Do you crave adventure? What about sunshine, sea water and the feel of a cool breeze running through your hair? If so, you’ve probably considered buying a boat of your own. As with most major purchases, however, there’s a lot of information out there — and you’ve likely been talked out of it by your local armchair expert on finances.
In reality, though, only you know what’s best for you and your finances.
Without a doubt, buying a boat is a big decision and shouldn’t be taken lightly, but it’s also a decision you should make on your own — and with all the facts in mind. So before you make any sudden choices, here are a few things to consider if you’re thinking about investing in a boat.
Which boat is right for you?
Before you begin shopping, you’ll need to do a little preliminary research.
Start by deciding what you want to use your boat for. Will you be taking large groups to sea, or will you just need enough space for you and few friends? Will you be fishing? If so, in freshwater or saltwater? Do you have a need for speed, or will boating be one of your leisurely activities?
Determining how much boat you’ll use and what you’ll use it for will help you set a price point.
What are your financing options?
Once you’ve found your dream boat, you’ll want to start looking at financing options. The good news is that this part can be simple — if you have a good bank. A good bank will make it easy for you to apply online for a boat loan, set up a payment plan that works for you, and let you start planning your beautiful days out on the water.
Whether you need financing for a new or used boat, or you want to refinance your current boat loan, check out Mountain America Credit Union boat loans to help you get flexible terms and some of the lowest interest rates around. With those lower interest rates, you can also get a lower monthly payment.
Which insurance fits your needs?
And, finally, once you’ve purchased the perfect boat and found the payment plan that works best for you, you’ll need to start thinking about protecting your new boat.
Just like your vehicle and your home, you want to make sure you’re protected in case of an emergency or accident. A good boat policy covers you for liability if someone is injured on your craft and gives you the choice between replacement cost or cash value in a total loss. It should also let you pause your coverage when you’re not using the boat.
Keep in mind, however, that if you’re towing your boat using your vehicle, your auto policy is what would cover any accidents.
There are a lot of moving parts in boat insurance, find a bank that will shop multiple carriers to find coverage that works for you, so that you can enjoy your time on the water with peace of mind, knowing your boat is protected.
Feature Image Source: Pixabay