6 Financial Tips for Families to Help Them Purchase Their First Boat

It’s summertime, and that means it’s the perfect time to buy a boat! (Well, unless you live in Alaska. Then it’s probably not the best time.) If you’re like most families, buying your first boat is a major financial decision. It can be tough to save up enough money for a down payment and then cover the monthly payments. But don’t worry – we’ve got you covered. In this blog post, we will discuss six financial tips that will help you purchase your first boat!

Which Type of Boat to Choose? 

There are so many different types of boats out there. It can be overwhelming to try and figure out which one is right for you and your family. But don’t worry, we’re here to help! The first step is to decide what type of boat you want. Do you want a fishing boat? A pontoon boat? A speed boat? A sailboat?  Once you’ve decided on the type of boat, you can start looking at models. Many people decide to purchase low maintenance boats for families as their first boats. These boats are good for fishing, cruising, and watersports. Another benefit of them is that they don’t require a lot of upkeep, so you can save money in the long run. Their downsides are that they can be slow, and they’re not the best choice for long trips. Also, keep in mind that you’ll need to purchase a trailer if you don’t already have one. 

How Much Can You Afford to Spend? 

This is a crucial question that you need to answer before even starting to look at boats. You don’t want to fall in love with a boat that’s way out of your price range. To figure out how much money you can afford to spend, take a look at your budget and see what you can realistically afford to put towards a boat each month. Once you have a number in mind, start looking for boats that are in your price range. 

Now that we have discussed the prerequisites for buying a boat, let’s move on to financial tips you should bear in mind.

1) Get Pre-Approved for a Loan 

The next step is to get pre-approved for a loan. This is a type of loan that is specifically for the purchase of a boat. Getting pre-approved for a loan will give you a better idea of how much money you can borrow and what your monthly payments will be. Getting pre-approved for a loan is a fairly easy process. You’ll just need to fill out an application with your personal information and financial history. The process of approving the loan can take a few days or weeks, so make sure to allow for that time frame when you’re planning your purchase. Once you’ve been approved, you’ll be able to shop for boats within your budget. 

2) Save Up  for a Down Payment 

Now that you know how much you can afford to spend, it’s time to start saving up for a down payment. A down payment is the upfront cost that you pay when you purchase a boat. The amount of the down payment will vary depending on the price of the boat and the terms of your loan. In general, you’ll need to save up at least 20% of the purchase price of the boat. So, if you’re looking at a $30,000 boat, you’ll need to have at least $6000 saved up for a down payment. 

3) Look for Discounts and Incentives 

Look for Discounts and Incentives

When you’re ready to purchase your first boat, be sure to look for discounts and incentives. Many boat dealerships offer special financing terms and discounts on boat purchases. You may also be able to get a discount if you’re a member of certain organizations, such as the military, AAA, or boating clubs. Be sure to ask about any discounts or incentives that might be available to you. 

4) Choose the Right Boat Dealer 

Now that you know how much you can afford to spend and what type of boat you want, it’s time to start shopping around! When you’re looking for a boat dealer, it’s important to choose one that is reputable and has a good selection of boats. You should also make sure that the dealer is willing to negotiate on price. Once you’ve found a dealer that you’re happy with, it’s time to start looking at boats! Here are some tips on how to choose the right boat dealer:

– Do your research: Ask around for recommendations or look for online reviews

– Find a dealer with a good selection of boats: You want to be able to choose from a variety of boats, so you can find the perfect one for your family

– Make sure the dealer is willing to negotiate on price: You don’t want to overpay for your boat!

5) Test Drive the Boat 

Once you’ve found a boat that you’re interested in, it’s time to take it for a test drive! This is an important step in the process because it will help you determine if the boat is a good fit for you and your family. When you’re test-driving the boat, pay attention to how it handles and make sure that you feel comfortable with it. Also, be sure to ask the dealer any questions that you have about the boat. 

6) Be Prepared to Negotiate 

The last step is to be prepared to negotiate. Remember, the dealer is likely to be open to negotiation, so don’t be afraid to ask for a lower price. If you’re not comfortable negotiating on your own, you can always bring someone with you who is. For instance, if you have a friend or family member who is good at negotiating, ask them to come with you. 

Purchasing your first boat is a big financial decision. But by following these tips, you can make the process a lot easier and less stressful. Just remember to take your time, do your research, and choose a boat that’s right for you and your family. Happy boat shopping!

We hope that these tips will help you as you begin the process of purchasing your first boat! Thank you for reading.