FinancingWhen looking purchase options for your boat many finance companies will compete for your business. Shop around! Depending on your purchase price this is no different than buying an automobile or home. You need to consider the rate offered and term of the loan. If working through a dealer you should still shop around on the web. Many of the same vendors will match the rate you find, but you have to ask. You should also check to assure there are no prepayment penalties. Depending on the age of the vessel your lender may want an appraisal. For more infomation about appraisals click here. Depending on the type of vessel you purchase, it may qualify as a second residence and therefore the interest may be tax deductible. You can verify this information via the IRS or your local tax advisor. The most important aspect is getting what you want and making it fit within your budget. Just make sure not to forget associated costs. This will definitely include routine service, repairs, taxes and fuel. If applicable do not forget winterization, summarization, bottom painting (every 3 to 5 years) and slip rental. Feel free to use the follwing as a guide.
The following couple links can help you estimate your payment. e Boat Loanshttp://www.ufcu.org/learning/vehicle/boat/budget.php http://www.discoverboating.com/buying/financing/loancalculator.aspx |
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