Summer weather means more time outdoors, which means the desire to own a boat increases. If you’re a first-time buyer, how do you know if now is a good time to buy a boat? Start with these questions to ensure it’s the right decision for you and your family.
There are many different types of boats to choose from, so you want to consider how you envision spending time on the water. Do you want a pontoon that can host a party of people? Do you need a boat for fishing a few times a month? Or are you looking for a home away from home on the water? Make sure you do some research to find the best fit for you and your lifestyle.
Before you begin shopping for a boat, have a budget in mind so you know what you can afford. Depending on the type of boat you want, prices can vary from a couple hundred dollars to hundreds of thousands of dollars. Keep in mind that the initial purchase price is just the beginning. There is upkeep and maintenance that comes with being a boat owner. These additional costs include:
Storing a boat in the off-season can require a bit of effort and generate some additional costs. If you don’t plan on renting space at a marina, you’ll have to figure out a plan for transferring your boat from one place to another. Many people use a trailer to get their boats to and from lakes and rivers, so you want to make sure you have room on your property for a vehicle like this.
When you buy a boat, your return on investment is the enjoyment you get out of it. Make sure you’ll use it enough to make up for the time and money you’ll put into it. If you think you’ll only hit the water a few times a year, you may want to consider renting instead.
If you’re thinking about buying a used boat, make sure you know exactly what you’re getting. You may spend less money than buying new, but it may cost you more in the long run if the boat needs upgrades or improvements. Before signing a purchase agreement, consider getting the boat surveyed by a reputable marine surveyor.
Before you apply for a new or used boat loan, it’s beneficial to pay down any current debts you might have to improve your credit score. A higher credit score with a steady payment history will increase your chances of getting a lower rate on your loan. Consider these suggestions to find the financing you want.
With careful planning and good financing, our team is here to help you take one step closer to owning your dream boat. Applying for an LCU boat loan is easy – simply apply online or visit an LCU branch today!