The most common finance product sold is still the traditional hire purchase or consumer boat loan. The period of the loan is determined, the interest rate set according to the risk, the value of the loan and market conditions and the monthly repayments are set to pay out the full amount by the end of the term.
Terms usually vary between one and five years. A variation on the hire purchase product known as the balloon payment option is also slowly growing in popularity. By setting a larger balloon payment for the end of the term which can vary according to individual circumstances, you can reduce your monthly payments to better balance the budget.
At the end of the term, you can either pay out the full amount in one hit or refinance the balloon amount and continue paying off the vessel in monthly instalments. The growth of boat leasing here has, up until recently, been as a result of the number of large businesses running big fleets of boats, who long ago realised there was little point in owning a continually depreciating asset.
They figured why have the hassle of having to maintain and dispose of boats and light commercials which were often turned over in relatively short periods when you could simply pay for the use of the vessel and leave everything else to the lease company. Some of the traditional finance companies only have a small interest in leasing so probably the best place to investigate leasing is through specialist firm like Aussie Boat Loans.
Because of the volume of business done by Aussie Boat Loans, a wider range of products are available and its easy to tailor them specifically for your needs find out more about commercial boat finance.
Lease products fall into two categories as either a finance lease or operating lease and vary in the way they treat ownership, disposal and residual risk on the vessel or vessel. Most of the organizations that offer boat leases, including boat shares, boat clubs, and rentals, are responsible for the maintenance, cleaning, insurance, and other boat-related activities. Your responsibility is to pay the monthly fee, which can be hefty sometimes, and ensure you have the proper skills and certification to operate the boat.
One of the best benefits of leases is that you can try as many boats as you want. With a membership of a boat club or boat leasing company, you can always choose different boats at various times.
However, you may have to reserve the boat early before others tie up the schedule. Imagine paying a hefty boat club membership every month and only getting on the water 10 times a year? Most boat leases are not like car leases, where you get to drive the same car for up to 36 months.
In the boating world, people have to settle for any available watercraft regardless of the water activity. This means you may have to settle for a less powerful speed boat for your watersport activities or manage a small craft for your weekend party.
If you own the boat, you will ensure it gets adequate maintenance and touch-ups to keep it in top shape. When you own the boat, you can always keep your gear loaded on it. But this is not possible if you are leasing or renting the craft. You have to carry your things from your vehicle down to the boat every time you need to set sail. This works like auto leasing. However, these transactions are often more expensive compared to financing a purchase. Boat clubs allow you unfettered access to their fleet for a monthly fee.
You can use different boats, including sailboats, powerboats, and everything in between. The club takes care of maintenance, insurance, storage, licensing, and other costs. But boat club memberships can be atrociously high , so you should make sure you can use their boats often.
Boat clubs also offer this. The club members reserve their boat of choice from the fleet while the club pays for fueling, storage, safety, licensing, and the rest. This works like a boat rental Airbnb. Private boat owners list their watercraft on bulletin boards and online forums where potential sharers can find them and pay to use their boat.
Here, you lease the boat for a specific voyage. The chartering company covers the operating expenses, crew fees, and port fees, among others. This is also similar to an auto lease.
During the lease term, you are responsible for the basic upkeep of the vessel, including the fueling, dockage, and port fees, among others.
GBC allows you to get out on the water without emptying your piggy bank. There are thousands of boats out there, why not try as many as you can?
When you purchase a boat, you commit to one specific make and model. But each time you do a boat lease, you can try a different type. Are you looking to cruise around the water on a relaxing yacht? Rent one for the day. Are you and the family interested in going on a fishing adventure?
If so, then lease a fishing boat. There are a variety of boats available, so you can enjoy as much of the water as possible. Taking advantage of a boat club is the best way to experience all boating has to offer. Our close-knit company is made up of professionals who are experts in marine financing. The team is at your disposal to assist you in your marine lease-purchase project. As a dynamic team, it closely monitors market developments to provide you with the best advice and support throughout the term of your contract.
When you reach the end of your boat leasing contract, you can, if you wish, exercise the option to buy as set out when you signed your contract and thus become the owner of the boat.
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