Summer is here and it’s time to start enjoying the warm weather. For many people, this means taking their boat out to the local lake or ocean dock.
If you’ve never owned a boat before and you’re in the market to buy one, we couldn’t be more excited for you. This summer is going to be unlike any you’ve ever experienced.
But before we get ahead of ourselves, there are a few things you need to know before buying a boat. For example, what type of boat do you want and how much money are you going to spend?
We’re here to help you find the best new or used boat for your needs. Keep reading for four things you need to consider when looking at your boat options.
1. Your Loan Eligibility
First, before starting the shopping process, we recommend getting preapproved for a boat loan. Depending on the type of boat you want to buy, you could be looking at costs anywhere between $5,000 and several hundred thousand dollars.
Jon boats and Catamarans are on the low end while houseboats, cabin cruisers, and yachts are on the high end. Getting preapproved for a loan will tell you how much money you’re eligible to borrow. It will also give you a good indication of how much your monthly payments will be and what interest rates are available to you.
2. The Costs of Owning and Buying a Boat
After determining your boat loan eligibility, the next step in buying a boat is to assess your budget. How much money can you afford to spend on your boat? And remember that the costs of owning and buying a boat aren’t limited to your monthly payments.
For example, other costs include:
- Your down payment
- Boat registration
- Boat licensing
- Maintenance and repairs
- Storage (if you don’t store your boat at home)
- And more
If you don’t have a trailer to haul your boat yet, it’s another expense you need to consider before buying a boat. You’ll also need a vehicle capable of towing it if you don’t already have one.
3. Your Boat Options
The next question you need to ask is what type of boat owner you want to become. There are endless types of boats. Your choice will depend on two primary factors:
- Your budget
- What you want to use your boat for
Do you want a small boat you can take out on the lake to fish or are you looking for something with a powerful engine for water sports, cruising, and entertaining guests?
Do you want something with a cabin or a boat that comes with a wave maker for things like waterskiing, inner-tubing, and wakeboarding?
Check out freedomboatclub.com/ to see a complete guide on the different types of boats.
4. New or Used?
Finally, decide if you want to buy a new boat or a used boat. Just like buying a car, each option has pros and cons.
Obviously, buying a boat brand new will be more expensive. However, it will be in brand-new condition and have all of the latest comfort, technology, and safety features.
Conversely buying a boat used will save you money and you may not have to compromise too much on features. Once again, your boat options might come down to your budget.
Are You Thinking About Buying a Boat?
As you can see, there’s a lot to consider when buying a boat. Take your time and assess your boat options carefully. And remember to stick within your budget to avoid putting yourself under financial stress.
For more lifestyle advice or financial tips, stick around. Our blog was created to help consumers like you make good decisions.