Motor yachts are the most prestigious and typically the most luxurious type of yacht. There are three main types of yachts; motor yachts, sailing yachts and multihull sailing yachts. Multihull sailing yachts are catamarans and trimarans. These yachts have two and three hulls, respectively.

Motor yachts are best for cruising or yacht parties because they are more stable and are easier to walk around. The two types of sailing yachts tend to be a little less stable because of the wind hitting the sails. Gusts or shifts in the wind can rock the boat. Catamarans and trimarans are more stable than single-hull sailing yachts because of the separate hulls.

Most people feel that yachts are far outside their budgets. However, if they are true seafarers, they can get creative and find a way. Motor yachts are just part of a leisurely life for people who find peace and recreation on the open waters. Joint ownership is one innovative way to obtain a dream vessel without financial overextension.

The downside to partial yacht ownership is that you share the yacht with several other people. This means that you might not get the yacht the exact dates you want it because someone else might have priority. But if you’re in an ownership agreement with only a few other people, chances are you can get all the dates you want.

For people who only want to use a yacht occasionally, charters or rentals are the best option. A charter is best for people who want to use a yacht for a week or two. If you want to use the yacht for more than two weeks, look into partial ownership–it just may be worth it. Yacht rentals are designed for people who just want to use yachts for a day or two.

Used Motor Yachts

Another great way to get an affordable yacht is through the used yacht market and a yacht broker. Used yachts have several advantages over new yachts, a lower price being the most obvious. They also come with all the necessary equipment–new motor yachts can often come without an engine or other essential parts.

With all the financing options available, it’s never been easier to buy a motor yacht. Your broker will probably suggest a lender, but be sure to shop around on your own. Don’t be afraid to match the lenders against one another to get the best deal. And the best deal doesn’t just mean the lowest interest rate, there are fees and points you need to consider, too.

Yacht loans can range from five to 25 years, with 10 and 15 year loans being the most common. There are fixed-rate and adjustable loans, as well. While the adjustable loan will have a lower initial payment, there’s the chance the rate (and therefore payment) will rise, depending on the market. But if you’re a risk taker or don’t plan to keep the boat for more than five years, an adjustable loan can help make a sweet deal even sweeter.