News & Tips
The 5-Minute Guide to Buying a Boat in Florida
There really isn't a bad time of year to enjoy Florida's great outdoors. Living here means we have access to some of the most beautiful waterways in the world. Whether you dream of cruising down the Intercoastal Waterway or heading offshore to catch sailfish, owning a boat is a major lifestyle goal for many Floridians.
However, moving from dreaming to docking requires a little preparation. Before you stock the cooler and count your life vests, there are a few important factors to consider. Your journey to boat ownership should be smooth sailing, so we put together this quick guide to help you navigate the process.
Know Your Numbers Before You Shop
When you start looking at boats, you will have thousands of options, from economical skiffs, all the way to high-tech luxury yachts. While it’s easy to get caught up in the excitement of shiny hulls and powerful engines, it’s important to know what you can comfortably afford first.
Smart boat financing starts with a budget. A good rule of thumb is to look at your monthly income and expenses to see what fits. But remember, the loan payment is just one part of the equation.
Don't Forget the "Hidden" Costs of Ownership
When you are buying a boat, the purchase price is just the entry fee. To keep your budget healthy, you need to account for the ongoing costs of keeping the boat water-ready.
Here are a few costs to keep in mind beyond your monthly loan payment:
Fuel Costs: Boats require significantly more gas than a car and with fluctuating prices, a day on the water can add up quickly depending on your engine size.
Regular Maintenance: Saltwater is tough on machinery. You will need to budget for annual service, cleaning, and occasional repairs.
Insurance: Just like your car, your boat needs protection. Rates vary based on the size, speed, and value of the boat.
Docking and Storage: Will you keep it at a marina or in your driveway? Marina fees can be costly and storing it at home might require a trailer.
While these costs require a little research, they shouldn't scare you away. Instead, they help you plan better so you can relax when you’re actually on the water.
Essential Boat Loan Tips
Securing the right financing is the most critical step in the process. You want a loan that fits your financial life, not one that stresses you out. Here are a few boat loan tips to help you get the best deal:
Check Your Credit: A higher credit score often leads to a lower interest rate.
Determine Your Down Payment: Putting money down upfront could lower your monthly payments.
- Get Pre-Approved: With a pre-approval letter, it shows sellers you are a serious buyer and could give you leverage when negotiating the price.
Why Choose SCCU for Your Boat Loan?
At Space Coast Credit Union (SCCU), we believe buying a boat should be a memorable experience, not frustrating. As one of the most competitively priced lenders in the boat loan market, we constantly monitor rates to ensure our members receive fair and affordable financing. Whether you’re purchasing a small fishing boat or a larger vessel, we’re here to help.
We make the process simple and convenient with fast pre-approvals, so you can get out on the water sooner. Plus, we offer the flexibility to finance recreational vehicles, cars, and homes all in one place. If you have questions about terms or rates, our team is here to provide you with all the support you need to ensure you feel confident in your decision.
Ready to Make Waves?
Once you get pre-approved, the rest is simple. You pick out your dream boat and provide us with a purchase contract. From there, our team of experts takes over to finalize the details. Don't let another season pass you by while you stand on the dock. Let’s get you out on the water!