Buying a boat need not be too daunting. You can still have bit of luxury without necessarily having to go broke.
There are many lending institutions that are primarily focused on giving out boat loans. And they are your best bet among the many financial lenders. For one, they can give you sound advice on the tax implications of your purchase. They can tell you that you can register your boat as a home and, therefore, deduct some taxes for owning a boat. They can also assist you in processing the necessary documents to have you cruising as soon as possible. And, they can process your application fast. Some would take just a few hours to have a package ready for you.
When choosing a new boat loan, look past the interest rate figure. Most lenders will give you a choice of a fixed-interest rate for the duration of the term or a flexible rate. The experienced boat loan financiers can give you a fairly accurate projection of interest-rate fluctuations. But do remember that a fixed-rate loan, while it guarantees fixed charges for the entirety of the loan term, also carries a slightly higher rate. The flexible rate, because it factors in inflation risks, is a bit less expensive.
There are also lending facilities that offer flexible repayment plans. For example, you may require a seasonal payment schedule rather than the usual monthly payment schedule. This allows you to be free in particular months to devote your resources to other obligations. You may even opt for an annual payment schedule. Or, go to the extreme and pay as often as biweekly.
But before you start computing, budget first for other costs that come with taking a boat loan. You will have to pay for necessary processing fees: appraisals, underwriting, etc. that you have to go through before being approved for a loan, as well as other incidental costs.