How Much Can I Borrow
How much you can borrow generally depends on the price of your boat. Typically, you can fund 90% to 100% of the value of your boat. Minimum loan amounts can start anywhere from $2,000 to $15,000, depending on the lender.
Dont forget the down payment
Like car loans and mortgages, boat loans often require a down payment. Generally, youre required to cover at least 10% of the cost. But lenders tend to favor applicants that can front at least 20% of the boats cost. To avoid over-borrowing, we recommend saving up as much as you can for a down payment so you dont need to borrow as much. The less you borrow, the less interest youll pay.
Remember: Boats are more like cars than houses. Once you make a purchase, your vessel will begin to depreciate. If you borrow a large amount with a lengthy term, you may end up paying more in the long run than its really worth.
The Truth About Freedom Boat Club
I almost didnt do it
Growing up we always had a boat and recently Ive been itching to get one.
But then I started crunching the numbers
You need to pay for the down payment, monthly payments, registration, insurance, maintenance, trailer, and storage, among other things.
Plus, you only have one boat.
What if I want to take my kids out tubing, or go bass fishing, or get into some skinny water looking for snook and redfish?
One type of boat is not ideal for the variety of activities we like to do on the water
Which lead me to Freedom Boat Club.
Id heard lots of misinformation about Freedom Boat Club regarding their prices, the number of times you can take their boats out, etc., so Freedom Boat Club wasnt even on my radar for the longest time
But the price of getting my own boat made me reevaluate my options.
In this podcast episode, I have my man Alex Anchor from the Winter Haven Freedom Boat Club to help talk about the pros, cons, and misconceptions when it comes to Freedom Boat Club.
Im not getting paid by them and this is not a sponsored post, but Salt Strong is all about helping you make memories on the water with your loved ones and this is one of the best deals Ive done when it comes to boating and fishing.
Ive been enjoying being a part of the Club and I just wanted to share this with you in hopes of clearing up some misconceptions.
What Is A Poker Run
But what if, they surmised, the long ride had several stops and at each stop participants picked up a playing card before riding to the next oneall with the goal of coming away with best five-card stud poker hand in the group? And what if the holder of that handor the top three holders of the top three handscame away with some kind of prize?
Would that add to enhance the fun of the rally? The answer was a definitive yes and the popularity of motorcycle rallies with poker-run format skyrocketed. So it was only natural they would find their way into the go-fast powerboating world, and that was exactly what happened in the early 1990s when Canadian Bill Taylor founded Poker Runs America and launched a series of events. By the end of the decade, Stu Jones, another Canadian who had immigrated to the United States, founded the Florida Powerboat Club, which launched its own series of poker runs.
Poker-run newbies come with plenty of questions, as they should. What follows are the five most common queries from poker run novicesand the most simple and basic answers.
Don’t Miss: Getmyboat Insurance
How Long Does It Take To Get Approved For A Boat Loan
New Boat loans can be processed and closed in a week, which is much faster and easier than real estate loans. Financing for pre-owned vessels takes longer. However, Boat Loan Specialists, working with Lenders who know the marine industry, can process paperwork faster, provide guidelines of all the things that are needed for a Boat purchase, and refer needed resources. They are, more knowledgeable, faster and easier to work with than a personal banker.
You May Like: Is Banana Boat Sunscreen Cruelty Free
Boatsetter Vs Nautical Boat Club
Like many other boat clubs on this list, Nautical Boat Club has an initial one-time membership cost and an ongoing monthly cost. The monthly membership cost may vary depending on the boat and the location. The total for your first year with Nautical Boat Club can range from $4535 to $14,355. Our goal at Boatsetter is to make boating accessible to everyone by not tying our customers to recurring fees. All 4500 of our boats across the country are available for rent, no catches.
Recommended Reading: Keep Birds Off Boat Canopy
How Do I Join Freedom Boat Club
Joining a boat club is as simple as providing your details and then paying for the one-time fee and the monthly membership fee. If you travel a lot, you need a boat club with boats in different places around the country so that you can use your membership to the fullest.
Freedom Boat Club requires you to choose your location, give your name, and then continue to pay a one-time payment and a monthly membership fee. The one-time payment varies based on several factors and so does the monthly payment.
How much is Freedom Boat Club a month? The Freedom Boat Club one-time payment is about $5,000 . From there, you will pay a monthly fee of between $300 and $700.
It may sound like you are paying a lot to be a member, but this is more than 60% cheaper than owning your boat. Once you pay that amount, you never have to deal with boat storage, wrapping, maintenance, and towing.
The entry fee varies based on the market situation. The entry fee is also different in different locations as the market varies from one market to the next. If the boats are in a popular boating destination, you may have to pay a higher entry fee.
The boat club pays higher marina charges, including slip fees and office space than they would in other locations. If you live in a large metropolitan market, be ready to pay a higher fee.
Once you pay the needed fees, you will have unlimited access to a boat. You can book as many times as you need. However, you have to reserve a boat in time.
Boat Clubs Offer Flexibility
Overall, boat clubs can be a great option for those looking for cost-effective and flexible boating. Because being a member of a boat club grants access to a wide variety of boats, you can take a new boat out every time your schedule allows.
In addition to being a resource for experienced boaters, boat clubs offer a way for those who have never gone out on the water to try their hand. Boat clubs often encourage beginning boaters to join their clubs for access to boat operational and safety training. You will also have access to many different boats, giving you the chance to find the boat thats right for you.
However, there are things to keep in mind when joining a boat club. You should consider how many different boats are in a clubs fleet, how easy it is to reserve the exact boat you want, and what the rules of use are for a clubs boats before joining.
Recommended Reading: Oxidation On A Boat
What Financing Options Are Available For Boats
Here are some of the ways you can finance your boat:
Bank or credit union: If youre comfortable with your current bank or credit union, it makes sense to learn what they have to offer in the way of boat loans. Once approved, the lender will either give you a check for the amount financed or send it directly to the dealer. Boat loans through banks and credit unions are secured, with the boat serving as collateral.
If you shop for a boat through a dealership, your dealer should know how to finance a boat and tell you about marine financing. The National Marine Lenders Association lists qualified lenders . While rate shopping, make sure to ask your dealer which marine lender it recommends. Like banks and credit unions, marine lenders consider the boat as collateral.
Online lenders: You will find that the interest rates charged on personal loans vary widely, as do repayment terms. Some personal loans are secured, but many of the best personal loans are unsecured. The interest rate on an unsecured loan is likely to be higher and the repayment term shorter because you havent put up any collateral. However, your boat will not be repossessed if you miss payments. That said, missing payments on any loan is bad for your credit and should be avoided.
You can use the calculator below to estimate the monthly payments on a personal loan. Just enter the amount you plan to borrow and the amount of time youd like to spend repaying the loan.
Dont Miss: How Much To Join Boat Club
How You Can Compare Boat Loans
Finding the right financing for your boat is important. When youre comparing your options, keep the following questions in mind:
- What is the interest rate?The interest rate for this type of loan varies depending on what provider you go with, but rates for secured loans are generally low. Make sure you select a loan with a competitive interest rate that will help you save money in the long run.
- Are there fixed repayments?Some boat loans offer fixed repayments. Its important to think about whether you want fixed repayments or if you prefer a variable loan to take advantage of market fluctuations.
- What is the loan limit?The limit of your boat loan also varies with providers. Have in mind a rough estimate of how much money you need to borrow and find a boat loan that meets these needs. Its important you dont borrow more money than you need and are able to make repayments so you dont default.
- How long will your loan term be?The length of your loan term tends to be longer with a boat loan, but some may extend only up to seven years. Its still important to select a loan that gives you enough time to pay off your debt. Do your calculations and figure out how long it will take you to pay off the amount you want to borrow.
- Is the loan secured or unsecured.?Boat loans can be secured or unsecured, so you need to consider which one is the better option for you so you can select a loan that matches up with what you want.
How much does a boat cost?
Also Check: Rentmyboat Com
Disadvantages Of Joining A Boat Club
Since nothing is perfect, boat clubs have some negative points too. Some of which are:
Did you want teak decks instead of rubber mats in the pontoon you are riding? Well, you cant do anything about it because you dont own the boat, it belongs to the boat club.
One of the most significant pitfalls of joining a boat club is that you become restricted to use what they give you. You cant modify the boats according to your needs.
So forget about adding comfy seats and sound systems when you hold a boat club membership.
Lack of Availability
You know the feeling when you want to make a reservation at a restaurant, and they tell you they are all booked. Then be prepared to hear that when making a reservation at your boat club.
Sometimes, you dont get the boat you wanted for that day because someone else already reserved it before you.
It can be a complete mood wrecker if you tried to book a bass boat for the weekend, and they tell you they can only give you a pontoon.
A few hundred dollars going away from your pocket every month, whether you use the boats or not, may prove to be a waste of money. Busy schedules might not allow you to take time out for hitting the water.
But you will still have to keep paying the boat club to retain your membership. You can always leave a boat club if you want to stop letting your money go down the drain.
Preparing For Your Boat Club Membership
Spending money on a boat club membership can be a major financial investment.
Even though it often makes more sense to join one of these clubs instead of purchasing a boat, the cost is significant. It is so important to understand the ins-and-outs of the most popular boat clubs before you make a final decision to sign on the dotted line.
With some of your frequently asked questions covered, you can be confident about what you will encounter with your local boat club. Make sure to ask your local club for their specific rules as they may vary slightly from what you see here.
Every club is different, so make sure to do a little homework to figure out which one is right for you!
Recommended Reading: How To Keep Birds Off Boat Dock
How Far Away From The Marina Can I Take The Boat
Most boat clubs do not dictate the specific distance that you can take the boat away from the marina. However, they do specify how soon you need to return the boat. You should keep this timeframe in mind to help you decide how far out of the marina you can take the boat.
Some clubs allow you to reserve the boats in split shifts. This means that you may reserve the boat from sunrise until mid-afternoon, and someone else will reserve the boat from the afternoon through the evening.
Shorter shifts like these will keep you tethered close to the marina to prevent you from being hit with penalties for not returning the boat on time.
If you know that you want to venture further out into the local waterways, you should plan to reserve the boat for the entire day.
How Do Boat Clubs Work 7 Things To Know
Boat clubs allow access to a wide variety of boats for a set monthly fee. Joining a boating club can get you on the water for a lower cost than buying your own boat. However, there are several things you should consider before you decide to join a boat club.
Each individual boat club functions differently, and in this post, well cover what you can expect from your average boat club.
Lets get started!
Read Also: How To Keep Birds Out Of Boat Lift
What To Consider When Joining A Boat Club
Boat clubs arent one-size-fits-all, and many newer models have sprung up in recent years. What to consider when looking for a boat club depends on a handful of factors. Boat ownership status, the type of boat or vessel you have, geographical considerations, and whether you live in the area the boat club operates in all come to mind.
Boat Club Memberships: Why Should You Join
You may not feel completely ready to choose a boat even after shopping around and using our Boat Finder tool, you might need to wait to pull the trigger because of economic factors, or maybe you just think easing your way into the boating lifestyle is a smart movewhatever the reason, boat clubs offer an excellent alternative to buying a new boat. In fact, boat clubs have experienced soaring popularity since they first began showing up a few decades ago.
Boat club costs are significantly less than purchasing a boat outright, boat club membership often comes with additional perks like boating education classes, on-the-water training, insurance coverage, and/or social events, and there are boat clubs near me, near you, and near just about everyone else who lives anywhere close to a popular waterway. In fact, there are hundreds of locations across the nation from several different providers and whichever you choose to be your boat club, endless boating opportunities for you and your family probably lay right around the corner.
Follow along as one family explores what a boat club membership is all about in their local area.
You May Like: How Much Is It To Join Freedom Boat Club
Get Access To Several Boats
Buying a boat is a good idea, but the problem is, one boat cannot meet all your needs. There are days you need a fishing boat for two people and others you need a family boat. On other days, you need to hold a nautical party.
With a boat club membership, you have access to several boats to meet different needs. All you have to do is reserve the boat you need and the club will ensure you have it when you need it.
There are many more benefits to joining a boat club. Some clubs have social gatherings and parties where all members can socialize and enjoy a good time.
Fantastic Fleets And Social Benefits
Combined membership fees allow the boat share club to be able to invest annually in purchasing new vessels and upgrading existing. This keeps the fleet in top shape and allows boaters to experience the ultimate in modern boating comforts and style on the water. You also have unlimited access to a variety of boats that you can reserve based on your planned activity for the day. Most people dont have the ability to purchase, maintain, store, and transport a personal fleet of boats. With a boat club membership, you can choose from deck boats, fishing boats, pontoons, cruisers, sail boats, and water sport boats ranging from 18 feet to 27 feet. Additionally, boat share clubs are a wonderful route to connecting with others that share a similar passion for on the water adventures. A boat club membership offers reciprocity at many of the nationwide locations. Those who love to travel, meet new people, and have new experiences will truly get the most out of their membership!
Recommended Reading: What Is The Best Prop For My Boat