Things to consider when buying a boat
The long days of summer are here and that means more time to spend outdoors. If you’re thinking of buying your first boat – congratulations! It’s a big step toward helping you and your loved ones have fun away from the TV.
But there’s more to buying your “toy” than meets the eye. Here are a few tips to help you buy with confidence and avoid buyer’s remorse.
Browse Boat Options
Boats come in all different shapes and sizes. That’s why it is important to know what make and model matches the type of activities you’ll be doing and the types of waterways you’ll be frequenting.
Set a Budget
Once you know the type of watercraft you’re interested in, you’ll need to find the boat that fits your budget. Determine how much money you’ll be putting as a down payment for the purchase. It’s also a good idea to get pre-approved for your boat loan before you start shopping, so you’ll know the dollar amount you’re approved for to make it easier to stay within your budget.
Prepare for Additional Costs
Any boat owner will likely warn you about the expenses related to owning and maintaining your watercraft. You’ll need to prepare your wallet for the extra items you’ll be spending your money on like hauling, storage, gas, maintenance, and registration fees.
Think About Insurance
While boat insurance isn’t required in all states, it may be an investment you want to pay for since it could cover damage caused by an accident on or off the water. Insurance for a boat is different from the coverage you have for your car and home. Take some time to do your research and compare your options from multiple providers.
Remember, Safety First
We know you’re looking forward to having fun on the open water, but it’s important to prepare for emergencies. Make sure you have life jackets, and flotation devices for you and your occupants. Be aware of the weight limits of your boat so you don’t overload it. Keep an eye out for low water areas and submerged objects that could damage your boat. Check the weather before heading out.
Financing Your Boat
For Boats, Jet Skis, and other Watercraft, AFFCU can finance your next outdoor adventure!
