Financing a toy is not inherently a bad thing. There is a time value of money. Waiting to save can cost as much through inflation as interest on a loan, particularly if the interest is tax deductible. Further, if you have invested assets that would cause tax gains if sold, or you believe will earn more than the loan costs, it could be unwise to pay cash.
While banks get a bad rap for "not lending", they will actually lend you more than you should borrow in most cases. 10% or 20% down is just too little to provide an escape route if you must sell the collateral in the near future. Be realistic with your downpayment (30% to 50% makes more sense) and try to get on the shortest term of repayment that you can afford. Otherwise, financing a boat is not inherently a poor decision.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.