Buying A Fishing Boat - Cash Or Finance?

Before you take the boat buying plunge let me clue you in on two of the most widely spoken quotes in the boating world

. "The happiest day of a boat owner's life is the day they buy the boat and the day they sell the boat" and "Boats are nothing more than holes in the water, into which you throw money."

Before you go out and purchase your fishing boat, remember that boating is a hobby and you shouldn't go overboard with it. Unlike your house, boating isn't really worth going into debt for. First time buyers who aren't sure about boating should always make sure they spend well within their budget.

Also consider these optional items, depending on your water sports preferences: water skis, wakeboards, wet suits, towables (tubes), tow ropes and gloves, weight system for wakeboarding, pylon, boom, tower, etc.

To get the most out of your boat, it's always a better idea to scrape up your recreational dollars, sell a few of your belongings, and simply save up for a while. In the meantime, you should carefully study the boating market. When you manage to save up 3,500 - 25,000 dollars, go ahead and buy the boat you want.

Whatever you do, make sure you don't spend all of your money on the just the boat itself. When you purchase the boat, you'll need to have enough money for taxes, registration, storage, towing insurance, gas, equipment, and even minor repairs if your boat requires them.

When buying a boat, used or new, cash is always better than financing. You can save money with cash, as there are no finance charges. Financing charges can get high, very high in fact if you don't know a lot about it.

If you must make your purchase over time, it's wise to use a home equity loan instead of a personal loan. This way, it'll be tax deductible. Always be on the lookout for boat show financing, and never, ever use it. Several boat show financing plans will extend the loan out over the course of 10 - 15 years.

A new boater will either stick with boating or get out of it all together. Usually, most boaters don't keep their boat for more than 10 years, which is reason enough not to get an extended finance loan on your boat.

by: Mike Relahs

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