Financing question

[triplethreat]

I am a new user on this site but have been reading a lot in the last few days. I may be in the market for a new boat in the semi near future. I won't tell you what i'm looking at since it has been beaten to death and tends to cause much hate and discontent(i'm looking at entry level 17-18' bowriders. enough said on that) my question is i would like to finance the boat for 10 years without anymoney down. is this a feesable option in your experience. I belong to a credit union that wants no money down but will only finance for 5 years. I really don't want to start doing applications for loans and so forth now since i may not be able to purchase the boat until the fall i'm just trying to do some research and get some experienced advice on financing. BTW this is a great site and the past posts have educated my greatly.<br /><br />Dan

 

[one more cast]

Re: Financing question

I would never go 10 years on a boat that " has been beaten to death" Now that said, what amount of payment are you trying to stay under, and are you capable of doing your own maintance and/or fixer up repair?

 

[triplethreat]

Re: Financing question

I'm actually looking at a new boat $11-15k by beat to death i meant that i am looking at Glastron Maxum and Stingray and these choices in the 17-18' range have caused many a argument and have been covered numerous times. I understands the pros and cons of each. but i am interested in everybody's personal experience or advice on financing a $11-15k boat for 10 years with little to no money down. I would like to keep the payments as close to $150 a month if possible.<br /><br />Dan

 

[zoom50]

Re: Financing question

Have you thought about a home equity loan? You can get low rates and sometimes with cash in hand (and the dealers not knowing) can yield a good deal with the salesman who might be banking on finance charges. Also, some personal classifides might be willing to take payements...I know I would on my boat which is for sale.<br /><br />Personaly, if this is your first boat, I would get a slightly used boat with a hull warranty and maybe even a season of warranty left on the motor. You can get into a 2003 bayliner or glastron for thousands less...More money for beer.<br /><br />Remember that you will have to stash some money aside for insurance, pfds, gas, maintanance, etc...

 

[one more cast]

Re: Financing question

sorry triplethreat, I thought you meant... well any way, welcome to I boats. EDIT POST: What Zoom said.

 

[triplethreat]

Re: Financing question

Originally posted by One More Cast:<br /> sorry triplethreat, I thought you meant... well any way, welcome to I boats. EDIT POST: What Zoom said.

No biggie

 

[triplethreat]

Re: Financing question

Originally posted by zoom50:<br /> Have you thought about a home equity loan? You can get low rates and sometimes with cash in hand (and the dealers not knowing) can yield a good deal with the salesman who might be banking on finance charges. Also, some personal classifides might be willing to take payements...I know I would on my boat which is for sale.<br /><br />Personaly, if this is your first boat, I would get a slightly used boat with a hull warranty and maybe even a season of warranty left on the motor. You can get into a 2003 bayliner or glastron for thousands less...More money for beer.<br /><br />Remember that you will have to stash some money aside for insurance, pfds, gas, maintanance, etc...

i really don't want to do a home equity loan as I am in the military and may not be here long enough to get it back when I sell. I think I remember that on Bass pro shops boats if it is over $10k they will finance for 10yrs don't know if you have to have a down payment or not. Also I look at the used boats and don't feel as comfortable buying used as i do new. Around here it is kinda hard finding a bowrider(which i have determined is the best for my needs and can be used anywhere i may be stationed)since most of the guys around here use fishing boats(walkarounds and Center console) I have considered CC's but ned the comfortable seating for family.

 

[zoom50]

Re: Financing question

Yes, I understand the whole buying a used boat jitters, but I would still consider it. Just look for warranty, get compression test on motor, and look for freshwater use boats. <br /><br />Also, if you crunch the numbers, you might be better off just renting a boat on the weekends...In almost all cases, this turns out to be more economical (Kiplingers article)<br /><br />If you get a bowrider, I would suggest you look for 100% composite (including the stringers)floor with no carpet. I also think outboards are much better in terms of performance and shallow water situations.<br /><br />Heck, I'll sell you my i/o bowrider for o down and 120/month for 5 years. Motor has warranty. Now I am going to get yelled at for trying to sell on the forum.

 

[triplethreat]

Re: Financing question

Originally posted by zoom50:<br /> Yes, I understand the whole buying a used boat jitters, but I would still consider it. Just look for warranty, get compression test on motor, and look for freshwater use boats. <br /><br />Also, if you crunch the numbers, you might be better off just renting a boat on the weekends...In almost all cases, this turns out to be more economical (Kiplingers article)<br /><br />If you get a bowrider, I would suggest you look for 100% composite (including the stringers)floor with no carpet. I also think outboards are much better in terms of performance and shallow water situations.<br /><br />Heck, I'll sell you my i/o bowrider for o down and 120/month for 5 years. Motor has warranty. Now I am going to get yelled at for trying to sell on the forum.

Where you at in MD I'm origonaly from Westminster my parents still live there. What kinda boat you got?

 

[zoom50]

Re: Financing question

Shady Side (south of Annapolis near deale) you can email me at pocmail at verizon.net (trying to deter spammers)and I will reply with the full description of the boat and contact info if interested.<br /><br />I have a good running Mach I bowrider that was in fresh water except last season. It drafts 2'8" and the community launch is too shallow and limits me to high tide. Looking for a low draft fishing boat.

 

[triplethreat]

Re: Financing question

Zoom You have mail

 

[bryan50]

Re: Financing question

The only advice that I can give you with going with a 10+ year loan is DONT! I know the monthly payments look good at first but when you pay on the thing constantly for 8 years and you STILL owe more than its worth you might rethink your choice. Just a thought<br /><br /><br />B

 

[triplethreat]

Re: Financing question

Originally posted by Bryanfiveoh:<br /> The only advice that I can give you with going with a 10+ year loan is DONT! I know the monthly payments look good at first but when you pay on the thing constantly for 8 years and you STILL owe more than its worth you might rethink what your choice.<br /><br /><br />B

I totally agree however in my opinion i like the low payment and do plan to pay off early but like the idea of being able to make an affordable min payment if I need to. do finance companies offer 10yr on a boat in my price range that you know of.<br /><br />dan

 

[phatmanmike]

Re: Financing question

do finance companies offer 10yr on a boat in my price range that you know of.<br />

yes !<br /><br />most loans are for 10 or 12 years, even more.<br /><br />i looked at a cobia 174 CC and it was 14,999 . with 10% down , payments woulda been around 160 a month for 10 years. i bought a used boat, motor, and trailer for less than i was gonna spend on just the down payment alone. that was my smartest move yet!

 

[rottenray6402]

Re: Financing question

I work at a community bank and we offer 10 year finacing on boats if you meet the rest of the criteria. We do 85% loan to value however not 100% finance. On a $12k loan for 10 years your payments would be around $150.00 per month. If you do the math and keep the loan for the full 120 month term that $12000.00 loan is going to cost around $18,000.00. I am not trying to sell financing here only point out that it turns into a very expensive boat after 10 years!

 

[RatFish]

Re: Financing question

triplethreat,<br /><br /> My Credit Union will finance members in good standing 100% for up to 12 years. You just have to shop around. Since you are in the military, you probably qualify for membership in just about any Credit Union. Look in your local phone book or search on the net.

 

[tommays]

Re: Financing question

well just like cars theres people who will not buy a new one and theres people who will not buy a used one so it realy comes down to which one you are <br /><br />i am a plan carefully buy new and keep it a long time person i have done the 10 year thing twice but have always payed down the loan early more towards 6.5 years 20 to 40 dollars per month takes years off and saves you thousands<br /><br />my 1981 J-24 about sailboat cost about 18000 and was sold for 12000 in 1992 so i did ok on that one a lot of things control resale value like gas prices the 1973 oil inbargo killed boat values for a long time<br /><br />my second time around i bought a 1995 maxum and still have it and still like it and have no plans to sell it anytime soon so again its working for me<br /><br /> I WAS VERY SURE WHAT I WANTED BOTH TIMES ARE YOU BECAUSE THESE GUYS ARE RIGHT IF YOU BAIL OUT EARLY IT WILL BE COSTLY<br /><br />tommays