How to Buy a Boat on a Budget
Have a plan., Shop new first.It might sound counter-intuitive, but as with a car, there are pros and cons to both new and pre-owned boats., Know that the benefits of buying pre-owed might also influence your decision: Pre-owned boats cost less than...
Step-by-Step Guide
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Step 1: Have a plan.
Know what you want and what you can afford.
Do your financial homework and run a budget
--- before you buy a boat.
It’s the smart thing to do and will save you a lot of time.
Be sure to allow for general maintenance, storage, insurance and other important add-on products you may require such as extended warranties. -
Step 2: Shop new first.It might sound counter-intuitive
When buying boats, we recommend shopping new first even if you’re on a tight budget, for a number of reasons:
You’ll see the most current technology, latest design and naval architecture Electronics will be state of the art with the newest software New mechanical, electrical and plumbing systems(M.E.P) ,, Visit a local boat show.
Take a look at all available options and board as many boats as you can.
Discuss your wants and needs with dealers and experts at the boat show; they will answer any questions you may have about specific boat types and help you choose the one that will fit your needs and desires.
For a list of boat and sport shows in your area, please visit a Boat Show Calendar. , Here are a few of the advantages of financing your purchase through your dealer with a National Marine Bankers Association marine lending specialist (www.marinebankers.org):
Competitive rates
- Interest rates for boat loans continue to trend near historic lows in the US.
Faster credit decisions—because you are working with lenders in the marine industry who lenders understand boats and their buyers.
You can apply for a loan this morning and be boating this afternoon.
More electronics and extras—marine lending specialists will allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your purchase.
Financing your boat purchase usually means you can afford a newer, larger or more powerful boat, a better trailer and all the gear that it takes to make boating safer and more enjoyable! Federal income tax deductions—If a boat qualifies as a residence for purposes of deducting interest expenses on a residence* a taxpayer can deduct any qualified interest for the tax year. -
Step 3: but as with a car
-
Step 4: there are pros and cons to both new and pre-owned boats.
-
Step 5: Know that the benefits of buying pre-owed might also influence your decision: Pre-owned boats cost less than new Monthly payment will be less Cost of insurance will be less The depreciation curve has flattened out
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Step 6: Visit a Boat Show.
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Step 7: Finance your Boat - Boat buyers have many choices when it comes to paying for their purchase.
Detailed Guide
Know what you want and what you can afford.
Do your financial homework and run a budget
--- before you buy a boat.
It’s the smart thing to do and will save you a lot of time.
Be sure to allow for general maintenance, storage, insurance and other important add-on products you may require such as extended warranties.
When buying boats, we recommend shopping new first even if you’re on a tight budget, for a number of reasons:
You’ll see the most current technology, latest design and naval architecture Electronics will be state of the art with the newest software New mechanical, electrical and plumbing systems(M.E.P) ,, Visit a local boat show.
Take a look at all available options and board as many boats as you can.
Discuss your wants and needs with dealers and experts at the boat show; they will answer any questions you may have about specific boat types and help you choose the one that will fit your needs and desires.
For a list of boat and sport shows in your area, please visit a Boat Show Calendar. , Here are a few of the advantages of financing your purchase through your dealer with a National Marine Bankers Association marine lending specialist (www.marinebankers.org):
Competitive rates
- Interest rates for boat loans continue to trend near historic lows in the US.
Faster credit decisions—because you are working with lenders in the marine industry who lenders understand boats and their buyers.
You can apply for a loan this morning and be boating this afternoon.
More electronics and extras—marine lending specialists will allow you to finance optional equipment, electronics, extended service plans and life/disability insurance coverage with your purchase.
Financing your boat purchase usually means you can afford a newer, larger or more powerful boat, a better trailer and all the gear that it takes to make boating safer and more enjoyable! Federal income tax deductions—If a boat qualifies as a residence for purposes of deducting interest expenses on a residence* a taxpayer can deduct any qualified interest for the tax year.
About the Author
Andrea Wilson
Experienced content creator specializing in practical skills guides and tutorials.
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