Financing Options For A Used Boat 2024
Megastink reply :
I'm looking at a '99 Ranger Comanche . I need to take out enough for the boat and upgrades (electronics, trolling motor, etc). I'm going to take out $20,000 total. My bank offered me 11.25% interest. My local credit union offered 15.07%! I'm comfortable about up to about 7%. I'm not paying that and I don't have the cash,
What are my other options? Has anyone financed an older boat for under 5% fixed? How?
Djf3864 reply :
If you have a house you could do a home equity loan which is normally a descent interest rate.
Munkin reply :
With those interest rates I would try a loan shark.
Allen
J Francho reply :
Save up the cash, or finance much less. Those rates are obscene.
Megastink reply :
I don't own a home, so the boat would be collateral. And my credit is good. I don't see why the rate is so d**n high!
How did you finance your used boat?
Crappiebasser reply :
IMO it's not wise to go in debt for anything that depreciates. Save your money until you can buy what you want.
iabass8 reply :
so many factors to a lenders rate. i know this isn't the answer you're looking for, but i'd rather have a 6-10k boat paid for in cash than a 20k boat loan.
bcarter261 reply :
Don't finance toys.
Jaderose reply :
On 10/15/2014 at 5:52 AM, iabass8 said:so many factors to a lenders rate. i know this isn't the answer you're looking for, but i'd rather have a 6-10k boat paid for in cash than a 20k boat loan.
On 10/15/2014 at 6:16 AM, bcarter261 said:Don't finance toys.
This and this. I'm saving to buy what I want. I'm old enough that it will probably be the only boat I ever buy. I'll get what I want and when I pay, it's mine. If you're financing 20 large on a 16 year old boat, spend a few more grand and get a new one at a great rate.
I don't know what how much the actual boat you're looking costs but for what you're spending, that sucker oughtta come with a troller and electronics.
bcarter261 reply :
On 10/15/2014 at 6:24 AM, Jaderose said:This and this. I'm saving to buy what I want. I'm old enough that it will probably be the only boat I ever buy. I'll get what I want and when I pay, it's mine. If you're financing 20 large on a 16 year old boat, spend a few more grand and get a new one at a great rate.
You know I should probably detail this a tiny bit.
I want a badass boat just as much as the next guy, but here's what I would really consider if I were OP. Get something for a few thousand that isn't quite what you want, it still gets you on the water and gets you to the fish. Instead of paying money on a boat note start stacking your cash. You can put away a surprising amount if you're dedicated. If you're handy buy things to fix up and resell for more money, look for steals that you can make a few bucks and put it ALL in to your boat fund. Find ways to make cash money and save every penny of it.
Just my opinion. Good luck OP.
Jig Man reply :
Do you belong to a credit union? Often then can beat banks' interest rates. However, on a rig that old you will be lucky to find a lender at a low rate. I'm actually surprised that they would lend you that much to begin with.
Munkin reply :
I am surprised a 99 boat costs $20k? They just sold a 2000 19 or 20' Ranger with a 175 EFI at the local marine dealer that was in great shape for $9500.
Allen
Bass One reply :
I would look around for a better deal, I have a 1997 461vs Ranger with a 150 and paid less than $9k. Had to add a new trolling motor, cover and updated some electronics but you don't need to do all of it at once as well. If I were to have to get a loan, I would look for something much newer. Be patient, you will find a good deal.
kadas reply :
On 10/15/2014 at 5:45 AM, Crappiebasser said:IMO it's not wise to go in debt for anything that depreciates. Save your money until you can buy what you want.
I agree with Crappiebasser--you are losing 2 ways by financing something that depreciates like a boat especially at those rates!!! 
jessejames556 reply :
I'd keep shopping... And by that I mean for a more affordable boat. Not a better loan. Dave Ramsey would not approve
slonezp reply :
20k for a 15yo bass boat is insane.
J Francho reply :
On 10/15/2014 at 5:18 AM, Megastink said:How did you finance your used boat?
I bought both my boats with cash. '95 Bullet 21XDC w/ '99 ProMax rebuilt in '11, $8K. 2001 Xpress H56 w/ 115 ELPTO $7K. Both boats had were "turnkey" tournament boats with trolling motors (Xpress had three, two short shafts and a longshaft), extra props, covers, and safety accessories. Keep looking man.
Megastink reply :
The boat is $13k and in great shape with low hours. The upgrades are another $6-$7k.
J Francho reply :
That's way too high. There's an 04 Ranger 519VX with updated electronics for 20K. Turnkey, no work. Buy and drive. If your gonna spend that much, get that much for your money.
J Francho reply :
Plenty others up there that I'd be looking at first before I signed on the line for a 20K loan.
lmoore reply :
Personal opinion, but i agree with the guys that said pay cash. I wanted a boat about 5 years ago, but decided to use an old john boat my dad had until I could save enough to pay cash. 2 years ago I moved to the Midsissippi river and decided it was time, I paid cash for a 97 191 Champion with a 200 on it. Even had enough left over to upgrade the electronics and some other odds and ends. I've had to do some work on it, but it's reliable and gets me to the fish. Well worth the wait for 3 years to buy it.
Lund Explorer reply :
On 10/14/2014 at 10:17 AM, Megastink said:I'm looking at a '99 Ranger Comanche . I need to take out enough for the boat and upgrades (electronics, trolling motor, etc). I'm going to take out $20,000 total. My bank offered me 11.25% interest. My local credit union offered 15.07%! I'm comfortable about up to about 7%. I'm not paying that and I don't have the cash,
What are my other options? Has anyone financed an older boat for under 5% fixed? How?
I'm going to offer advice that is quite a bit different than the "Pay Cash" folks. Nothing against that idea, but loans are made every day for all kinds of consumer goods for car/trucks, boats, RV's, etc.. However, I think you need to take into consideration something entirely different.
What can your payment get you?
Even though you didn't give all of the information on your loan, I am going to assume the following. A loan of $20k with an interest rate of 11.25% for a period of 60 months (5 Years) would mean that you would be making monthly payments of approximately $425 per/month for the used boat you are looking at.
Now consider what $425 per/month could get you in the way of a new boat. Considering that a new boat loan could be as low as 3.9% and then extending the length of the loan to 144 months (12 Years) that same payment amount is going to get you in the neighborhood of a boat worth $50k. There are other benefits with this arrangement. A new boat is going to come with up to date electronics. It will have a warranty that a used boat isn't going to have. The technology on the engine should save you on fuel consumption. The only real negative to buying new is having to absorb the initial depreciation in value, but consider what the used boat is doing as well. After five years, your new boat should still be worth at least 60% of it's original price. How much will a boat that is 20 years old going to be worth?
Like I said before, there's nothing wrong with paying cash, if you can do it. But I'll bet the vast majority of such purchases are made with a loan. As long as you can afford the payment, you should try to get the most for that amount that you can. Paying a used boat interest rate is going to take too much of what you can afford.
J Francho reply :
Keep in mind, he'll be paying $425/month for an 11 year old boat. I don't begrudge a loan at all, but there's some great used deals out there, something ALWAYS goes wrong with a boat.
flyfisher reply :
i can't see financing anything other than a house for longer than 5-6 years...those 12 year loans on boats always baffle me because without a substantial downpayment you will be under water for a long long time....
Chris S reply :
On 10/14/2014 at 10:17 AM, Megastink said:I'm looking at a '99 Ranger Comanche . I need to take out enough for the boat and upgrades (electronics, trolling motor, etc). I'm going to take out $20,000 total. My bank offered me 11.25% interest. My local credit union offered 15.07%! I'm comfortable about up to about 7%. I'm not paying that and I don't have the cash,
What are my other options? Has anyone financed an older boat for under 5% fixed? How?
Why not just buy a newer boat for $20,000 and not a 15 year old Ranger??
J Francho reply :
There's a few REALLY nice Bulkets in that range for sale. Not that I'm biased, or anything. 
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