If you have been thinking about buying a boat, you are probably discovering that it can be a difficult decision. Sure, the idea of having your vessel to use whenever you like is a tempting one, and it is something of a no-brainer to make boating your preferred pastime if you enjoy the great outdoors. In practice, however, owning a boat calls for a lot of work and a sizable investment of both your money and time. You will need to regularly clean and maintain your boat, which means not all your weekend boating hours are spent enjoying the lake. To even buy a boat in the first place will likely call for a lot of research and budgeting. You are likely to discover, though, that even previously owned boats will command a high price tag in the marketplace. In truth, even a modest boat can cost about the same as a car, and like with a car purchase, it is not unheard of to take out a boat mortgage in Canada. Financing the purchase of a boat via a bank loan is fairly common. This offers a great way for prospective boat owners to realize their dreams without completely depleting their savings accounts.
If you think that a boat mortgage is right for you, you can consult with your bank of choice to learn more about the application process and interest rates. Once you have secured financing, you can then get to the fun part: finding the right boat for you. You will want to look at “for sale” listings in both print and digital resources. You will also want to see the boat in person before you make an offer. Once you do close the deal on your vessel, you will be just about ready to get it in the water. First, though, you will need to process some paperwork with Transport Canada, the nation’s primary transportation agency for matters on both sea and land. To be a bit more specific, you will need to apply for a vessel registration. Read on to learn more about this process, as well as how you can complete it online.
Forms Needed for a Boat Mortgage in Canada
In Canada, any boat that is used for commercial purposes or plans to travel abroad under the Canadian flag must obtain a vessel registration. This is also true for any boat purchased with a bank loan. To register your vessel, you will need to fill out Form 1 – Application for Vessel Registration and Form 3 – Statement of Qualification for Vessel Registration. You will also need to acquire a tonnage measurement and submit photographs of all four sides of your vessel to Transport Canada.
Register Your Boat Online
We offer an easy, streamlined way to submit your vessel registration application over the web in just minutes. To see for yourself, check out the “Vessel Registration” option in our navigation menu. You can also visit our useful Frequently Asked Questions page to learn more about our services.