When summer arrives, so does one of the most popular past times for countless Americans – boating. Although not as popular in the Valley as other parts of the nation, many still participate in boating at South Padre Island and Port Isabel. Boating can be an exciting but expensive hobby. This is why Valley Federal Credit Union (VFCU) offers loans to those wanting to take to the waves when the temperatures begin climbing.
Purchasing
It’s easy to understand why you’d want to take on a unique hobby that many others in the region don’t participate in. Buying a boat can be a great investment as it provides fun for you, your family and friends. Let’s not forget to mention that boating also allows you to explore new fishing spots away from crowds and noisy areas.
For these reasons, we want to help you secure that loan to purchase the boat you want. Our credit union in Brownsville is known for providing loans for a multitude of expenses, all with very low interest rates. According to our own executive vice president, Norma Jasso, “We offer our members great services like credit reports and anything else that might ease the process. We offer value in all of our loans to make sure you get the best boat for the best price.”
Taking the First Step
When deciding on the type of boat you’ll want, consider the activities you’ll be taking on. Will you be using it to race on the waters or will it be used mainly for fishing? It doesn’t make financial sense to purchase an expensive racing boat if you plan to use it mostly for fishing. There are other types of boats that could attract your attention and include:
- Cruising – These boats are mostly designed to entertain guests while still delivering speed. Most offer enough space for a satisfactory get-together.
- Watersports – You’ll find these little speedboats mostly at South Padre Island racing across those beautiful waves. They are usually recommended for experienced watersport enthusiasts.
What About Size?
When purchasing a boat, size is a factor that should be considered carefully. As with choosing what your boating reasons will be, size should also accommodate that decision. For example, if it’s to be used for fishing, choosing one with plenty of legroom is a wise decision. The same goes for one that will be used for get-togethers.
If you plan on racing other boats on the waters of the Gulf of Mexico, one with little room seems more appropriate, although most already come in compact sizes to accommodate speed. VFCU can help with your decision. “We offer a variety of loans for all types of boats,” Jasso said. “We also offer loans for jet skis and other recreational boats. Make a choice and we’ll do our best to make it happen.”
New or Used?
You’ve decided on the type and size of boat you’ll be purchasing. Now the question is, will you buy new or used? Both have appealing perks, but in the end, you’ll only be able to choose one. One of the main factors in this final decision is your budget. Although you’ll be applying for a loan with us, the cost of the boat will determine the loan amount.
New boats are fresh out of the factory and ready to hit those waves. Their condition will be flawless and all instrumentation will be state-of-the-art. The biggest disadvantage will, obviously, be the price. Despite this, you may still be entitled to warranty coverage and manufacture support should an accident happen.
On the other hand, buying a used boat also has advantages. It’s been on the water before and is in well enough condition to be resold. The warranty coverage will more than likely no longer apply due to expiration or change of ownership. If there are any doubts about going this route when purchasing a boat, feel free to have a marine surveyor help you. The Society of Accredited Marine Surveyors has great resources to get you started.
Your Loan is Waiting
VFCU’s financial experts are committed to helping you save money on your purchase. Contact us online or visit one of our convenient locations to learn why we have flexible terms and low rate loans to make it easy and affordable to buy the boat you want!
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