The easy tides of the water, the blue of the skies – this is how every boat lover will dream of spending his/her weekends. If you are among those for whom a boat is more than just a means of travelling by water and if you want to invest in such a vessel soon, then you will definitely want to read on and find out the top 3 things to know before financing a boat.
Start by Pre-Qualifying for the Loan
A visit to the bank or financial institution can protect you from having to face the disappointment of not being able to afford the boat because the bank or financial institution cannot offer you with the money you need. A pre-qualifying visit can ensure you that you meet all the criteria to get a good loan: good credit score (usually, a score over 800 will ensure you that you get a good interest rate on your loan), income, and so on. Depending on how large your down payment is, this visit will also give you an idea of how much you will have to pay back for your loan in the end and it will give you an idea of how much you can afford to spend on your future boat. There are lots of different options for boat finance so make sure you shop around.
Choose the Perfect Boat
Now, according to the sum of money the bank is willing to offer, you can start searching for the right boat. If you are not very familiar with all the features of such a vessel, do make sure that you inform yourself beforehand because this can truly make (or break) the entire deal. For instance, the model number can tell you a lot about the boat’s real value (1651T will mean that the boat is 15 feet long, 51 inches wide and that it has a tunnel for example). See exactly what each of the features are worth, add up all the prices and come up with a price. See if it fits within the sum of money the bank can loan you with and go to the dealer to make him an offer if you believe you will be able to afford it.
Make Sure Your Boat is Properly Equipped
Boats come with various types of accessories and they should all be included in the price the dealer asks for the vessel of your choice. All these accessories can add up to the base price, but they will also be extremely important (similarly to the way in which airbags and air conditioning can be important as an extra-option for a car). Do make a list of all of them and see if the boat meets all the criteria. Also, do make sure that the boat has a fire extinguisher since, as surprising as it may seem, this can add an easy $1,500 to the entire value of the boat itself. To make sure everything is in order, you may want to bring a specialist with you as well to check with all these details and see if they are all properly functional.
Buying a boat is very exciting and a good boat will bring you many years of fun spent exploring the water. Don’t rush your investment and consider all your options before deciding.
