Did the Sydney to Hobart yacht race make you want a new boat?
The marine world is steeped in tradition and legend. Race events, such as the America's Cup and the Volvo Ocean Race, showcase the daring exploits of the world's best sailors. Boat designers and engineers are always pushing the limits to build lighter, stronger and faster new boats.
On this side of the world, the annual Rolex Sydney to Hobart Yacht race represents an exciting expression of international sailing talent. This event is jammed packed with drama and excitement in just the few short days of racing. Competitors race to complete the near 630 nautical mile course in the shortest amount of time. The race is considered one of the most challenging yacht races in the world. High winds and difficult seas result in many boats retiring before crossing Bass Strait. Even simply finishing the event is seen as a victory by some.
As one of the country's premier sailing events, it's only natural that people want to get out on the water themselves. Boats can be an expensive proposition and you may need to take out a boat loan so that you too can get a taste for the high seas.
How the winner is determined
Most of the public and media attention focuses on line honours - the first yacht to cross the finish line. This is usually the biggest and newest maxi yacht in the fleet. Wild Oats XI has won line honours on 9 separate occasions. She is the first boat to have claimed the treble win – race record, line honours and overall winner.
The overall win is judged to a handicap. This means the boat that performs the best in comparison to its potential is awarded the victory. The handicap is based on the yacht length, shape, weight and sail dimensions. Yachts from a number of different classes are entered in the event. This means that the race often isn't decided until almost a day after a team claims line honours.
For example, in 2016 American yacht Comanche was first to cross the line after two days and eight hours of battling with stormy coastal conditions. The spectacular 100-foot long boat drew much media attention and was able to claim the line honours. However the event's handicap rules meant that Balance was declared the overall winner. Balance, crossed the line 21 hours after Comanche did. When the time is adjusted for handicap, Balance took the victory.
Boat loan options
A secured boat loan is the most popular finance option when buying a new boat. This finance option uses the boat as security against the loan. When an asset is used as security it reduces the interest rate charged. This is because there is less risk to the lender. A secured boat loan can also be used to purchase a used boat depending on age. If the boat is an older model then a personal boat loan may the only finance option available. With a personal boat loan there is no security used against the loan and as such the interest rate is higher.
With a few months still left in summer, there's plenty of time to get out on the water in a new yacht or other watercraft.
Calculate your new boat loan repayments
If you are unsure of your boat budget then using our boat loan calculator can help. Simply input your loan amount, loan term in years and an approximate interest rate. Interest rates are currently at an all time low. Now is a great time to lock in a fixed rate.
Apply for a boat loan
Competitive rates, quick loan approvals and an easy application process make AAA Finance the preferred choice when looking for boat finance. Use our quick loan enquiry on the sidebar. Or give our team a call to get a quick and easy boat loan.