It�s best to scrape together your recreational dollars, sell a few things and save for a while. Meantime, study the boat market. Take a boating safety course. When you�ve got $5,000-$25,000 together, that�s when you buy.
Don�t spend all of your money just on the boat itself. At purchase time you will need enough money for a survey, taxes, registration, storage, insurance, towing insurance, gas, minor repairs and equipment.
If you must finance, use a home equity loan. At least it�s tax deductible. Beware of boat show financing. Many boat show financing schemes extend the loan out 10 to 15 years.
New boaters either advance or get out. I guarantee that you will not be interested in owning your first boat for 10 years.
