Bad Credit Loans 4 You holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.
Bad Credit Loans 4 You is also registered with the Information Commissioner’s Office for Data Protection.
For help, phone 0800 011 4503 or visit
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Notes for Editor:
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Loans 4 You of London Ltd
Innovation Centre
Monks Brook
PO30 5WB
United Kingdom
Tel: 0800 011 4503
Bad Credit Loans 4 You was formed in April 2010, bringing together a team of specialists that together offers over 50 years of expertise to help applicants gain the unsecured loans they need.
Bad Credit Loans 4 You holds a Consumer Credit Licence issued by the Office of Fair Trading. The company is also covered by the Financial Ombudsman.
Bad Credit Loans 4 You is also registered with the Information Commissioner’s Office for Data Protection.
Bad Credit Loans 4 You has a senior management team with over 50yrs collective experience providing vital knowledge of the bad credit loans sector & helping those with CCJ’s, defaults, late credit card payments, mortgage arrears & other bad credit rating problems.
Our mission is to aid people who have been discriminated against because of their bad credit loans problems. We assess bad credit loans applications on your current budget and ability to repay bad credit loans, not just your bad credit rating.
