Boat Loans

Posted by Nick Niesen on November 8th, 2010

Boating is one of the most fulfilling and fun activities that you can share with your friends and family. Imagine all the sun you can soak up sailing, fishing, or just plain hanging around on the boat deck watching the blue waves, with champagne on hand. Most boats are versatile ? they are able to accommodate most of the fun activities you can think of.

Getting your first boat may not be as difficult or as financially draining as you probably think. Before heading out for a purchase, first browse catalogues and brochures to get good ideas on the boat model that is right for your specifications. If you plan to make your boat a party place, you may have to provide for guest rooms. The price of the boat depends on its size and on the sophistication of its control and navigating systems. For your first boat purchase, however, it may be advisable to consider a previously owned unit. You can later on improve on its electronics and mechanical devices. With proper and good maintenance, most boats will last for decades. Remember, though, that boats, like all vehicles, must meet government standards for safety. Make sure that the boat you will purchase meets the U.S. Coast Guard?s basic safety standards

The next step will be to visit your local bank. Some banks offer loans specific to purchases, such as boats. And they can provide you with assessors to help you appraise the true value of the pre-owned boat you are considering. Choosing the right bank can give you more flexible terms. There are also online lenders you may want to check out.

There also tax implications for boat purchases. You may want to check with your tax advisor or accountant about your options. There are loans that can be structured to incorporate tax benefits in your financing strategy. Your dealer should be able to advise you on the various financing strategies and their tax implications.