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The buffer/sander comes with one buffing bonnet, a sanding pad, and some sanding discs.
For buffing, I use two pads, one for the buffing compound, and another for the wax. You don't want to use the buffing bonnet to do the wax, as it retains a lot of the abrasive. Harbor Freight doesn't seem to have a good supply of the bonnets in my local store, so I've had to purchase the same basic hook and loop bonnet made by Makita from Lowe's (like Home Depot) locally.
For the buffing, I don't use a heavy hand rubbing compounds, the abrasive is too course for machine work, IMHO.
Instead I use a buffing compound designed for machine work, 3M Super Duty Rubbing Compound, available at West Marine or similar stores, or at automotive paint shops. It's a thick liquid (not a paste), and can be rubbed on lightly and evenly with a rag or sponge, then worked over the surface by the machine until it comes up clean and dry.
The wax/polish is your call, but with a second bonnet and the machine, you don't have to worry about not having the strength/energy to do it right.
One caution: be careful around plastic items, like portholes, through hulls, various fittings, and rubber as well. Excessive heat on these can cause melting and other similar problems. The fiberglass is less sensitive.
Also, I never use my machine on more than the slowest setting (speed) just to limit the heat build up and increase operator control.
Have fun, and let 'er spin away!
Joe.