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Boat Finance - Marine Boat Finance | Low Rate Boat Finance

Boat Affordability – Can I Afford a Boat?

Buying a boat sure sounds like an activity for the rich. When one thinks of boats, they think of thousands of dollars going down a whirlpool in the middle of the ocean. Along with that thought goes their dreams of sailing adventures or beautiful sunset cruises along the coast. But just how accurate are these thoughts on boat affordability? What if we tell you that buying a boat can be as easy and affordable as buying a car? Now you’re really asking yourself, “Can I afford a boat?”

Marine Finance

Unless you’re rolling in dough, you would be needing a loan. Though taking out a loan for non-essentials gets a bad rap most of the time, the truth is that it enables you to better afford certain luxuries that improve the quality of life provided that you have a good financial standing — something that we can help you determine. While it’s important to look at the total of the unit price plus interest — a number that can be pretty intimidating, a better way to gauge if you can afford to buy a boat is to look at how much you would be paying monthly for the next 60 months.

Finance Ezi can provide you with loans with interest rates as low as 5.7% p.a. — that’s $288 per month on a $15,000 boat! That’s not much higher than you would pay for a car. Not only that, you can opt between a secured loan or an unsecured one depending on your credit standing, a fixed rate and unfixed rate, and monthly and fortnightly payments. This means you are given all the options to make your loan repayments easy and affordable. Excited to learn more? Start exploring your options here.

Safety Equipment

Boat Affordability - Safety EquipmentNow that you’ve figured out how much you would be paying monthly for the unit then it’s time to move to essential additions, first of which is safety equipment. If you’re lucky the boat you buy will come with all the bells and whistles which are hopefully, working well enough. If not, getting the necessary equipment is not as costly as you imagine.

Emergency beacons (EPIRB’s) are usually less than $300 apiece and there are lots of bargains on good units all the time — you just have to know where to look. Same goes for life jackets (prices start at $42) and fire extinguishers (starts at $28). Other essentials include GPS systems or chart plotters which you can choose to buy as separate units or you can download an app and use your mobile device as your GPS unit.

Fuel/Operating Costs

Boat Affordability - Fuel CostsJust because a boat is bigger doesn’t mean you’ll be spending more (or even as much!) on fuel as you would on a car. If anything, it’s easier to save on fuel costs with a boat. For one, a boat is something that you would not use on the daily. Probably, once a week tops.

The two keys to keeping fuel costs low is a well-maintained boat and smart boat operation. Simple maintenance such as keeping the hull clean by washing it after every trip and making sure the propeller is working properly can make a big difference in how much fuel your boat burns. Using fuel recommended by the manufacturer is also a good way to ensure maximum engine performance. Be wary of activities that burn fuel excessively such as idling on the dock, keeping onboard generators running all the time, and sailing away without a float plan.

Maintenance Costs

Boat Affordability - Maintenance‘Prevention is better than cure’ is an age-old adage that is applicable not only to our health but to boat maintenance as well. Keeping your boat’s engine in top shape will save you more money than having it repaired when it breaks down, plus it will save you from the stress of being stranded out in the water. Moreover, a well-maintained boat won’t depreciate in value as much as a poorly-kept one and would be easier to resell.

Checking for deck leaks, rusty water heaters, improperly installed winches, and dirty instrument panels can prevent the need for major repairs later on. If you are handy, invest some time in weekly minor maintenance sessions to save some major cash.


This is not much of an issue if you will purchase a small boat as your driveway will do as the perfect storage. For larger vessels, you will have to look into marinas and bays. Self-serve bays for medium to large sized boats cost up to $4,500 per year. The good thing is that there are many boat storage facilities to choose from and bargains are offered from time to time.


As with all big purchases, insurance is a necessity. It may cost you some now but it can save you a lot later. Finance Ezi can help you find the best insurance plan for your boat — one that’s not only of best value but will also provide the best protection.


Thanks to its portrayal in movies, boating is thought of as an activity for the wealthy. Fancy dinners, all-day cruising, docking then staying in hotels… these are fun, costly, and not at all necessary. Instead of dining in waterside restaurants, why not dine on board with a spread of your choosing? Think of picnicking except it’s in your boat!

Sunset cruises are indeed romantic but it doesn’t mean you have to cruise the coast all day! Make a float plan, choose a good spot, anchor there and enjoy all sorts of water activities.

Like everything else, boating can be done on a budget! And acquiring a boat is made easy by us, Finance Ezi. Our industry contacts of lenders, boat sellers, and insurance brokers allow us to find the best deals for your current financial situation. With Finance Ezi, owning a boat becomes as easy as owning a car. Apply online today to start enjoying all that boating has to offer.

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