Is buying a boat like buying a car, can you put down a payment down and pay a certain amount every month...?

Question

and take your boat even though its not all paid for yet?

Are the payments and down payments like amounts it would be for cars? Would $3,000 down and $200 a month sound like a boat payment?

Answer 1

you buy a boat just like a car if you want too,and pay payments on it,most people cant afford to pay cash so they finance those just like a car,and you have to carry full coverage insurance on them also as long as your paying for them,good luck.

Answer 2

Absolutely.....depending on the boat's age, size and cost, banks will finance them over a period of up to 10, 15 or 20 years.

If the boat is new, it is a pretty simple process that can be handled via the boat dealer or your bank.  If it is a used boat, most lenders will require you to have the boat surveyed by a licensed Marine Surveyor to make certain the vessel is sea worthy.  

Down payments for used boats are usually a 20% minimum while new boats often allow less down.  I have owned three boats (one currently) and have never bought a new one.  You can save a great deal of money in buying a used boat.  My current boat is a 1977 and in great shape.  

As the other person mentioned, the lender will require you to carry insurance, but if you are going to be keeping your boat at a marina, they will require insurance too.  Regardless of who finances your vessel, I recommend Boat U.S. for your insurance.  They are much less than other insurance companies and offer a service like AAA for the water.

Payments for a boat, slip fees and maintenence can often be tax deductible if it meets certain criteria in the head, galley and staterooms.  Definitely consult your accountant to be certain for what your vessel will need to be used as a second residence.

Hope that helps....and happy boating!

Answer 3

How would your banker like you to pay for it?

Of course the payment schedule depends upon?????????

Purchase price......................................

Interest rate.......................................

Length of loan.......................................