Skip to main content
Like
Create new Glog
previous
next
Email share
14 views | 0 likes | 0 reposts
Son of Son of Sailor At one point growing up, I came upon the dream of wanting to own and operate my very own boat. I became fascinated in boats after going on a speed boat ride in Ocean City on a boat called The Cyclone. From that point on I wanted to be on the water...a lot. I went to a Coast Guard Auxilery Course to learn how to drive a boat and the rules of the water before I went to any Driving School. So technically, I learned how to drive a boat before I learned how to drive a car. One of my favorite boat companies is Sea Ray. On average, the kind of boat that I want, a small cruiser type boat, cost $45,000 on average for a used one. Using BankRate.com, and TDBank.com, since that is the bank that I belong to, I found the financial information with getting a loan and buying the boat. TD Bank Boat Loan Rates are 8.64% for 12 - 60 Months, 9.00% for 61 - 84 Months, and 9.37% for 85 - 120 Months for Used Boats. The one I would use is the 9.00% for 61-84 months because that would financially be the smartest for me. Using the auto-loan calculator, I found that my monthy payments will be $921.99. Not too bad of a price, even with getting a better job than my current will really help because with my current one I make $2000 and getting a better job should get me more pay. So, I don't see any problem in affording this boat.
I am going to need to purchase boat insurance in order to own a boat of course. Since no banks or website will say anything about insurance rates unless you're buying something, I asked some of my uncles who own boats. The general outcome was that a boat of about 30 feet of that make would cost around $300-$350 a month. That added to my $921.99 a month payment makes about $1272 a month. Let's hope I get a great job.
