I Should Buy a Boat: How to Finance Your Dream Boat

Studies have shown that about 80% of Americans are stressed out to some degree right now. And they do all kinds of things in an effort to combat stress.

They exercise. They meditate. They eliminate things like alcohol, nicotine, and caffeine from their lives. And they even quit their jobs and find less stressful ones to keep stress at bay.

Some people also make it a point to spend more time doing things that they enjoy. Fishing, for example, is a great stress-buster.

If you love fishing and hate stress, you might be thinking, “I should buy a boat!”, right now. And it’s not a bad thought at all.

A boat could stop stress from ruining your life, provided you’re able to find a way to afford it. Here is how to finance a boat so that you can start using it to prevent stress.

Start by Creating a Budget for Your Boat

How much can you realistically afford to spend on a boat? That’s the first question you should ask yourself after you decide, “I should buy a boat.”

Boats can cost anywhere from a few hundred dollars for an old, beat-up boat without a motor to tens of thousands of dollars for a brand-new boat with all the latest features.

Take a look at what you have in your savings account and what you make every month to see how much money you can devote to spending on a boat. The last thing you want to do is put yourself into a situation where you’re making payments on a boat that’s well out of your price range.

Decide Which Kind of Boat You Want to Buy

If your ultimate goal is to use your boat to fish, you might be under the impression that it’ll be simple enough to pick out a fishing boat. But there are so many different kinds of fishing boats to choose from!

Some of the most popular options include:

  • Dinghy
  • Bay boat
  • Bass boat
  • Convertible fishing boat
  • Jon boat
  • Pontoon boat

Your budget will help determine which kind of boat you’ll be able to get to some degree. But you should also figure out which type of boat is going to fit your needs and work best in the body of water in which you’ll be fishing.

Look at the Different Types of Boat Loans

Outside of browsing through the different kinds of boats, you should also spend time checking out the different types of boat loans. There is a wide range of boat loans that you can apply for when you’re thinking, “I should buy a boat.”

For instance, you can apply for:

  • Personal loans
  • Home equity loans
  • Loans for bad credit
  • Loans with no credit check

It’s your job to research each of these types of boat loans to see which would be the most beneficial to you. Narrow down your search so that you apply for the right loans for your boat.

Track Down the Right Boat Loan Lender

In addition to figuring out which types of boat loans would be ideal for your specific situation, you’re going to have to find a boat loan lender, too. Any company that offers the loans listed above would likely be a candidate to give you a boat loan.

But in a perfect world, you should find a lender like Bonsai Finance that has experience helping those looking for boat loans. They’ve seen people in the same position as you before and know how to get you the loan you need to buy a boat.

Whatever you do, don’t just pick the first boat loan lender that you can find. A good lender should offer you great interest rates on loans and have a customer service department that makes the entire loan application easy.

Consider Improving Your Credit Score Before Buying a Boat

Is your credit score on the lower side?

If so, it’s not impossible for you to buy a boat. But it could be challenging finding a lender that will extend you a boat loan at the right rate.

If you find yourself looking at nothing but high-interest rates on boat loans, think about taking a step back and working on your credit score before taking out a loan. In fact, you might even want to take out a smaller loan first to bring your credit score up.

A small personal loan can help you pay down any debt that you have hanging over your head. This will improve your credit score over time. It’ll also allow you to take out another loan later to buy your boat.

Doing this will make the boat-buying process drag out a little longer than it would otherwise. But it’ll be well worth it when you see how much more affordable it’ll make your boat.

Take Good Care of Your Boat Over Time

Investing in a boat is a big commitment. You’re going to need to do more than just fire it up every now and then to take it fishing.

You’re also going to need to clean your boat, perform oil changes on your boat, and make repairs to any parts of your boat that give out on you. Make sure you have the resources available to do this since you could end up regretting your decision to buy a boat if you don’t.

Stop Saying, “I Should Buy a Boat,” and Buy One Today

Are you always daydreaming at work and saying, “I should buy a boat,” over and over again in your head? Stop ignoring your instincts and look into buying a boat now!

A boat can eliminate a lot of the stress you’re dealing with at the moment. It can also give you and your family and friends more fun activities to do together. As long as you can afford it, a boat will be one of the best investments you’ll ever make.

Keep browsing our blog to learn more about budgeting your money so that you can buy a boat.

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