Do you dream of your own boat? A boat loan is a viable option if your savings are not enough to buy a boat.
What more wonderful than flying a flag over the clear waters on a summer day, admiring the lake scenery, or sunbathing on a boat deck in the middle of a beautiful archipelago?
Our homeland offers exceptionally diverse opportunities for launching. It is no wonder that owning a boat is a long-term dream for many Finns.
Whether you want to relax, travel, or get rid of the shackles of everyday life, the boat can do it. If your savings are not enough to buy your own dream boat, you can get the financial backing you need for a boat loan.
Buying a boat requires careful planning
If you are planning to buy your own boat, you should carefully consider what it takes to get your own boat. The boat is a relatively valuable investment and there is no free boating itself. The price tag for a new hobby should be carefully calculated.
The first thing to buy when buying a boat is to think about its purpose, which is why you need a running game. How many people should the boat be able to carry? Is the boat meant for short day trips or longer trips? Should it be possible to stay overnight – maybe live?
There are also different boat types for different purposes. Are you looking for a speed game that can pull both water skiers and banana boats or a sailboat to fly the sunset in peace? And are your skills sufficient for sailing or was a more manageable motor boat a better option? There is a lot to think about.
The cost of boating can be surprising
The biggest factor affecting the price tag is the age and condition of the boat. You can get a much lower price when buying a used boat. However, the cost of boating does not end with the purchase of the boat. For many first-time boat buyers, the cost of operating and maintaining a boat may come as a surprise.
Mooring, winter storage, launching and lifting – all pay! If the boat is driven a lot, the fuel costs during the summer may increase and the maintenance of the boat should not be overlooked. Of course, neglect will reduce the resale value of the boat.
As with motoring, boating can happen and happen. Boaters have to be prepared for surprising costs, as an unexpected engine failure can take a big slice of your summer vacation budget. In case of worst surprises, the boat must be insured.
There are many ways to boat Good Finance
Once all the costs have been written down on paper, it is time to think about whether you can afford boating. It is useless to buy a boat to rest on the pier. Equity pays off to save on boating costs and leverage the loan to buy a boat.
There are many ways to finance the boat itself. Saving is obviously the most affordable way, but in the absence of your own savings, the boat can be financed either by a installment boat Eddward Murdstone or by a one-time loan from a bank or a boat loan from Good Finance.
The security reduces the cost of the boat loan
In a secured boat loan, the boat acts as collateral. The size of the boat loan and the loan terms depend not only on your ability to pay but also on the age and condition of the boat. The advantage of a secured loan is a lower interest rate, which is lowered by the lower risk incurred by the bank. If for any reason you fail to make your payments, the secured boat may be forfeited.
Boat loan also without collateral
You can also get a boat loan unsecured, so you don’t need any collateral or guarantors. Also, the age and condition of the boat will not affect your loan decision, but you will get a loan based on your financial situation and your repayment ability. Unsecured consumer credit comes into play especially when buying a used boat from a private individual.