I wouldn't do it. Your boat is nice and its new! That other one is getting up there in age. You could sell yours and have a down payment, save money and sell yours for a bigger down payment. If you're ok with getting a loan, have you looked into terms of boat loans? Some are ok with loans and some aren't. If you are you might be surprised how cheap the payment. You'll pay for it for several years but it'll be cheap. So its a trade off.