Are you planning to fulfill your lifelong dream of owning a boat? Sailing is a fun and exciting pastime, but it definitely isn’t cheap. If you want to purchase a boat, you can make a practical and economical decision by applying for boat financing. This is ideal for first-time buyers because it allows them to get on the water without paying the full price upfront.
If you’re unsure how boat financing works, our team at AutoLoan Hub is here to guide you through the process. Below, we’ll discuss how to navigate boat financing for first-time buyers and how our team at Autoloan Hub can help you find the vessel of your dreams. Keep reading!
Consider Your Financing Options
There are several different ways to achieve financing for your boat, such as personal bank loans or funding from a reputable lender. Before you decide which method you’d like to use, it’s important to do your research to figure out what works best for you and your circumstances.
If you have a good credit score, you’ll have a higher chance of securing a loan. However, financing may be a better option if your credit history isn’t ideal. With a loan, you’ll receive the money upfront with full ownership over your boat, to be paid off within a fixed period. Financing, however, doesn’t transfer your boat ownership until after the borrowed funds have been paid off.
Ultimately, whether you choose a standard loan or financing agreement comes down to your financial circumstances and personal preference. Financing will allow you to use your boat from the get-go but will also have more asset usage restrictions. If you’d prefer to own your boat outright by securing a loan, you’ll need to improve your credit score to increase your chances of qualification (you can see whether you already qualify for financing from Autoloan Hub by using our Get Pre-Approved portal).
Create a Baseline Budget
Boat prices vary drastically depending on what you’re looking for. If you plan to buy a smaller boat for fishing or sailing, you can expect prices to start at around $10,000. Larger boats and yachts can range from $50,000 to $1 million, depending on their make, model, and size. Consider what you plan to use your boat for and how often to determine how much space and specs you’ll require for each voyage, along with what you can realistically afford.
Remember to Account for Additional Costs
Buying and financing a boat involves more than being able to pay off the money you owe. There are several other costs associated with boat ownership, including the following:
Boat Insurance: Similar to cars, boats require insurance to be stored and used in most marinas in British Columbia.
Maintenance and operational costs: In addition to the costs associated with ownership, boats require extensive upkeep to remain seaworthy. It’s important to factor these regular costs into your budget to ensure you can afford to maintain and operate your boat.
Docking fees: Most marinas will charge docking fees for moorage, loading/unloading, and other similar amenities. In British Columbia, these fees are charged based on your boat size per foot.
How to Secure Boat Financing Through AutoLoan Hub
At Autoloan Hub, we offer a hassle-free method of securing boat financing. Use our Get Pre-Approved online portal to select your budget and your preferred timetable for loan payment. We will conduct a credit check with Equifax to determine your loan qualification. Don’t worry- this check won’t affect your credit score!
Once you get preapproved, we’ll connect you with a vast selection of boats from different marine dealerships across Canada. We’ll work to provide you with financing options that suit your needs and budget. Once you find a boat model you love, we’ll deliver it directly to you.
Contact Us Today!
If you’re wondering, “Where can I find boat financing near me?” look no further than our team at AutoLoan Hub! Through our streamlined and hassle-free boat financing process, first-time buyers are guaranteed to find a watercraft that fits their budget and circumstances.
Visit our Get Pre-Approved page and start your boat search today.
