Buying a used boat and financing a boat
After deciding to get a boat you’ll find yourself trying to figure out how to pay for it. As discussed before cash is best. If your boat involves some financing through a credit line, unsecured loan, home equity loan or from a boat lender choosing the right lender and financing can be as important as finding the right boat.
There are a lot of sources of financing and several things to consider when financing a boat. The first is how long do you plan to keep the boat? If it’s you first boat it will be sensible to find a loan that is very flexible so you can pay it off or even trade it in and not still owe payments. I kept my first boat for 9 months and then bought a bigger, faster, better one.
If your new boat is the one of your dreams you can expect to have it financed for a longer time which does make it more important to get a cheaper or fixed rate loan and yet have terms that give you a monthly payment you can afford.
If you are going to keep a boat for a long, long time and you can afford it you should get a new boat. If you can’t afford a new boat or have doubts about owning a boat then for sure go look at buying a used boat.
While buying a used boat isn’t to glamorous it is a great decision for some people. The waterways and lakes are filled with people who have more money than average people and some will go way beyond what they can afford just to have a very fancy boat. Don’t do that and don’t get in over your head financially for a boat.
Most people don’t consider the rich guy who has a 60 foot yacht, and take it out once or twice a year, a boater at all. What really matters is being out on the water doing what you find to be fun. You can do this just fine in a used boat and be a great boater at the same time. Being out there is what counts, not what you are out there in.