If you are drooling with envy at other people who own boats but think you really cannot afford one, it may be time to get serious about looking for a loan. Boat loans are not the same as car loans. With a boat loan, you can get much better repayment options in terms of repayment time.

In fact, it’s easier to qualify for a boat loan than a car loan, and the repayments can be spread over up to fifteen years, making this type of loan one of the easiest to pay back – and that’s with a nominal deposit and affordable interest rates.

The only thing to watch is that many lending institutions require a minimum amount of from fifteen to twenty thousand dollars. So if you want a six thousand dollar boat you may not qualify. There’s only one thing for it – you’ll have to force yourself to buy a more expensive one!

The best lender to get a boat loan from could be the one you have already worked with. At least they know your history and have done credit checks in the past. Just remember that no matter where you get it from – bank, credit or building union or boat dealer or broker – they are looking to help themselves first. Once you let them know that you have other options, they may be more interested in getting a loan together that really suits you.

Most of the same types of loans that apply to homes, also apply to boats. That is, there are fixed rate, simple interest, variable interest rate and balloon payment boat loans.

In fact, if you get a boat with a head and galley – bathroom and kitchen – you may be able to take the interest off your tax, since it can be legally considered a second residence. It may also be that you can get a refund on the gas you use. To fund road maintenance the government uses a portion of the excise tax on your boat fuel, and since your boat is not damaging roads while in the water, you may be eligible for a refund or credit. It’s certainly worthwhile checking that out.

Another way of getting a boat without paying out too much is to share the cost. This would have to be looked at carefully and a proper time-share agreement drawn up, so that all would get fair use of the boat. But if several people went in shares with buying a boat, both the initial outlay and the cost of upkeep would be considerably lowered.

We hope you’ll enjoy this 5-day series of podcasts on boating!  If you’d like a quick-read book of additional boating ideas and tips, please visit us at:

http://boatingbasics.howto-you.com

Thank you!