If you’re looking to spend more time on the water, buying a boat is a terrific way to do just that. And while boats are often seen as luxury purchases, there are many reasons boats are accessible and worth the investment. Keep scrolling, and we’ll tell you what those are.
Here’s Why Boats are a Good Purchase (That Don’t Have to Break the Bank)
Believe it or not, buying a boat is worthwhile because its benefits outweigh the cost. Here are some reasons to buy a boat:
1. There are Plenty of Financing Options Available
You can finance your boat through your boat dealer, get a loan from your bank, or take out a boat loan with a lender specializing in marine financing.
Like a car loan, boat loans are installment loans used to purchase a boat or another marine craft. They usually come with fixed interest rates, monthly payments, and a set repayment term, and the average term ranges between two and 15 years. (However, some lenders will extend payment for up to 20 years.) Boat loan interest rates are fairly low, and the down payment can range anywhere from no money down to 20%.
If you qualify for a car loan, you’ll likely be eligible for a boat loan. However, marine lenders consider factors like:
- Credit rating
- Debt to income ratio
- Job and homeownership stability
- Net worth
Our Boat Loan Calculator can help you crunch the numbers and find a boat that fits within your budget. Then, check out our comprehensive guide on How to Get a Boat Loan.
2. There are Many Affordable Boats on the Market
Boats come in all shapes and sizes – accommodating various budgets. Check out our blog post on affordable boats to learn more about some available options.
One surefire way to save money is to purchase a pre-owned boat instead of a new one. Check out our guide on How to Buy a Pre-Owned Boat from a Private Seller if that interests you.
3. You Can Get Long-Term Use out of It (And Endless Memories)
Once you’ve purchased a boat, it offers endless opportunities for outdoor adventures and family fun. Many boaters opt for boating days instead of weekend getaways or theme park reservations, which saves money in the long run. Ultimately, you can’t put a price on priceless memories with loved ones out on the water!
4. Boating Serves Many Purposes
When it comes to boating, the possibilities are endless. When you invest in a boat, you’re investing in quality time with friends and family, travels to new places, new watersport hobbies, mental health support, and so much more.
How to Save Money as a Boat Owner
Now that we’ve covered why buying a boat is a worthwhile investment, let’s talk about ways to save money as a boat owner:
1. Shop Around for Insurance
When looking for a boat insurance policy, shopping around and comparing rates ensures you only pay for what you need. Insurance costs vary depending on boat type, length, age, and how much coverage you want. Our Boat Insurance Guide can help you determine the right plan.
2. Store Your Boat Yourself
Storage is a significant cost associated with boat ownership. However, you can mitigate that cost by storing your boat yourself. Invest in a cover for your boat and park it in your yard or driveway. Of course, some boat owners store their vessels under a special shed or tent for extra protection.
3. Stay on Top of Maintenance
Another way to minimize the cost of owning a boat is to stay on top of maintenance. Regular maintenance keeps your boat functioning in tip-top shape. And while it has upfront costs, it saves you significant money in potential repairs.
4. Rent Out Your Boat
Another lesser-known way to save money as a boat owner is to rent out your boat. Not only is this a great way to ensure your boat is getting regular use, but it’ll help you make extra cash and offset purchase costs. Plus, it can offer tax benefits!
How to Buy a Boat on a Budget
While boating can seem like a luxurious hobby, it’s more accessible than you may think. Financing your boat divides the purchase cost into affordable monthly payments. And shopping the pre-owned boat market can help you get significant bang for your buck.
Our Boat Finder tool can help you determine the right vessel for your needs and budget. Then, our Buying Guide reveals exactly how to make those boat-owning dreams a reality.
