I can still remember it was 5 summers ago when my boss invited me and my family to join their family in their vacation at their lake-side property which was a 5-hour drive from our home. I thought it was a great way to build a stronger working relationship with my boss, and to open more chances in getting a promotion. Little did I know it would be the summer that will introduce to me to what was to become a lifelong passion – boating.
My boss owns a boat that they kept in their lakeside vacation house. My family and I had so much fun in the 4 days that we stayed there especially my kids. I learned how sailboats work and there w
boat one day.
After saving enough to provide a significant down payment on a new boat, I started to look for a bank or lender that will finance the rest of the balance for my boat. Before, getting a loan for the purpose of buying a boat was hard. However, because of the growing market, banks now provide boat loans and there are even lenders that specialize only in this type of loans. I also had the option to go to a lender that specializes in bad credit because they can give awesome deals; not just on people with bad credit but for those seeking credit for boat loans, too.
I would advise those looking for boat financing to go to your bank, inquire about how much they’re willing to lend you versus how much you can afford. Banks won’t usually release the real amount you can be entitled to. It was great having my wife backing me up through the entire process.
We then set out to check out pre owned boats in our area. New boats, even when just used slightly, depreciate a great deal in value so you can get great deals on pre-owned ones. Since the nearest ocean is more than a day’s drive from us, I just only considered small bodied boats best suited for lakes. There are a couple lakes that we can go to from where we are. I found out that doing my own bit of homework matters and in my case enabled me to save big time.
I calculated all costs from trailer, insurance, the boat, and right down to accessories. I also checked out the model of the boat that I wanted and inquired through its manufacturer’s hotline. Armed with this information, I offered a bid to the seller. The trick is to bid lower so they’ll know you won’t spend more than you should. We agreed on a fair price – a great deal at that. Once everything was all set, our bank gave us the fair amount of the loan that we needed.
Every summer since that has become a boating tradition for my family and I. Our relatives even tagged along and some are even considering buying their own boat. My journey included:
Ø How I was simple summer introduced me to my passion – boating
Ø Deciding that I wanted to have my own boat
Ø Setting out to fund my boat purchase
Ø Homework matters and it can save you hundreds of dollars
Ø Sealing the deal with the seller and my bank