Can I afford a boat?
Many people dream of owning their own boat. Some individuals love fishing, others enjoy wakeboarding and water skiing, and some people simply want a special place to share with their family. Whatever the reasoning, boat ownership is an obtainable goal.
Calculate Boat Payments
The biggest upfront and monthly expense for boat owners is of course the vessel itself. Most buyers decide to invest 10% – 20% of the total price as a down payment. Saving up for a large down payment will decrease the cost of your monthly payment, or you can opt for a shorter loan period and pay less interest.
Adding up Boat Ownership Costs
A number of variables affect monthly boat payments such as the final purchase price, down payment, and the interest rate. To get an idea of the monthly payment in advance, see our amortization calculator. A word of advice: Use a higher interest rate for calculation than suggested. It’s better to overestimate a cost than to underestimate it.
While owning a boat might seem like a fantasy, it can be a reality for many people. When shopping for a new or used boat, pay attention to its future maintenance, insurance, and general boat ownership costs. Boat ownership is a great way to get out and explore the open sea with your friends and family.