Purchasing a new or used boat isn’t as unrealistic as you may think. Most people can get out on the water in their own boat or pontoon for less than a new car payment. If the first thing you think of when you hear about boats for sale is how you can't afford one, here's what you need to know.
How to Afford a Boat
While you might be thinking boat ownership is out of your price range, consider this: 72 percent of American boat owners have household incomes of less than $100,000. With advances in financing options, owning a boat or pontoon has become a reality for many more people.
Financing a Boat
Even if purchasing a boat or pontoon outright is outside your price range, financing has made boat ownership more accessible than ever. Down payments can be pretty flexible. While 10-20 percent is standard, each dealership will have their own guidelines and incentives.
Since the rate of depreciation is much slower for watercrafts than it is for vehicles, boats and pontoons hold onto their value much longer. This allows buyers to take on a longer loan term, which equals lower monthly payments.
When you consider financing, as opposed to buying a boat outright, you can afford a much higher quality watercraft for a low monthly cost. This allows you to purchase a boat or pontoon that is newer, higher quality, and more likely to give you many years of worry-free use.
Here at Miller Marine, we have lending specialists who are well-equipped to help you get into a boat or pontoon without bursting your budget. Start thinking about what features and options are a must-have for your next boat or pontoon with our new boat checklist - click below.