Boat Loan Term length 2024
chris55552 reply :
Just started researching aluminum ranger boats for purchase, how long do boat loans finance for in terms of months years?
S Hovanec reply :
depends on the lending institution. some will finance for longer than you will ever keep the boat! Problem with that is, while your payment is low, after a couple years, you're still upside-down on the loan.
I financed mine for 8 years and had it paid off in 6.
slonezp reply :
Up to 20 years....probably not the best decision, but it's out there
flyfisher reply :
On 5/11/2016 at 3:25 AM, slonezp said:Up to 20 years....probably not the best decision, but it's out there
Last time i went to Bass Pro and saw the high end Nitros on display and monthly payments that were ridiculously low i decided to look at the fine print. It was being financed for 12 years, thanks but no thanks.
FishHard247 reply :
Im the opposite. MAX that sucker out and pay it off early. If you have a rainy month and are running low in the wallet, then your payment is still low and you wont have to worry about the bank coming to get it.
Tracker22 reply :
My wife bought a pontoon boat that will be upside down until the day we take it to the junkyard.
At a minimum you should pay twice the monthly note. Or better yet, pay cash!
S Hovanec reply :
I paid extra principal every week (credit union did weekly payments). There was a couple months I was laid-off that I didn't even make a payment and I still paid it off 2 years early.
flyfisher reply :
On 5/11/2016 at 3:53 AM, FishHard247 said:Im the opposite. MAX that sucker out and pay it off early. If you have a rainy month and are running low in the wallet, then your payment is still low and you wont have to worry about the bank coming to get it.
only true if it is a simple interest loan and the interest rate is low. My current vehicle i didn't put any money down because the interest rate was less than 2% and the money i had in investments that i would have used to make the payment is making more money than i would have saved with a down payment...pay extra each month and i should have it paid off a year early and not touch my reserve money...win win in my eyes.
Redlinerobert reply :
For the 20 year loan guys, they say that the two happiest days in a boat owner’s life is the day they buy and the day they sell. 
FishHard247 reply :
That's true with all boats lol
Justbass11 reply :
I just bought a boat and go one for 8 yrs, Plan to pay it off way sooner then that tho
Junk Fisherman reply :
I bought an inexpensive '92 boat in 2001 and used it for 15 years while saving. Paid cash for my new boat.
My personal outlook to finance the smallest amount possible and pay it off as quickly as possible.
slonezp reply :
On 5/12/2016 at 6:27 PM, Junk Fisherman said:I bought an inexpensive '92 boat in 2001 and used it for 15 years while saving. Paid cash for my new boat.
My personal outlook to finance the smallest amount possible and pay it off as quickly as possible.
So you're the one bbc'er that paid cash for his boat....LOL...bunch of talkers they are. You get the new one yet?
S Hovanec reply :
On 5/12/2016 at 7:37 PM, slonezp said:So you're the one bbc'er that paid cash for his boat....LOL...bunch of talkers they are.
One? They all pay cash!
Redlinerobert reply :
All this new boat talk is making me itch.
A-Jay reply :
On 5/13/2016 at 1:16 AM, Redlinerobert said:All this new boat talk is making me itch.
It's making me Even More Impatient . . . . like that's possible.
A-Jay
J Francho reply :
On 5/12/2016 at 7:37 PM, slonezp said:So you're the one bbc'er that paid cash for his boat....LOL...bunch of talkers they are. You get the new one yet?
I paid cash for all my boats, but none were new.
S. Sass reply :
I just bought a used boat through a local credit union. They were willing to do pretty much anything reasonable but it was a used and only $5000. I took a 3 yr note on the same idea if I get in a bind my must do payment is cheap. The rest of the time I'm doubling up on payments.
I don't have a clue on a new one but I am sure different lenders have different rules.
A-Jay reply :
On 5/13/2016 at 1:31 AM, J Francho said:I paid cash for all my boats, but none were new.
Me Too - Just not all at once.
A-Jay
J Francho reply :
All at once for me - no loan. It's great when you go to sell.....
DodgeRamWax reply :
I financed mine for 5 years which is what most banks will do if it's not a "newer" boat and I paid mine off in 3 years. It was actually just a couple months ago so here comes more fishing gear! 
PAGreg reply :
I just bought a new Rt188 and the rate was the same for 10-15 years. So, I took the fiften years. Calculated my payments to payoff in 6 and set that as my monthly payment.
StroggCore reply :
Hello people! I know this is an old thread, but I have a question. A car loan is like a boat loan or not? Want to finance a boat. I had a car loan earlier and payed it off last month, so I have some experience. But I don't know if it will be the same with a boat. Last time it was a loan from https://expertpaydayloans.com and right now I'm thinking about contacting these guys and asking them for another loan. For car it was a loan with a 3 % interest rate. Will it be more or less for a boat? And what documents do I need to obtain a boat loan? Is there any special documents or it's all the same as it was for a car?
Bluebasser86 reply :
On 1/2/2020 at 4:28 PM, StroggCore said:Hello people! I know this is an old thread, but I have a question. A car loan is like a boat loan or not? Want to finance a boat. I had a car loan earlier and payed it off last month, so I have some experience. But I don't know if it will be the same with a boat.
It's basically the same thing.
slonezp reply :
The biggest problem with boat loans is you can get upside down in the loans very easily.
WRB reply :
Any time you have a loan you pay interest that is factored in to the total cost.
Add the interest over the loan period plus the amount of the loan for total amount you are paying for whatever. If you pay cash that is the total cost, loans are not free. Always ask the lender what the total cost of the loan is, it's your money, and ask if there is pre payment penality for paying off the loan early.
Boats depreciate rarely increase in value.
I can't see interest on loans going down any time soon, going up is more then likely this year.
The old saying a boat is a hole in the water you pour money through is true, how much is up to you.
Tom
NHBull reply :
Make an informed decision and run with it!
Elkins45 reply :
The only new boat I ever bought is my 1648 Jon and I paid cash for it. Both of the others were used and it was a cash transaction. My depression-era parents drilled it into me that financing was something to be avoided if at all possible. Even then, only finance things you absolutely must have (house, reliable car) and nothing you just want (boat).
I don’t know your situation but my advice would be to buy a used Jon to fish out of while you save for the boat you really want. Not having a loan payment for anything is a really nice feeling.
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