Want to own a yacht?
It’s a common dream, but boats don’t come cheap. Many people are discouraged by the high initial costs, but there may be a way to make the process more manageable.
Rent to own boats have the power to give you the best of both worlds by providing an opportunity to buy your yacht on a more reasonable payment system.
So, how does it work? Understanding the rent to own process can be daunting, but it doesn’t have to be overwhelming. Read on to discover more about this concept and find out how you can own your yacht the easy way.
What Are Rent to Own Boats, and How Do They Work?
Rent to own boats are vessels that you can lease for a specific period of time, with the ultimate goal being to purchase them at the end of the contracted agreement.
The rent to own process is much the same for boats as it is for houses, cars, or appliances. The idea is simple, but it does vary depending on your specific contract — so if you’re thinking about taking this purchasing plunge, you’d do well to read the fine print very carefully.
As stipulated by your agreement, you may have to pay an initial down payment. Then, you’ll make additional payments at regular monthly or quarterly intervals for the length of your contract.
When the contract is over, you’ll have the option to purchase the rest of the yacht and get the title transferred over to you. In some cases, you will have an obligation to buy the yacht afterward, and there may be repercussions if you choose to walk away.
The good news is, you’ll be buying the yacht for a depreciated value cost. Over time and with each owner, yachts lose a bit of their value, helping to bring down the final price for you.
In some cases, a percentage of your monthly or quarterly payments may be applied to the final purchasing price of the yacht. A situation like this is ideal, as it means even less money out of your pocket in the end.
Is Rent to Own Right for You?
Rent to own boats can be an attractive option for people who don’t have an enormous lump sum to drop on a yacht all at once. If that’s you, rent to own is a viable alternative to buying outright. However, it’s essential to take into account the terms of your distinct agreement.
There can be fees hidden in the legalese of your document which may drive up the price considerably. Some contracts require you to pay for maintenance, storage, and insurance from the moment you sign, so have a lawyer read it over beforehand to avoid unexpected costs or responsibilities.
Buy a Yacht Today and Be Your Own Captain
No matter how you go about buying it, owning a yacht is something to strive for. If you’re thinking about making a purchase, browse our wide selection of crafts to see which one catches your eye. Ready to buy your own boat? Check out our yachts for sale page to see what we have on offer