Market woes got you down?
Don’t despair! By acting smart you can still get the boat of your dreams, even in this tough economy.
- Keep Your Dreams in Check – Okay, it may be hard to trade your ultimate dream boat for something less, but now’s the time to take a long, hard look at what prestige is worth to you and see where your dreams can touch base with reality. Heavily consider a used boat, or maybe an older model of the boat you want. Think about how often you’re really going to use the boat, and don’t forget about the costs of maintaining the boat. Every thousand you shave off the purchase price makes it easier to secure financing and more affordable to own the boat.
- Look For Deals – The flip side of a weakening economy is that there are more boats on the market, which, consequently, means better selection for you. If you’re in the market for a used boat, you’re in especially good luck, as many less fortunate sailors may be having to shed their dreams to deal with poor financial decisions. Take advantage of the opportunity to shop around, and use online resources (like eboatdealer.com) to scour listings for the perfect combination of price and features.
- Get Pre-approved For a Loan – Most boat buyers don’t know it, but you can get pre-approved for a boat loan just as you would a mortgage. This gives you greater confidence when making an offer on a boat, and allows you to get a good sense of what the bank perceives you as being able to afford. And of course, if you’re able to negotiate a better price things just go further in your favor. You can start the boat loan pre-approval process by filling out our quick boat loan application.
- Pay Off Your Debts – The general advice is “improve your credit score,” but that may take longer than your patience to wait for your new boat. Instead, concentrate your short-term efforts on paying off high-interest debt like credit cards. Not only will the effort help you look better in the eyes of the bank, but you’ll be saving yourself thousands of dollars in interest. Now doesn’t that feel good?
- Keep Cash on Hand – If you’re pulling the last pennies out of the piggy bank to make your downpayment, it might be more difficult to get that loan. Banks like to see liquidity — cash on hand — after you’ve secured the loan for the boat. Banks are no strangers to the long-term costs of owning a boat, and if you aren’t, then you should maybe revisit tip number 1.
Though hard times have caused plenty of Americans to cinch up their belts, there’s no reason that you can’t still enjoy the pleasures of owning a boat provided you’re aware of what you’re getting into and make smart decisions. Use the tough market to get a great boat that you can truly afford, then get out on the water and forget about the rest!