Boat shows are fun. You stroll through rows of gleaming vessels, watch expert demonstrations, and search for show-only discounts. You will find all that and more at the Fort Lauderdale International Boat Show from Oct. 29 through Nov. 2.
Before you climb aboard a display model, talk about financing with a Tropical Financial Credit Union loan officer. The institution offers competitive rates on new and used boats.
Here are 10 things to know before you park your car or board a shuttle at one of the seven show locations, including the Bahia Mar Yachting Center and the Broward County Convention Center:
- Be realistic about what you can afford: Tours of sleek, well-appointed boats led by friendly guides can make your eyes bigger than your wallet. Decide well before the end of this month how much you can comfortably spend. Factor in the purchase price, insurance, registration fees, storage or docking costs, maintenance, and fuel expenses. TIP: Budget at least 20% of the boat’s value annually for upkeep and operation.
- Understand the actual cost of ownership: Your expenses begin, not end, with the purchase. Those slip fees, fueling, cleaning, and engine services quickly add up. Towing your boat? You will need a vehicle strong enough to pull the weight. Storing at a marina? Research slip prices, as they vary widely based on location and the time of year.
- Prequalify for Financing: At Tropical Financial, you can apply in 10 minutes or fewer and receive an answer within 24 hours in most instances. Rates are based on factors such as your credit score, discretionary budget, and the down payment, typically 30% at the credit union. Once you are pre-qualified, you will know how much you can afford and avoid the kind of high-pressure booth financing offers similar to those you may experience when you buy from a dealer.
- Know that new and used boat loans are like those for cars. Lenders typically offer lower rates and longer terms for new models purchased directly from manufacturers or authorized dealers. Used boats may require higher down payments or shorter loan periods, so review both options carefully.
- Watch for “show-only” financing deals: Boat shows often feature exclusive promotions — such as reduced interest rates, extended warranties, or manufacturer rebates. While these can be attractive, don’t be rushed into signing. Compare their offer with what you secured with Tropical Financial pre-qualification and read the fine print for hidden fees or rate adjustments.
- Factor in insurance: Marine insurance is mandatory for most financed vessels. Premiums depend on the boat’s size, value, age, and whether it is used inland or offshore, and for private or commercial use. TIP: Request quotes from insurers beforehand so you’re not surprised after your purchase.
- Calculate depreciation like you would for a new car: Boats depreciate, especially in the first few years of ownership. Research resale values for brands based on their reputation. Take into consideration engine hours, maintenance records, and saltwater exposure, all of which affect a vessel’s long-term worth. TIP: When financing, weigh the loan term against the boat’s practical life or resale period.
- Ask about maintenance packages and warranties: Boat show exhibitors may offer prepaid maintenance programs or warranty extensions. While these can reduce future repair costs, ask about what’s covered and what’s not. Some warranties exclude everyday wear items or specific systems. TIP: Shop independent insurers before the show so that you fully understand the pluses and minuses of an exhibitor’s offer.
- Consider sharing or leasing the boat: If you plan to use the boat only several days a month, consider fractional ownership programs and charter management arrangements. These allow you to enjoy boating while sharing the expenses with others. TIP: Discuss these options with financial advisors or marine management companies at the show.
- Invest in training and safety: Before leaving the show, budget for boating education. Many insurers and marinas require a safety course or captain’s certification. Investing in proper training can lower your insurance rate and give you the knowledge and confidence to make wise decisions on the water.
