Many people believe that traveling the world by boat is an experience only open to the wealthy 1%. However, if you plan and manage your finances properly, you might discover that you could be able to embark on your own adventure! This post will discuss some valuable tips that should enable most folks to buy the best boat on their budget, stock it, prepare it, and ultimately travel the open seas.
Use A Specialist Loan To Purchase Your Boat
Although boat ownership seems out of reach, you can often find the boat of your dreams is more than attainable with the right loan. Boat loans are used to finance the purchase of vessels and can be secured or unsecured. However, using a specialist boat lender is often the best way forward. The boat lending experts over at SeaDream also advise that you use a loan to finance some of the additional costs of boat ownership. Nonetheless, a boat loan is an excellent way to turn your dream of owning a boat into reality. There are numerous advantages to buying one outright, including:
- You are dealing with professionals: When you get a loan from a bank, you are dealing with bankers. However, if you use specialist lenders, you will likely deal with professionals who have extensive knowledge of the boating world and can provide guidance and advice.
- The loan is approved faster: Boat lending services deal with these situations day in and day out, so they understand the nuances involved. This typically results in faster turnaround times in processing your loan.
- You get longer financing terms: Typically, boat loan specialists will offer better terms than banks and credit unions because they recognize the value of a well-maintained vessel and the long-term nature of boat ownership.
- Optional extras can be added: Few lenders will allow you to use a loan to purchase extras. However, some boat loan companies are perfectly happy with you outfitting your boat to your specifications.
Save Up Enough To Cover The Duration Of Your Trip
If you thought buying the boat was costly, wait until you have to fill it up with fuel! While fuel will arguably be the highest cost of your excursion, you need to factor in everything else that comes along with a boating trip. This will include things like:
- Food and water
- Marine navigation services
- Marina docking fees
- Anything you need for transposition (e.g., a trailer)
Ensure You Purchase Insurance
Boating insurance is a type of coverage that covers the boat and its gear. In some jurisdictions, boaters are required to have this type of coverage by law. However, even if you’re not required to have it, it can be worth it for the peace of mind and protection that it provides. Boating insurance covers damages, injuries, and other losses incurred while operating a boat. It also protects from liability for accidents that happen when the ship is docked or in transit. And it even offers coverage for personal property at the time of an accident that results in loss or damage. Even if you never end up using it, the peace of mind it can bring is immeasurable.
Invest In Items That Will Make The Voyage More Comfortable
Boating can be as comfortable or rugged as you wish, but most people tend to err towards the former when possible. As such, you should save up enough money (or include it in your boat loan) to purchase any additional items that will make your trip even more enjoyable. For example, you could update the cabin and kitchen areas, add in an air conditioning system, install a Seakeeper, or any number of other things. Moreover, suppose you plan on taking a more extended excursion. In that case, you might consider upgrading your navigation systems that include the most up-to-date mapping software and perhaps even an autopilot system.
Keep Enough Money Aside For Exploration
Boating isn’t merely about getting on your boat and sailing across the ocean. Inevitably, you will end up in locations that you want to explore and perhaps take some time away from your vessel to relax. It is essential to have enough cash for mooring fees and to explore the places you end up at when the time comes.
Have Enough Money To Support Yourself When You Return Home
You still need to have enough money for when you return home, even if the journey is more important than the destination. You should include this amount in your initial planning so that you don’t face any unforeseen circumstances upon your return.
There is nothing quite like using your very own vessel to navigate the open seas. However, you must ensure that you have enough cash to fund your trip and the extras that come with owning a boat. Hopefully, the tips in this post will enable you to keep your finances in order while having the trip of a lifetime.