Pay cash!!! I was having the same dilemma with buying a truck not too long ago. I have an old Nitro that needs some fixing, but I need to buy a truck to pull it first. Seeing as you are a college student, I cant imagine you have much credit, if any at all, and if you do, well, youre still a college student.
My point is, save your money and pay in cash. If you cant afford it, then dont buy it and fish as a non-boater in your club (like I do).
Consider this also: if you do buy it, and you have a serious mechanical problem (say a $500 fix) willyou have the money to fix it? if not, then you have our answer.