how much boat can i afford?

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The thing about boats is that they are a luxury purchase. Unless you are looking to buy a boat that you will charter and use as a business.

If you have saved up cash for the purchase of a boat, the question of how much boat you can afford comes down to maintainance, what else you could use the money on, and what you feel is reasonable.

Keeping the monthly payment of a boat in line with your other expenses is important. A good rule of thumb is that your boat payment should be less than 5-10% of your monthly income.

Debt to Income Ratio

Lenders for a boat loan are going to look at your total debt to income ratio. This is all your debt payments, home mortgage, auto loan, and student loans. 

How Much Does it Cost to Maintain  a Boat?

There are a number of ongoing expenses relating to a boat. A good rule of thumb is that they will be between 10 and 25% of the purchase price of the boat.

How much Down Payment will be Required?

Most boat loans require a down payment. For instance, SunTrust offers boat loans with 15% down payment. Some loans are with 10% down payment .

SWIPE UP TO LEARN  MORE ABOUT BUYING A BOAT

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