Ted Rankine: Will explained that there are several options for financing a used boat. First, you could pay cash, but since a boat is not an investment, you are better to invest the cash and finance the boat.
     Second, you could go to a bank for a personal loan or a line of credit. But often more collateral than the boat, is required and due to the shorter amortization, the monthly payments can be high.
      Will recommended financing through a dealership or broker, both of whom have access to special levels of bank financing that allow for longer amortizations, no collateral except the boat you are buying, and that results in lower monthly payments.

      Jim Payetta: Do most used boats qualify for a loan?

      Will walker: Most used boats qualify. We do have to look at age and net amount financed, but luckily enough, we are able to get most used boats financed.

      Jim Payetta: Are there any rules of thumb that establish affordability?

      Will Walker: If you use a number of sort of $9 to $11 per month, per 1,000 financed, you will not be far off. For example, a $20,000 boat, you are going to be about $200 a month, but generally, we can have boat payments less than a car payment. Which keeps it very affordable and helps new boaters get into boating and existing boaters deal with their foot-itis problem.

      Jim Payetta: This helps you save up enough money to pay for the fuel also.

* taken from a transcript of our Footitis Used Boat Profiles on PowerBoat TV 2004 Episode 13 - Order A Copy of the Show