What boat can i afford

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Explore Articles. Consumers recreational loans If you want to make a splash in the boat of your dreams, Consumers has a loan to get you on the water. Learn more. Leave a Reply Cancel reply Your email address will not be published.

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List of Partners vendors. The Balance Loans. Table of Contents Expand. Table of Contents. Sometimes a bank offers the best rates. The key is to make a few calls and see what is available. In some cases, you can even get a loan that is 20 years. This might seem shocking to you if you have ever gotten an auto loan. However, compared to cars, most types of boats depreciate much slower. The question becomes, what is the ideal length of loan for you?

When planning for the future, even if I am putting aside more money for a loan, I like to get as long of a loan as makes sense before rates balloon upwards. If there is no prepayment penalty, I then can put additional money towards the monthly payment.

This makes it so if there is an unforseen circumstance, I can go back down to the original loan payment amount without a penalty. In a year loan, the chances of a career change, company downsizing or other event is decent. So having this flexibility is important to me. Similar to cars, when you drive a boat off the lot there is a decent amount of depreciation. Also, as the warranty starts to run out, there will be a hit to the value of the boat to a second owner as well.

This is because a buyer is willing to pay a higher premium for a used boat if the manufacturer is still on the hook for any defects. Many well built boats have years of depreciation ahead of them. Of course, the maintainance to keep them up is significant, but a well maintained boat does have the potential to hold its value for a long time.

Boat Loan amount:. Loan term years :. Desired monthly payment:. Loan term Years :. Full Story. Boat Financing: Helpful Information for Boat Buyers Interested in buying a boat, but unsure whether you can afford it?