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