A loan for boat repairs and maintenance including the cost of replacing expired lifejackets and beacons may be arranged with an unsecured personal loan. The warmer winter may have seen many boatowners out enjoying the waterways over the cooler season. While it may be great to have enjoyed this accessibility it may mean overlooking essential jobs for the start of a new boating season.
The boating season officially starts in most states/territories in October, making now the time for boat owners to focus on their vessel with pre-season checks, servicing and maintenance. Where the boat is moored or stored when not in use may determine how much repair or sprucing up is required.
If you need a memory jog as to what you should be checking, refer to the maritime services in your state/territory for guides, checklists and details of essential requirements. NSW Maritime provide a timely reminder of why checks and repair work is vitally important and recommend that powered vessels be professionally serviced on an annual basis.
While some work to bring boats up to scratch can be carried out by boatowners, certain work will need the professionals and that can come with charges. If extensive work involving slipping the boat and purchasing new equipment and replacing custom-made canopies and covers and lifejackets is required, the total cost can add up.
We appreciate the ongoing costs involved with boat ownership and provide a loan for boat repairs in the form of an Unsecured Personal Loan. To assist owners get ready, we cover off on what to check what may be covered with financing, and the loan details.
New Season Boat Check Reminders
NSW Maritime advise that the most common causes of breakdowns in powered vessels are engine failure, mechanical failure, battery failure and fuel issues. Depending on the location, waterway and the weather, breaking down can mean a lot more than simple inconvenience and disruption to a day’s boating. It may place boat, skipper and others on board in a dangerous situation which may require assistance from rescue services.
In addition to the motor and mechanical issues, boat owners need to cover off on the condition of their safety equipment. Owning and maintaining safety equipment is not only smart boating but also essential under the law. Lifejackets and beacons have expiry dates and need to be checked annually and replaced when out of date.
Different safety requirements apply depending on the type of vessel, waterways and state/territory. The requirements can be amended at times, and regularly checking in with authorities to ensure your vessel is compliant is advisable.
Canopies and covers can be particularly susceptible to damage in winter storms and from sun damage. Damaged covers may allow water to get in and create further damage to the boat’s interior. Keeping them in good condition is both a general maintenance measure and a preventative measure.
Powered vessels can require servicing of inboards and outboards on at least an annual basis. Yachts and sailing craft may require repairs to sails and rigging.
Check what is above and below the waterline. Keeping the hull clean with anti-fouling practices and products not only contributes to maintaining the condition of the vessel. It may also contribute to better fuel efficiency and lower fuel and operating costs.
If your costs to get your boat ready for safe boating are adding up, talk to us about a loan for boat repairs, servicing and maintenance.
What is a loan for boat repairs and maintenance?
Financing the costs of repairing, servicing and maintaining boats can be available through an Unsecured Personal Loan. This credit product does not require the purpose for the finance to be used as collateral to secure the funding. This makes it an ideal credit option to fund services and products required for marine repair work.
While the ‘no collateral required’ feature makes this type of credit highly versatile, it also means that lenders apply higher rates compared with secured funding products. With our access to a large lender market, we are highly competitive and source the best rates to suit individual profiles and credit scores.
Terms from 1 year to 7 years can be obtained. This makes this type of funding potentially suitable for works required on an annual or 2-year basis.
What is funded with a loan for boat repairs?
A wide range of professional services from marine repairers and suppliers and products can be funded with unsecured loans. These may include a single large expense such as a major servicing on a luxury motor cruiser or engine reconditioning, or it may include multiple smaller costs and products. For example, the funding may cover replacement lifejackets, new canopies and covers, marine electrical works, anti-fouling including slippage charges, marine electricians, sailmakers and many other items
If you’re starting to build up quite a ‘must get done’ list from your vessel check, refer to our Boat Loan Calculator for estimates on funding the required work with an unsecured loan or request a quote.
Ensure your vessel is ready for a great boating season. Request a quote on a loan for boat repairs and maintenance by contacting Jade Boat Loans on 1300 000 003.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.
