A Guide to Buying Your First Boat or Yacht

1. Choose the Right Type of Boat
The first question to ask yourself is, "What do I want to use my boat for?" With over 30 distinct types of boats available, it’s important to pick one that suits your specific needs. Generally, boats fall into three main categories: fishing, cruising, and watersports. Fishing boats are designed with open cockpits for easy maneuverability; cruising boats focus on comfort and are suitable for hosting guests, whether for a day trip or overnight stay; and watersports boats are built for activities like water skiing, wakeboarding, and more.

2. Decide on New or Used
Another key decision is whether to buy a new or used boat. Many first-time buyers are advised to consider used boats due to lower costs, which can help manage financial risk. However, if you've been saving for a while, a new boat might be a better fit, as it often comes with a warranty. If you opt for a used boat, a thorough inspection is essential to avoid unexpected repair costs.

3. Research and Compare Prices
Once you’ve identified the type of boat you want, take time to explore local marinas, boat dealerships, and boat shows to understand the pricing and features available. Online listings are also a good resource, but be cautious of deals that seem too good to be true.

4. Consider Financing Options
Financing can make boat ownership more attainable, allowing you to invest in a newer or more advanced model. Unlike auto loans, boat loans often come with longer terms, up to 25 years, depending on the boat's age and your credit history. Boat financing is flexible, and you may qualify individually without the need for a co-signer.

5. Plan for Storage
Finally, decide where you will store your boat when it’s not in use. Options include trailering, storing at home, or docking at a marina. Storage costs and requirements vary with the size of the boat, so factor this into your planning.

​By carefully considering these five factors, you’ll be well-prepared to make a sound decision on your first boat purchase and begin your boating adventures with confidence.

Each client and their financial situation are unique. We review all aspects of your application to match you with the most suitable lender. Our commitment to exceptional service and industry expertise ensures that your boat loan financing experience is truly memorable.