How to Finance Boats for Business

and leisure

• Have you been planning to buy a boat some time now? Whether it’s for business or leisure or both, here are some tips and guides to make that purchase a reality. Read on to find out more.

• Many consider owning a boat to be a status symbol. Why not? Unlike cars, a boat isn’t necessary to get to and from work every day. You can’t live on a boat – unless it’s a houseboat and something like that comes with a really hefty price tag. Recreational boats like cruisers, sail boats, and fishing boats are often used for leisure activities which are associated with wealth and living the high life.

• Owning a boat is oftentimes a sign that you have some extra money stashed away somewhere. While this is true for most boat owners, you don’t have to be one of the elite members of a society to own one.

• In fact, there are quite a lot of people who consider having a boat to be a sound investment. Here are some ways you can own your very own boat (or lease one) and enjoy its perks without breaking the bank:

GO SMALL 

• The easiest (and cheapest way) to own a boat is not to give in to your dreams of owning a large yacht to cruise around on and throw parties in. Your worth as a person won’t be judged by the size of your boat.

• Many of those who can afford large boats eventually downsize to smaller, easier to manage boats anyway so why push for something you can’t afford? Smaller boats aren’t just cheaper to purchase. They require less maintenance and run on less fuel so that cuts down most of the cost of actually owning the boat.

CONSIDER FINANCING 

• Boats are an “extra” that many people want to have but can’t because they cost a lot of money. One way to check if you can afford to buy your own boat is to check your cash flow. If you still have extra cash after paying for your mortgage, your car, and other necessities, then you can still afford the luxury of owning a boat.

• Like buying a car, potential boat owners can also get financing on a used or even a brand new boat. The good news is that many of the financing options allow for longer terms which translate to lower monthly amortizations which can end up being quite affordable.

CONSIDER GROUP OWNERSHIP 

• Splitting the cost of something as expensive as a boat or a even a full blown yacht can make things more affordable for everyone involved. You can gather a few of your siblings, close relatives, or some of your best friends and come up with an agreement for shared ownership.

• The downside to this is when relationships turn sour and disputes over what to do with the boat come up. Just make sure that you have all your ownership terms figured out and in writing so that parting ways with your boat (or with your friends) won’t be too much of a hassle in the end.

JOIN BOATING CLUBS 

• Boat clubs aren’t exclusive for boat owners anymore. There are clubs that allow members to “own” a boat for a day anywhere a chapter or branch of the club is located. This is ideal for people who want to own a boat but don’t really have enough free time on their hands to actually use them.

• The variety of boats members can choose from is also a great incentive to join such a club. Of course, there are joining fees, monthly membership fees, and rental fees to consider so before signing up for such a service, you might want to compare the cost of joining the club with that of actually buying one.

SHARE YOUR BOAT 

• Many people who have given up their boats do so because of the high cost of maintaining one. One way to lessen the expense of owning a boat is to register with one of the peer-to-peer boat sharing platforms that is rapidly becoming popular nowadays. As the owner of the boat, you will have full control of who rents your boat.

• All renters are pre-screened by the service you’re a member of, but you still have the option to decline a renter if you wish. This option may not be a good idea for those who don’t want other people steering their boats, but it’s a great way to earn money you can earmark for your boat’s maintenance.

CONSIDER BUYING USED BOATS 

• Pre-owned boats are the cheapest kind of boats out there for obvious reasons. The trick is to look at buying a used boat as if you were buying a used car.

• Don’t just take the dealer or the seller’s word for it. Do your research and make sure everything is in order before buying it and you’ll do just fine.