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Boat Cost Breakdown: 5 Ways Anyone Can Afford a Brand New Boat

Posted by : Premraj | Posted on : Monday, August 12, 2019

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Summer is here and heat hasn’t shown any signs of letting up. Doesn’t an afternoon out on the water sound amazing right about now?

There’s nothing like hanging out on a boat when the sun is shining, right? Not really. That $35,000 price tag can be a bit of a deterrent, though.

If you’ve always dreamed of having your own boat but don’t think you can afford it, keep reading. There are lots of strategies you can use to cover your boat cost.

Here are five practical approaches that will allow you to pay for your new boat.

1. Apply for a Loan

This is one of the first options to consider if you’re looking to get your hands on money for a new boat.

Most banks and credit unions offer boat loans and financing options that are similar to auto loans. You can also take out a personal loan and use it to pay for your boat.

If you apply for a boat loan, you might be able to get a lower interest rate than you would with a personal loan. On the flip side, though, you may also have to make a large downpayment (often 10-15 percent of the price of the boat).

2. Work with the Boat Dealer

Often, boat dealers will provide you with financing options, too. They may even give you a better offer on financing if you tell them about the loan options you received from your bank or credit union.

Talk to them about your situation and they’ll likely be able to work something out for you.

Loans from the dealer do sometimes have higher interest rates than bank or credit union loans. However, they may also come with additional incentives, such as no money down or a lower introductory interest period.

3. Use a Home Equity Loan

If you own your home, you may be able to utilize a home equity loan. This type of loan allows you to borrow against the equity in your home to cover the cost of a purchase.

The great thing about these loans is that they have lower interest rates than many other types of loans. You can also deduct the interest you pay on the loan from your taxes.

4. Attend a Boat Show

Sometimes, you can get better deals on boats if you buy them at a boat show.

People who are selling boats at boat shows often offer significant discounts, as well as financing options. If you attend a boat show during the early season, you’ll be even more likely to get your hands on a boat without breaking the bank.

5. Use a Payday Loan

Finally, you may want to consider using a payday loan. Payday loans from direct lenders can be a good option to help you cover a portion of the cost of a boat. You likely won’t be able to borrow enough to fund the whole purchase, but they can help you cover a downpayment or other smaller expenses.

Just make sure you are prepared to pay the loan back by the date specified by the lender. Otherwise, you could end up paying a lot more in interest and other fees.

Tips for Saving Money on a Boat

A boat is not a cheap purchase, there’s no doubt about it. The good news, though, is that you can reduce the expenses associated with your new boat by keeping these cost-saving tips in mind:

Buy the Right Size

Avoid buying a larger boat than you need. Sure, it would be nice to sail around in a massive boat, but is that really necessary?

It’s better to buy a smaller boat that fits in your budget than it is to try and impress everyone with the largest boat on the water.

Remember, you can always buy a small boat now and use it while you’re saving up for a larger one.

Do Your Own Maintenance

Many people don’t take into account the cost of maintenance (cleaning, repairs, etc.) that comes with owning a boat. These costs can add up pretty quickly, though.

An easy way to save money is to handle these tasks yourself. Sure, it takes more work. It’s worth it, though, if it helps to reduce your maintenance costs and keep more money in your bank account where it belongs.

Store It at Home

Storing your boat at home or a friend’s home is another good way to save money. When you do this, you don’t have to worry about the expensive fees associated with keeping it at the marina or in a storage facility. This step alone can save you several hundred dollars per month.

Shop Around for Insurance

Boat insurance is a must, but don’t just accept the first insurance policy that you find.

Do some research and compare policies before purchasing one. This will help you ensure you’re getting the best deal possible.

Consider an annual policy, too. These policies often come with a discount, and you don’t have to worry about an annoying monthly payment.

Use Caution When Driving

Finally, remember to use caution when you’re out driving your boat.

Damage to boats can be costly, so you ought to do your best to avoid crashing into things or making mistakes when launching or recovering your boat.

Being a cautious driver will help you avoid expensive repairs and it will help your boat to last longer. Basically, if you want to save money, don’t be a show-off.

Cover Your Boat Cost Today

As you can see, you have lots of options you can try when it looking to cover your boat cost and get out on the water as soon as possible.

These are all viable options that will help you get the money you need, even if your credit score is not as high as you’d like.

If you need more help collecting funds to help you pay for a particular need or want, we’ve got lots of other resources available. Check out the Savings section of our site today for ideas on how you can save up for your next big purchase.

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