Should You Consider Taking out a Loan for a Boat, Motorcycle, or ATV this Summer?
Do you have your heart set on a summer adventure? Do you want to get our there on a boat, motorcycle, or ATV? Here are a few things to think about before you begin shopping! Ask yourself these questions before taking the dive and making an investment:
- Can I afford the cost outright or the loan payments long-term?
- How often will I realistically use my boat/motorcycle/ATV?
- What is the upkeep (additional expenses) on my purchase?
- Will it have a trade-in value in the future?
Know the Value
The price tag on your new toy is very different than its actual value. Make sure you don't overpay for your summer toy just because you really want it. Do your research on features and accessories, then shop around. If you're not sure about something, ask questions. Don't be afraid to walk away, think about it, and come back another day to finalize your purchase.
Plan for Long-term
Your summer toy purchase is an investment that will last for years to come with proper care and maintenance. The average lifespan of a boat is 10-20 years. A motorcycle can run for upwards of 100,000 miles. An ATV can last 20 years, or more than 1,000 hours of run-time. The key is to commit to the care of your purchase so it lasts a long time. Don't make an expensive purchase if the regular upkeep puts you over budget. Considerations include:
- Gasoline or fuel for use
- Oil changes and part replacement
- Storage fees if you don't have room in your garage
Summer toy purchases tend to be a spur-of-the-moment decision. It may seem convenient to sign loan paperwork with a dealer, but you might not get the best deal. Don't let flashy loan incentives distract you from the details of your agreement.
Instead, stop by Gulf Winds or apply online to get pre-approved. Then you can shop around knowing exactly how much you have to spend and what your payment, rate, and term will be. You can shop at the dealer as if you were paying cash for your summer toy, knowing you're a signature away from having the money with Gulf Winds.
Learn more and get started at GoGulfWinds.com/GoPlay.