Boat Surveyors Fort Myers – How to Finance the Purchase of a Used Boat

Gone are the days you had to carry cash to buy your dream boat. Today, there are many options you can use to finance your dream. If you are in the market for a boat, this post will look at the financing option you have. First, it is important to involve boat surveyors Fort Myers trusts to know if you are buying a good boat and if the selling price is fair. With that out of the way, here is the information you must have when working with lenders.

Marine mortgages

When you need financing for a new boat, your best option is a marine mortgage. Many lenders offer this type of financing to purchase new and used boats. These lenders have varying criteria on how they qualify applicants. A common trend is requiring buyers to provide a marine survey. This is done by boat surveyors Fort Myers depends on. The surveyor will determine the fair market value of the boat and document all the issues the vessel has. This report helps lenders to determine how much to give you.

Down payment

Lenders will most likely require you to pay a deposit. You have to calculate the deposit in the initial cost. The deposit is usually 15 to 20 percent of the loan amount. However, the amount will depend on the size, age, and type of boat you are buying. Making a higher down payment will help you qualify for lower interest rates or shorter loan terms.

Loan term

The average loan term for a marine mortgage is 10 years. This can vary. If you choose a shorter loan term, your monthly repayments will be higher. It is always good to finance your boat at the lowest term possible. You must, however, make sure that the monthly payments fit your budget.

Interest rate

Just like with home mortgages, marine mortgage providers will allow you to choose between fixed-rate simple interest loans or variable rate loans. Although a variable interest rate might appear to be low, keep in mind that it can change, and you end up paying higher repayments. Fixed-rate simple interest loans are thus considered to be less risky. Again, make sure you understand how long the rate will remain fixed. Although interest rates change frequently, you can expect to pay a rate of between 3% and 8% APR.

When seeking financing for a new boat, the best thing to do is to choose a lender carefully. Make sure you understand the loan terms precisely before you commit.

Boat Surveyors Fort Myers

Boat Surveyors Fort Myers – Simple Guide to Help You Find the Perfect Boat

After deciding to buy a boat, the next step is finding the one that will be perfect for you. This is never easy. The market has so many options. If you have the budget, you can buy a brand new boat that can be customized to your specifications. However, if you are like most people, buying a used boat will save you money, help you afford a bigger boat, and avoid the pain of seeing the rapid depreciation of a new boat. You must, however, involve boat surveyors Fort Myers trusts, especially when buying a used boat.

What type of boat suits you?

This is the first question you must answer before you commence your search for a boat. If you have the budget and are interested in leisure, a yacht might be a good choice for you. A speedboat will be ideal if you love speed and enjoy flying over the waves at breakneck knots. The question you need to answer is what you need the boat for.

At times, buyers choose the wrong boat for their desired activity. To avoid making this mistake, you should consider involving boat surveyors Fort Myers trusts. After finding a boat you feel is perfect for fishing, water skiing, scuba diving or any other activity you are interested in, you need the input of a marine surveyor to help you know if the boat is perfect for the job. The surveyor will also inspect your target boat for damages and missing equipment and confirm that the paperwork is in order.

Set a budget

As aforementioned, you will be spoilt for choice when you start searching for a boat to buy. To keep yourself from being overwhelmed, you need to set a budget. The best thing about having a budget is that it helps you focus on the boats you can actually afford. Your budget should not just include the cost of buying a boat. It should include the cost of insurance, maintenance and other costs.  

Be specific

When searching for the boat you want, it is easy for the brokers and private sellers to convince you to buy something you didn’t plan for. That is why you must be as specific as possible. You need to narrow your search down to the manufacturer and model you want. You also need to compile a list of the equipment you want on your dream boat. Doing so will keep you from being swayed away.

Once you find your dream boat, don’t commit to it without having a professional inspect it first. The input of a boat surveyor in Fort Myers will help you uncover problems on the boat and help you know if you are getting a good deal or not.

Boat Surveyors Fort Myers

Boat Surveyor Fort Myers – Winter Boat Buying Tips

Winter is the off-season for boat buying. It is also a time when boating tends to come to a standstill. If you can brave the cold, winter is the best time to start shopping around for your dream boat and get the best deal. However, the rule of thumb is to involve an experienced boat surveyor Fort Myers trust to help with boat inspections. Never buy a boat simply because the price tag is unbeatable. Take time to look inside. A boat surveyor will make you aware of all the problems the vessel has and the fair market value of the boat.

Winter is the best time to get unbeatable deals and ample time when shopping for a boat. Here are important tips you should use when shopping during winter.

Research the boat model and type

The best place to start your search is online. Here you will find postings of virtually all types of boats. As you explore the boats by type, size, geographic area, and more, you need to pay special attention to the boat’s model. What is the model of the boat? When was it built? Who built it? If you are unsure which boat type, brand, or model is perfect for you, you can call a boat surveyor Fort Myers trusts for help. A surveyor will inspect the model you are considering and give you useful information. You can then use this information to determine if the vessel is the right fit for you or not.

Check the resale values

Just like with some car models, some boats have terrible resale value. If you are buying your first boat, you will need to sell it at one point in time. You don’t want to get peanuts for it, do you? That is why it is so important to research the resale value before buying. You can start with market comparisons online. Take a look at how much similar models are selling for. You also need to involve a professional. You can talk to a yardmaster, boat surveyor, or mechanic to learn more about the boat model you are considering. What is its resale value?

Inquire about the boat now

People make a mistake after finding their dream boat during winter by waiting until spring to inquire about it. The demand for boats is usually higher during spring, and another buyer might make an offer before you if you wait too long. So, if you like a boat, inquire about it now. Once you make an offer, you can arrange a boat inspection when the weather improves.

Boat Surveyors Fort Myers

Boat Surveyor Fort Myers – Do You Need a Boat Survey to Sell Your Boat?

A boat survey will help you determine the overall condition of your boat and also helps establish its actual value. This information is quite important when getting ready to sell your boat thus the reason you should work with a boat surveyor Fort Myers.

Buyers know that an old boat survey is worthless. This is because a survey report is a snapshot of the condition of a boat on the day the survey was done. As a result, boat buyers make arrangements to get an independent survey done. One thing you can be sure of is that the boat surveyor Fort Myers of the buyer will uncover most of the flaws your boat has. To avoid selling at a loss, it is good to get ahead of things. The right way of doing this is to get your own survey done before putting up a ‘for-sale’ sign.

Getting a boat survey is not mandatory. It is, however, essential. While you can resolve to inspect the boat yourself, your lack of experience and the right tools will always cause you to miss things. For example, if you don’t have infrared imaging equipment, you will not be able to know if the noise from a specific component is serious or not. When the surveyor of the buyer uses special equipment to look into the equipment, they may find an issue that may scare off a buyer or cause them to demand a huge discount. Getting a professional survey helps you know your boat inside and out. The survey report will help work on flaws that may be detrimental to the sale. You can fix the major issues in order to boost the selling price.

Condition and value survey

The type of survey you need when selling a boat is known as a condition and value survey. Getting this type of survey on a larger and older boat is essential when selling a boat. With this survey, the marine surveyor will complete a visual inspection of the boat. The surveyor will also use special equipment like a moisture meter to better evaluate the boat. If you need the bottom to be inspected, something a buyer may request when conducting a pre-purchase survey, you will need to make plans for haul-out.

When compared to how much you will end up saving at the end of the day, working with a boat surveyor Fort Myers is a worth investment. The survey report will help you get ahead of things and get the best value for your boat. Always enlist the help of an experienced marine surveyor; someone that has surveyed boats that are similar to yours.

Boat Surveyor Fort Myers

Boat Surveyors Fort Myers – What Do They Do?

If you have never worked with boat surveyors Fort Myers, you may have unrealistic expectations regarding what these professionals do. The purpose of this post is to help you understand who a boat surveyor is and what he or she will do for you. Let’s get started.

Who is a boat surveyor?

As you may already know, boat surveyors Fort Myers are professionals hired to perform certain inspections on a boat. These professionals either have a strong boating and/or mechanical background. Other professionals distinguish themselves by completing relevant courses. Bearing in mind a boat surveyor is not required to be licensed or qualified, you have to be very careful before hiring a service provider. The standards in the industry vary greatly.

Why hire a boat surveyor?

You are not mandated to hire a boat surveyor when buying a new vessel. It is, however, highly recommended to work with on. This is for the simple fact that buying a boat is a huge financial decision. The input of a boat surveyor helps mitigate the risks of making a bad investment. Surveyors have more experience inspecting boats and will use specialized tools to thoroughly examine a vessel.

If you plan on financing your purchase, you will have to provide lenders with a detailed survey report from a certified boat surveyor. The case is the same if you want to insure your boat. Insurance companies will require that you provide a survey report from a surveyor they approve.

What types of surveys are available?

There are many types of surveys you can request. An experienced boat surveyor will be able to offer the following:

  • Valuation surveys
  • Safety and operational surveys
  • Damage surveys
  • Cargo surveys
  • Insurance surveys
  • Hull surveys
  • Corrosion surveys
  • Incident and accident investigation
  • Surveying rigs and sails

Most surveyors will combine several of the aforementioned types of surveys into one. As a result, the various surveys offered by surveyors may fall into just four categories; pre-purchase survey, insurance survey, damage inspection, and appraisal inspection. The type of survey you need will depend on the purpose.  

How to hire the best surveyor

As aforementioned, boat surveyors Fort Myers are not all the same. That is why you have to be very careful before hiring. To find the right surveyor, you need to ask the following questions:

  • Have you surveyed boats that are of the same make or model as mine?
  • What will be included in the survey?
  • What is the turnaround time on getting the survey report?

No matter who you hire to perform a survey, you must remember that surveyors always protect themselves from lawsuits. They do so by using a certain language in the survey report. That is why you must always go with a surveyor who is experienced and has an impeccable track record.

Boat Surveyors Fort Myers