How to Buy a Boat

Becoming a boat-owner is a goal for many outdoor enthusiasts. Having your own boat means that whenever you need a mini vacation, all you need to do is head to the water. However, buying a boat can feel complicated. Should you purchase it outright or apply for a boat loan? How much maintenance is necessary? Can you even afford it?

Read on for a few questions to ask if you’re thinking about buying a boat – and take a look at HUECU’s remarkably affordable and refreshingly simple boat loans if financing is the direction in which you choose to steer your boat-owning dreams.

Which Boat Is Best?

The best boat for you will depend on your location, your budget, and what kind of activities you want to do. There are all-purpose fishing boats as well as aluminum ones, which are light and easy to move around. A cabin cruiser is a great option for taking friends or family on aquatic adventures that feel like mini-vacations. Jet boats or high performance boats offer a sporty, high-speed option. And, sailboats offer the chance at a more relaxed pace of nautical pleasure.

What Can You Afford?

Boat costs vary widely depending on your vessel of choice. Be sure to factor in not only the initial price of the boat, but also all the additional costs. You’ll likely need to pay docking fees if your boat stays in the water, or factor in the cost of a trailer to move your boat around. A cover may be necessary, especially if you live in a colder climate. Then, there are accessories to think about: including life jackets, signal flares, water sports equipment and so on.

Do You Need Insurance?

While most states, including Massachusetts, don’t require boat owners to purchase insurance – it’s a good idea to do so! Boat insurance means that if your vessel is damaged in a natural disaster or experiences a collision, you’ll be able to more easily repair it or recoup at least some of the value from your initial investment. Moreover, boat insurance helps to cover your liability in case an accident or injury occurs on your vessel.

How Much Maintenance Is Needed?

Similar to owning a car, taking care of a boat involves regular upkeep to ensure that your vehicle stays in good shape for as long as possible. The most important elements of boat maintenance include regular cleaning, oil changes according to the schedule of your particular boat type, engine checks before any excursion, battery cleaning and lubrication during the off-season, and mold management as necessary. Checking brakes, signals, backup lights and so on is also important, so you can upgrade these as needed.

Should You Finance a Boat?

If you’re not able to purchase a boat outright, financing a vessel is another option. While it’s possible to purchase a boat using a credit card, many people opt for a personal loan or a boat loan instead. The advantages of a loan are that you can often get a better interest rate and more favorable term, as compared to a credit card. Similar to home loans, boat loans sometimes require a down payment. It’s also likely that you’ll get a better interest rate the better your credit is – so depending on your current credit score, it could be worth it to pay off outstanding debts before looking into a boat loan.