Boat owners know that no two boats are made the same; whether for speed, fishing, or recreational purposes, each type of boat needs to be suited to its owner and their preferences. That being said, amid the debate between which boats are best, which are the absolute worst, and which are plain overpriced, it can be hard to determine which is the best choice for you.
This guide will go over the best choice for boats in terms of specs, price, and loans!
Top Boats in 2020
First step in finding the right boat for you? Ask yourself what you primarily be using it for, of course! After all, a fishing boat is much different than a boat meant for hosting large groups on day at the lake.
Best Boat For Fishing
One of the top-rated fishing boats of the 2020 year is the Boston Whaler 405 Conquest, which features a sleek, deep-V hull and a wide beam.
The Conquest family of boats is a well-known and well-respected line among fishing enthusiasts, and the newest model is no exception. In fact, this boat features cutting-edge fishing amenities and technology, as well as providing comfort and luxury for its owner.
Some of those high-end, new technologies include:
- the standard Pro ANgeler's Tower (featuring full helm controls),
- a raised Pro Angler's Tower, and
- an optional power pole, trolling motor, and jack plate.
This 27,923-pound beast can run you up to $100K, but if you want quality, this is the boat for you. And, despite the hefty fee, there's a good chance you'll qualify for a loan to help you pay, which will be discussed later in this article.
Best Boat For Speed
Whether you're looking for a fast boat for racing purposes, or just because you want to feel like a boss, look no further than the Outerlimits SL-41.
The most impressive stat about this boat is the speed; it has been clocked at over 95 MPH!. Its other features include a 9' beam and a length of 41'5".
This boat, at 9500 pounds, features a base price of $489K, and that's just for the most basic model. If you want to add anything to ramp up the boat's speed, it will cost you more.
Best Boat For Recreational Purposes
For the average boat owner who uses their boat to sightsee or ski, with the occasional boat of fishing, the best boat for you is the Monterey 224SF!
This boat--which features a 22'9" LOA W/Swim Platform, a 8'6" beam, and a fuel capacity of 55 gallons--is both sleek and speedy. It also includes back-lit Faria gauges and stainless steel bezels in the helm, and a beautiful, large sun deck. Could you ask for a better place to spend the day at the beach?
As far as price goes, this is the cheapest option on the list at around 40K for the base model.
How To Obtain A Boat Loan
Most people don't have enough money lying around to buy a boat outright. That being said, most people also don't have enough money to purchase a car or a house without a little help. Boat loans are a great way for prospective boat owners to buy a boat without having the necessary cash lying around or bankrupting themselves.
There are a few options for you to consider.
The first of those options is a collateral loan, which is similar to a traditional auto loan. Typically, for this type of loan, you'll need to put down 10-25% of the purchase price. If you default on the loan, the lender can rightfully take the boat away from you.
Home Equity Loan
You can also apply for a home equity loan. This type of loan can be used for basically anything, and is generally tax deductible and features a low interest rate. However, in order to apply for this type of loan, you will have to pay for an appraisal and closing costs. Also, you'll also need to put your home up as collateral, which means you do not want to default on your loan.
Unsecured Personal Loan
Finally, you can also try for an unsecured personal loan, although you will need to have great credit to do so. Unfortunately, if you miss a payment, your credit score will go down rapidly. With an unsecured personal loan, you will also usually face a high-interest rate, since you won't have anything put up for collateral.