Congratulations on your purchase Beverly.
A trip to the boat shop would definately tell you what is possible or recommended and costs. That way you would be making an informed choice.
There are lots here that have filled cracks and painted. Posting pictures of the conditions of yours would help others understand what you are dealing with. There are many helpful posts here on FG / gelcoat repairs and painting
What you choose to do may depend on the condition of your trailer. For example on my boler
American which is white top / green bottom I plan on a variety of techiques. A tree went through the roof at one time, so the top has to be painted to mask the repair. Redoing the gelcoat for me is an option that is too expensive. On the bottom half, I can fill and mask the stone chips on the front using Grizzly Grip. The remainer can be brought back to glory using Zep floor finish. (NOT poliglow thread
Now that you own a boler
you might want to change your profile from your trailer being a Scamp