This spring, TVFCU is offering 1.50% off our recreational vehicle and boat loans through June 30th, 2026!! If you’re purchasing a new or used boat, or looking to refinance, you can get in touch with us via our contact form, by phone, or stop in today. Of course, here on the blog, we like to provide insight and ideas for balancing your finances and making responsible financial choices. In light of the promotion and the sun finally poking out for BOAT SEASON, we’d like to chat about some of the Do’s and Don’ts of financing a boat!
Let’s break it down! All Aboard!
The Don’ts of Financing a Boat
Don’t – Rush
Like any big purchase, unless you’re the recipient of a giant lottery check, you should always avoid making impulsive decisions. This means taking your time and not biting at the first bait that catches your eye. Being patient will help make your boat-buying experience less regretful in the long run. Consider your options and the details of the terms before making your final decision.
Don’t Forget Future Boat Costs
If you’re not buying your first boat, you know that there are quite a few more expenses than the first purchase when it comes to owning a boat. You need to consider where you’re going to store the boat, in and out of season. You will also need to consider insurance, fuel, and other paperwork like registration when thinking about your budget. It’s more work than pulling it off the lot.
The Do’s of Financing a Boat
Do – Be Budget Conscious
The longer you plan your boat-buying experience, the more likely you are to love your new boat. Part of that is evaluating your finances with a fine-tooth comb and setting a realistic budget. Carefully map out the money it’s going to take to take the boat home, store the boat, take care of the boat, fuel the boat, insure the boat, and dock the boat. These all come into play when considering your take-home cost and your ongoing cost.
Do – Consider Multiple Options
When you are looking to buy a boat, if you don’t plan to pay cold, hard cash, you should always look around at the different rates available to you. Like purchasing a vehicle, the person selling you a boat may have financing options available that may make for a quicker buying experience, but could cost you more money in the long run. You should explore different rates to find the most competitive rates and a monthly payment that fits your budget.
Do – Negotiate
Consider negotiating on price! The more research you do, the better you will understand the fair market value for negotiations with the seller. You can explore getting pre-approved for a loan with a loan provider to also give yourself an upper hand in the deal.
Do – Consider the Resale Future
Finally, it’s important to think about the long-term outlook for your boat. If you don’t plan to keep it forever, be sure to factor in its potential resale value as part of your investment. While you should choose a boat that suits your current needs and preferences, it’s wise to also consider how well it may hold its value when the time comes to sell.
We hope that this blog helps anyone in their boat-buying or refinancing journey. Something so exciting should be met with tact and detail-oriented planning to ensure that the decision meets your current and future financial goals. So long as you use sound judgment and plan properly, you can enjoy the decision for decades to come and create memories that last a lifetime! If you need any help with a boat loan or other type of loans, consider giving TVFCU a call at (800) 722-8224! We can work with you to provide boat loans and more! If you’re in the area, stop in our branch anytime at 10 Jefferson Sq in Batavia, or apply online today!
