Boat Loan 2024
Dockhead reply :
Can anyone recommend an institution to handle my boat loan?
Usually go thru my credit union, but the rates are not great there right now for some reason. So looking to shop around, but haven't found any great leads on-line.
Thanks
Sfritr reply :
Best advice= pay cash
Jig Man reply :
Credit unions are generally hard to beat. Are you buying new, used, from an individual or dealer?
Stasher1 reply :
On 10/17/2011 at 10:25 PM, Sfritr said:Best advice= pay cash
Bingo.
Don't take this the wrong way, but IMO if you have to finance it, you can't afford it. Debt is the devil.
Bob C reply :
On 10/17/2011 at 10:56 PM, Stasher1 said:Bingo.
Don't take this the wrong way, but IMO if you have to finance it, you can't afford it. Debt is the devil.
Being in debt is a status symbol. If you ain't in debt, you ain't nobody. One more thing, I'll be financing my new boat this week. 
bigbassctchr101 reply :
On 10/17/2011 at 10:56 PM, Stasher1 said:Bingo.
Don't take this the wrong way, but IMO if you have to finance it, you can't afford it. Debt is the devil.
Anglers choice marine... they may be a good place to start. I'm sure if you do a little searching you will find some on the net though. This was just one place I remember seeing after a few boats were listed on their sites.
I don't think there is nothing wrong with financing a boat. Has nothing to do with status...I'd much rather pay a monthly payment on a boat than I would a truck. If your priorities are in line, its noones business where your debt is and why you have it.
I personally cant wait to go in debt on a new bass boat when the time is right.
Dockhead reply :
Jig Man-
Looking for a used boat from a dealer. Need to trade in my current boat, which I am very close to being upside down on.
Although it seems like there are some better deals from private sellers, I need to find someone to take my boat off my hands.
Thanks to all the moms and dads out there, but I think I am ok "debt-wise."
Just hoping someone can steer me towards a lender with a good rate and decent term. I will keep looking on-line, honestly I thought it would be a little easier. Several banks I looked at didn't offer decent terms, and one said I had to have an account with them for a year before I could apply for a loan.
My credit is good, worst case scenario is I will go with my credit union, but a better rate means a better boat to me.
MN Bassin' nOOb reply :
On 10/18/2011 at 4:35 AM, dockhead said:I need to find someone to take my boat off my hands.
I'm in the market, what rig are you trying to unload, and what asking price?
Ima Bass Ninja reply :
IF and i say IF financing is your only option then your best bet would be a home equity or other low interest loan. The facts are loans on recreational equipment( which is what a boat is) are going to have extremely high interest rates because of the low resale value and high default rate of recreational equipment.
Having said that there is no substitute for cash period.
BrianinMD reply :
Don't overlook the option of a 401k loan if you have it available. Interest rates are usually pretty good with the bonus of paying the interest to yourself. The max term length is 5 years though.
Jig Man reply :
Close or being upside down is not a good thing. Check with the dealer where you plan to buy. I used to be in the business and had over 20 lending agencies with which to work. The better your credit rating the better interest they can get you. However, I'd be surprised if they can beat your credit union.
Way2slow reply :
I financed one once because it was 0% interest. Years ago, Visa sent me a card that was interest free on the initial cash advance, up to $15,000. I called them and verified the terms of the card. Under the terms of the card, After the initial cash advance, anything I used the card for would be at 18% interest and nothing I paid on the card balance would be applied to those purchases until after the initial cash advance was paid off. I had them send me $15,000 to buy the boat and never used the card again. Not exactly what they wanted, so about two years later, they sent me a notice that they were going to start adding interest and if I didn't agree to that, the account would be closed. I notified them I didn't agree to them charging interest and to close the account. Then they sent my a payment schedule to pay off the balance, still interest free though. They bugged the hell out of me every couple of months after that with all kinds of different plans, trying to get me to agree to adding interest. I used their free money for four years, laughing my butt off the whole time.
Even today, I will use anybody's money over my own if it's free. However, what I've seen some of these dealers offering to sell a boat, no wonder so many people are begging some fool to take over the payments or go to the auction as repo's.
Hooligan reply :
Yeah, but there are some hellish good rates out there, too for boat loans right now. Good friend just bought a TR21X and is paying .9 interest on it for a three year.
Dockhead reply :
On 10/18/2011 at 12:05 PM, Hooligan said:Yeah, but there are some hellish good rates out there, too for boat loans right now. Good friend just bought a TR21X and is paying .9 interest on it for a three year.
That's what I'm talkin bout.
Do you know who he got the financing through?
George Welcome reply :
On 10/18/2011 at 8:11 PM, dockhead said:That's what I'm talkin bout.
Do you know who he got the financing through?
Used carries a higher interest rate than new. You are probably hearing about 10% with your inquiries which is about the market average. Several things will get you better: bigger deposit - shorter term - highly qualified credit rating -
Good luck: hope you get what you are seeking.
3dees reply :
I bought a new boat in March. the best I could do on my own was 7.5. my dealer had a friend at a local bank and got my loan for 6.1 for 10 years. I will pay it off in 5. debt is not for everyone, but if you can afford it, why not? I could have paid cash but I did'nt want to take 25.000 out of my savings that might be needed for something more important. as long as you can handle the payments comfortably. most boat loans are simple interest so you can over pay with no penalty.
Ima Bass Ninja reply :
On 10/18/2011 at 11:44 PM, 3dees said:I bought a new boat in March. the best I could do on my own was 7.5. my dealer had a friend at a local bank and got my loan for 6.1 for 10 years. I will pay it off in 5. debt is not for everyone, but if you can afford it, why not? I could have paid cash but I did'nt want to take 25.000 out of my savings that might be needed for something more important. as long as you can handle the payments comfortably. most boat loans are simple interest so you can over pay with no penalty.
Borrowing money from a lender is not free and being able to afford it can change very rapidly. 
Way2slow reply :
Not sure I understand the rational about not taking it out of savings. When I make a large purchase, boat, car or whatever, I look what's the cheapest way I can get it and is going to give me the least amount of payback. If I can borrow money cheaper than what I'm making on that same amount of money through interest, investments or what ever, I borrow the money. If the interest is going to cost me more than the money is making me, it makes a whole lot more since to pay cash than to finance, especially if it just sitting in a savings account that's only making 2% and it's gonna cost 7 - 8% to finance.
Sounds like my wife pulling out a credit card to pay for something because she didn't want to use her cash, like the credit card is going to be free money.
KU_Bassmaster. reply :
http://www.daveramsey.com/home/
slonezp reply :
I would imagine the more you put down the better the rate. When I financed my boat there was a 20% minimum down payment. I'd also recommend financing it for the shortest term possible. Saving $50 a month by extending your term for X amount of years could add hundreds maybe thousands of dollars in interest.
3dees reply :
On 10/19/2011 at 6:11 AM, Way2slow said:Not sure I understand the rational about not taking it out of savings. When I make a large purchase, boat, car or whatever, I look what's the cheapest way I can get it and is going to give me the least amount of payback. If I can borrow money cheaper than what I'm making on that same amount of money through interest, investments or what ever, I borrow the money. If the interest is going to cost me more than the money is making me, it makes a whole lot more since to pay cash than to finance, especially if it just sitting in a savings account that's only making 2% and it's gonna cost 7 - 8% to finance.
Sounds like my wife pulling out a credit card to pay for something because she didn't want to use her cash, like the credit card is going to be free money.
I know what your saying. if I had 2 or 3 time the amount I would pay cash. if I paid cash it would take almost all of my savings. if something happens where I need money what do I do? sell the boat? I can afford the payments with no problem and can always pay if off if need be. no, I don't like paying the interest, but thats what you do if you want to pay on time. it's not for everyone, but I'm retired and not in danger of losing a job. what percentage of new boat buyers do you think pay cash for thier boats? without boat loans, there would be no boats for sale because all the boat builders would be out of business. same with cars and trucks. in a perfect world everybody would pay cash for everything, but thats just not reality. as I said, IF you can afford the payments then why not. for some it's the only way to have a new toy.
BrianinMD reply :
If you think the economy is bad now, the effects of people only buying what they could pay cash for would destroy it all. How many people could afford to buy cars, houses, boats or any other large ticket item for cash? The ripple effect of this lack of purchases would destroy most markets. Not just the markets of the large items but all of the other markets who make money from purchases to maintain the large item..
That being said it is up to the buyer to have to will power to only finance what they can pay for. Just because someone is willing to loan you the money doesn't mean you should do it. Part of the determination whether its affordable or not just the initial purchase but the expenses of up keep and using it.
Dockhead reply :
But if I still have checks in my check book that means I still have money, right??
Bob C reply :
On 10/21/2011 at 4:02 AM, dockhead said:But if I still have checks in my check book that means I still have money, right??
Oh yeh, and if you ask them, they'll send you a few hundred more. 
Way2slow reply :
I was young once also. Got married in 1969, had a good job, built a house, owned three vehicles, and four boats. Living the good life but it only took about three years for me to realize very little of my paycheck was mine anymore, I was working for everybody else. My wife got a job and we devoted every penny we could toward paying off debt. We drove the same vehicles for seven years and I didn't trade any more boats. It took us five years of doing without and accounting for every dime to get out of dept. That was everything but the house and we put everything into paying it off so two years later, we were 100% dept free. I have been debt free ever since.
Then we decided to sell everything we had, quite the Maintenance Superintendent job I had making very good money, but working 90 hours a week and join the Air Force as and A1C for $760 a month. Uncle Sam funished us all epense paid, extended vactions to Italy, Germany, Sicily and got paid to travel all over Europe and the US for 22 years. I say that because we had the money, even on an Airman's pay when I first went in and the part time jobs we had over there, to travel, see and do most anything we wanted, I also made rank very fast too, so that helped.
Being debt free is the only way to go. You don't have to worry about savings, that becomes automatic. It also leaves you some free money to invest, and generally make a whole lot more than what a dinky savings account pays today.
Bob C reply :
On 10/21/2011 at 4:56 AM, Way2slow said:I was young once also. Got married in 1969, had a good job, built a house, owned three vehicles, and four boats. Living the good life but it only took about three years for me to realize very little of my paycheck was mine anymore, I was working for everybody else. My wife got a job and we devoted every penny we could toward paying off debt. We drove the same vehicles for seven years and I didn't trade any more boats. It took us five years of doing without and accounting for every dime to get out of dept. That was everything but the house and we put everything into paying it off so two years later, we were 100% dept free. I have been debt free ever since.
Then we decided to sell everything we had, quite the Maintenance Superintendent job I had making very good money, but working 90 hours a week and join the Air Force as and A1C for $760 a month. Uncle Sam funished us all epense paid, extended vactions to Italy, Germany, Sicily and got paid to travel all over Europe and the US for 22 years. I say that because we had the money, even on an Airman's pay when I first went in and the part time jobs we had over there, to travel, see and do most anything we wanted, I also made rank very fast too, so that helped.
Being debt free is the only way to go. You don't have to worry about savings, that becomes automatic. It also leaves you some free money to invest, and generally make a whole lot more than what a dinky savings account pays today.
I also got married in 1969. I did things different than you. I bought a fixer upper house, had 2 used cars and no boats. I have paid cash very few times but the debt I have is low. I'm picking up my new boat on Saturday along with a payment book.
I lived the good life too. The good life to me was coming home after work to two little girls waiting for me at the door. The best times of my life. I don't know the statistics, but I'll bet there are probably a thousand boats financed for every one cash bought. It is a problem when people buy things on credit just because they can. That's when things go bad.
R520dvx reply :
To answer your question ... without giving you a sermon .... try www.reclending.com they specialize in boat and Rv loans. I have never personally used them, but hear good things.
Dockhead reply :
On 10/24/2011 at 3:22 AM, R520dvx said:To answer your question ... without giving you a sermon .... try www.reclending.com they specialize in boat and Rv loans. I have never personally used them, but hear good things.
Thanks. I actually saw them mentioned on another site after I posted this.
I am going to give them a call.
james 14 reply :
Wachati reply :
I love this. Yeah you might want to work on that emergency fund first, lol. I think Dave calls that the debt snowball. My motto is if you can't pay cash, the only exception being a house, than you can't afford it. Especially recreational vehicles...BUT if there is one item going into debt over, I would definetly recommend a BASS BOAT!! I am not here to preach....just saying "It is what it is", somehow I will work that into every post if possible.On 10/19/2011 at 7:02 AM, KU_Bassmaster. said:http://www.daveramsey.com/home/
scbassin reply :
My Credit Union has 3.25% for 5 years which is not bad.
related Bass Boats Canoes Kayaks topic
previous topic
next topic
most viewed Bass Boats Canoes Kayaks topic
© 2024 - fishing.qciss.net. All Rights Reserved.