| When buying a boat, used or new, cash is always | | | | with terms that allow for a low monthly payment. |
| better than financing. You can save money with cash, | | | | Another factor you'll need to consider is the down |
| as there are no finance charges. Financing charges | | | | payment. Most lenders or dealers would like to see at |
| can get high, very high in fact if you don't know a lot | | | | least ten percent down. Normally, the down payment |
| about it. | | | | doesn't significantly change the monthly payment for |
| If you simply must finance your purchase, it's a smart | | | | your boat loan. |
| idea to use a home equity loan instead. This way, it'll | | | | Choosing the right type of boat loan is a very |
| be tax deductible. Always be on the lookout for boat | | | | important part of the entire buying process. You can |
| show financing, and never, ever use it. Several boat | | | | start with a boat finance brokerage, which will show |
| show financing ploys will extend the loan out over | | | | you how each one of the available options fit into |
| the course of 10 - 15 years. | | | | your profile. |
| Choosing the right financing source can be just as | | | | Whatever you do, make sure you don't spend all of |
| important as choosing the right boat. | | | | your money on the just the boat itself. When you |
| When choosing a source of financing, there are | | | | purchase the boat, you'll need to have enough |
| several things to consider. The first factor is how | | | | money for taxes, registration, storage, towing |
| long you plan to keep the boat. If you are buying a | | | | insurance, gas, equipment, and even minor repairs if |
| first boat, it'll make more sense to find a loan that will | | | | your boat requires them. |
| be flexible enough for an early payoff via private | | | | A new boater will either advance with boating or get |
| party or even a trade in. | | | | out of it all together. Most boaters don't keep their |
| If you are purchasing the boat of your dreams, you | | | | boat for more than 10 years, which is reason enough |
| should expect to have it financed for a long time | | | | not to get an extended finance loan on your boat. |
| which makes it important to get a fixed rate loan | | | | |