Banker-Turned-Boater Offers Practical Advice on Buying a Boat

Peter Schleck of Portsmouth, Va., is a banker who became a boater a few years ago. His experience as both a financial professional and a new boat owner gives him a clear, grounded perspective for anyone thinking about purchasing a boat in today’s market.

“My advice is simple: don’t buy what you can’t afford,” says Schleck, 49. He emphasizes the importance of realistic budgeting and understanding financing terms before making a purchase.

Schleck notes that many lenders are currently requiring more substantial down payments than in past years. “Most banks are looking for at least 25 percent down payment on a boat at this time,” he explains. “I think the days of 100 percent financing with no proof of income are gone, but there is credit out there for qualified buyers.”

As a banker, Schleck understands what underwriters look for. Lenders typically want to verify the buyer’s income source and confirm whether a secondary source of repayment exists. That closer scrutiny means prospective buyers should prepare documentation and savings in advance.

“I understand that, for a lot of people, it’s hard to save up,” he adds, “but that’s definitely helpful in getting financing.” Schleck also reports seeing signs of improvement in the credit market, and he expects lending conditions to continue to get better toward the end of the year. “We are seeing more capital expenditures, more people borrowing money, so those are some signs that we are beginning to improve.”

Schleck’s own story began when he purchased a 27-foot Regal, new with a Volvo Penta 265-hp sterndrive, as his first boat in 2007. He bought the vessel from Master Marine Boats in Williamsburg, Va., a certified Regal dealer, and says he has never regretted the decision.

“I would still buy my boat even now,” Schleck says. “As long as I live near the water, I’m always going to have a boat.” He chose the Regal in part because of its looks and the cabin layout, which suited his conservative preference for a comfortable cruising boat that would handle well for a first-time owner.

Schleck and his wife began researching in September 2006, using the internet and attending boat shows. They were recent empty-nesters and felt it was the right time to invest in a lifestyle change they could enjoy and share with their children when they visited.

After seeing the vessel at a boat show, Schleck scheduled a sea trial in February 2007. The boat’s comfortable feel and ability to host guests were deciding factors. Though he enjoys fishing, he purposely kept the boat’s sleek lines and did not add rod holders that might change its appearance.

Dealer Brett Trimbath provided patient guidance and answered Schleck’s questions about boating, and the Regal cruising club offered a way to socialize and learn from other owners. Schleck had saved for the purchase and was able to pay cash; he estimates the Regal’s value has remained strong.

“We really didn’t anticipate how bad the economy was going to get. In my business it didn’t really hit us until after Sept. 1, 2008,” he recalls. Schleck estimates he uses his boat about 30 hours per boating season, and he stresses that the time on the water is worth more to him than the boat’s price. “That feeling of being out on the water and knowing that feeling will always be there is worth it.”

Practical Boat-Buying Tips from a Banker-Boater

Set a realistic budget and stick to it; avoid stretching finances to the limit.
Save for a meaningful down payment—many lenders currently expect around 25 percent.
Gather documentation of income and any secondary repayment sources before applying for financing.
Research thoroughly online and attend boat shows to compare models and layouts.
Schedule a sea trial to evaluate comfort, handling, and how the boat meets your needs for cruising or fishing.
Consider dealer reputation and after-sale support; owner clubs and manufacturer networks can be helpful resources.
Think long term about maintenance, storage, and insurance costs so you can truly afford ownership over time.