How To Buy A New Boat
Need to know how to buy a new boat? When buying a new boat, it is a good idea to shop around at several boat dealers so you can compare different prices before you decide to buy. See if there is an upcoming boat show in your area, where many dealers will have their new boats on display. If you are going to finance your new boat, contact a lender and find out what down payment and loan terms they have to offer. Make sure you have enough saved to put down on the boat, and that the loan payment is affordable. Once you have the loan information, you are ready to start negotiating with the boat dealer on the purchase price.
- Meet with the boat dealer and inspect the new boat you want to buy. Many dealers will let you take a similar boat out on the water, so you can see if you like the way it performs. Ask the dealer if he offers this, and if you are able to test the boat be sure you are comfortable with all of the instrumentation and how the boat handles in the water.
- Before you make an offer to buy your new boat, you may want to try a different dealer. Write down the asking price for the boat, and tell the dealer you are in the process of comparison shopping. He may offer to slash the price to keep you from walking out the door to one of his competitors. It is up to you whether to accept the offer or go to visit another dealer.
- If you decide to visit another dealer, compare the prices. You can have the dealers compete for the sale by going back and forth between them with different offers. When you buy a new boat, there is usually wiggle room in the price, since the dealer marks up the cost to allow for a profit on the sale.
- When you have settled on a price, contact your lender. Ask them what they need from the dealer in order to process the loan paperwork. Arrange a time for the loan closing, and once you have the proceeds, pay the dealer and take delivery of your new boat.