It’s hard to imagine a better way to spend a summer day than cruising your favorite lake or the open sea in a boat of your own. But boat ownership comes with a good number of considerations that affect your wallet. Here are three things you should know if you’re looking to buy a boat.
Go Shopping in February or March
Boat shows generally take place in February, which means manufacturers are usually looking to sell off last year’s models at discounted prices, Lifehacker advises. If your boat purchase is still a couple of Februarys away, consider saving up for one with a CD or savings account, where your money will earn interest.
The Safer the Boat, the Cheaper the Insurance
Some insurance underwriters will offer discounts if your boat has certain safety features, such as an engine kill switch or wireless auto tether, or if you take a class on safe boating, according to Fox Business. You can also save on boat insurance by bundling the policy with your car or home insurance.
Use a Boat’s I.D. to Research Its Past
If you’re thinking about buying a used boat, Yahoo Voices! points out that every boat has a Hull Identification Number, equivalent to a car’s Vehicle Identification Number. Sites such as BoatHistoryReport.com let you use the HIN to learn more about the boat owners and any accident reports.
Are you considering buying a new or used boat? What’s the biggest purchase you’ve ever made?
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Comments
Patrick H. on May 19, 2013 at 8:20pm
I currently have an auto loan with Ally and was wondering if Ally would consider a boat loan... Thanks
andy b. on June 9, 2013 at 6:11pm
I currently have an auto loan with Ally and was wondering if Ally would consider a boat loan. Thanks
Ally on June 10, 2013 at 5:20pm
Currently, Ally Auto does not offer boat loans. If you have any other questions for our Auto Team you can reach them at 1-888-925-ALLY (2559).
Dennis B. on February 6, 2015 at 4:01pm
Do you finance boats
Russell L. on August 21, 2015 at 9:05am
Does Ally finance boat loans on new boats.
Larry J. on September 2, 2020 at 12:19pm
The information for buying a new boat is very helpful and informative. There things that i did not know about buying a boat that would save money. I want to buy a new bass boat and was wondering which boat would be the best buy for under 20,000
Larry J. on October 5, 2020 at 10:54am
I have had a auto loan with Ally and is considering buying a boat. would Ally finance the boat
Ally on October 5, 2020 at 11:11am
Hi Larry, we only finance vehicles at this time.