Need advice on financing

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Kramo

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Hey all I'm looking for some advice on financing. Where is the best place to start looking? Thank you
 
Philster

Philster

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Re: Need advice on financing

Kramo said:
Hey all I'm looking for some advice on financing. Where is the best place to start looking? Thank you
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I used Trident Funding.

Boat loans are like mortgages: Usually over 10 years in length... and many finance companies don't offer loans on boats over 10 years of age and/or less than $25,000 dollars (yes, harder on loans LESS than 25k). I didn't say all, and I also said usually.

If you have a great boat to finance, stellar credit and a marine survey that says she is great, then that can result in a loan of less than 25k or even a loan on a boat over 10 years old.

Some folks take out home equity loans or home equity lines of credit for a boat purchase, but this is not advised. If you can't pay for the boat, you risk your home. With marine financing, if you can't pay for the boat, you lose the boat.
 
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180Fisherman

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Re: Need advice on financing

If buying from a dealer they will usually be able to get you the best deal.
 
hubbard53

hubbard53

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Re: Need advice on financing

Philster said:
I used Trident Funding.

Some folks take out home equity loans or home equity lines of credit for a boat purchase, but this is not advised. If you can't pay for the boat, you risk your home. With marine financing, if you can't pay for the boat, you lose the boat.
Click to expand...

that is debateable. Home equity lines/loans will allow you to deduct from income taxm the interest paid on the loan so some see it as a benefit. Although, there are signals from "the administration" that this supposed "loophole" may be closed in the future. :rolleyes:
 
BTMCB

BTMCB

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Re: Need advice on financing

Kramo said:
Hey all I'm looking for some advice on financing. Where is the best place to start looking? Thank you
Click to expand...

Too many variables left unanswered. How much? New boat? Old boat? Boat value? Dealer? Private Party? Credit Score? If buying new, I'd see what the dealer has to offer. If used, I'd check with my bank, a credit union or wealthy relative!!!
 
jmarty10

jmarty10

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Re: Need advice on financing

Try your local credit union. I did. Great terms, great rates, great customer service. I actually go to sit down with someone behind a desk and work out the loan instead of talking to someone over the phone who really doesnt know what they are talking about.
 
Summer Fun

Summer Fun

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Re: Need advice on financing

I was told long ago to NEVER finance a toy !!.
Save your money and pay cash for it. You'll be better off in the long run. . :)
 
Philster

Philster

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Re: Need advice on financing

hubbard53 said:
that is debateable. Home equity lines/loans will allow you to deduct from income taxm the interest paid on the loan so some see it as a benefit. Although, there are signals from "the administration" that this supposed "loophole" may be closed in the future. :rolleyes:
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You missed the part where I said boat loans are like mortgages. Also, you must have missed the part where I explained that If you can't pay for the boat and you have a home equity loan, you risk your house.

Home equity loans are smart when the money goes into the home or another property.

But, this isn't a banking discussion. I could have paid cash for my boat, but money is cheap right now. Ain't a bad time to borrow.

Either way, no one is right per se. Whatever makes you sleep at night is what is right. :)
 
dingbat

dingbat

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Re: Need advice on financing

jmarty10 said:
Try your local credit union. I did. Great terms, great rates, great customer service. I actually go to sit down with someone behind a desk and work out the loan instead of talking to someone over the phone who really doesnt know what they are talking about.
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+1 I called up my credit Union on the way home from looking at a boat. Told them I wanted a 5 year, $XXK loan on a used boat. Told me no problem right then and there. Made an appointment for the end of the week. Took less than 15 minutes to sign the papers and they took care of the transaction between the two parties.
 
hubbard53

hubbard53

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Re: Need advice on financing

Philster said:
You missed the part where I said boat loans are like mortgages. Also, you must have missed the part where I explained that If you can't pay for the boat and you have a home equity loan, you risk your house.

Home equity loans are smart when the money goes into the home or another property.

But, this isn't a banking discussion. I could have paid cash for my boat, but money is cheap right now. Ain't a bad time to borrow.

Either way, no one is right per se. Whatever makes you sleep at night is what is right. :)
Click to expand...

well, it takes a lot to lose a home over an equity line...but anyway... you're right - using other people's money IS cheap right now.
 
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180Fisherman

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Re: Need advice on financing

Keep in mind that it doesn't take much to get a boat to qualify as a second home making the interest on that loan tax deductible. That's why most cuddy cabin boats come with those silly little stove burner things in a box that no one ever uses. I believe the boat needs to hold water, provide a place to sleep, poo and cook food. My last SeaRay 240 overnighter certainly qualified.
 
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brick75

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Re: Need advice on financing

Did my last loan with the credit union. They seemed to have the lowest rate, and would give a 10-year loan on as little as $10k, new or used.
 
DuckHunterJon

DuckHunterJon

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Re: Need advice on financing

Credit union. Rates are better, and as someone else posted, they are local and you can talk to a real person.
 
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Gearhead502

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Re: Need advice on financing

My dad never financed our family boats and we're better for it. We had smaller/older boats but had all the same experiences as the guys who had to make payments all year 'round. Think about it.
 
ezmobee

ezmobee

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Re: Need advice on financing

Summer Fun said:
I was told long ago to NEVER finance a toy !!.
Save your money and pay cash for it. You'll be better off in the long run. . :)
Click to expand...

7 posts to get this. You guys are slipping :rolleyes:
 
jeepnsam

jeepnsam

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Re: Need advice on financing

Normally Credit Unions offer better everything.
I asked for a loan of 10k when I just wanted a used boat for 6k. Lender would not do a boat loan on anything older than 2005 model. So I did a higher interest personal loan, bought the boat for 7k cash (pulled from my arse), then paid back
99% of the lenders loan the same day as I signed loan docs. Plan on keeping the loan open for the next 6 months to boost up that credit rating :)
 
cwhite6

cwhite6

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Re: Need advice on financing

ezmobee said:
7 posts to get this. You guys are slipping :rolleyes:
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I expected it in the first post. Man asks for help with financing and someone always fills the need to add this in. I completely understand this line of thinking, but this isn't what the OP asked for.
 
ezmobee

ezmobee

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Re: Need advice on financing

cwhite6 said:
I expected it in the first post. Man asks for help with financing and someone always fills the need to add this in. I completely understand this line of thinking, but this isn't what the OP asked for.
Click to expand...

2nd only to "I want to add a stereo to my boat" followed by 15 "you shouldn't need a stereo on the water. I like the quiet" :rolleyes::rolleyes:

(bad moderator for hijacking, carry on)
 
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