Boat Financing

[tdotfisherman]

Hey all,

 

I know a lot of you guys have boats, nice ones too.

 

I'm looking to upsize boats this coming year, and I was curious about what type of financing rates some of you guys have on your boats, and if you got a good deal, who did you go with..

 

all comments and opinions are welcome.

 

thanks.

[bigbuck]

You are looking at about 8% or so to finance a used boat. You would probably do better with a secured line of credit if you own your house. If not, an unsecured line of credit might be an option if you qualify for the amount you want to spend.

[aplumma]

Might I tempt you with the thought to see how much you can save between now and the spring before deciding to take out a loan? You might find that the amount you save can put you into a second hand boat with out payments. Boat loans are usually one of the highest loan rates because they are considered a luxury item. Good luck and good thoughts with your decision.

 

 

Art

[mercman]

I'm in the same boat(so to speak) Do yourself a favor, shop around.January and Feb are excellent times to shop for a new boat, but also used boats sold by dealers will be cheaper also that time of year.In 2011 you will get excellent deals on 2010`s.

Most dealers will offer financing but always ask who they deal with.Some use hfc or other licensed loan sharks, so always ask.8% sounds about right though for most banks.Put down as much cash as possible.It will be easier to get finance and will reduce payments.Ask yourself what you NEED in a boat and go with that in mind.Good luck

[DRIFTER_016]

Late last winter I bought a used camper from a local dealer and my finance rate through my bank was about 7%.

[smally21]

i was always taught to finance what you need and buy what you want. but i have found im much better at making payments than i am at saving. just wanted to second the secured line of credit its the cheapest money you can borrow and the bank stays out of your purchases.

good luck

[Old Man]

A secured line of credit is the cheapest way to go.

[Harrison]

A secured line of credit is the cheapest way to go.

 

Agreed but very tough for a young man to get.

 

What ever you do, DO NOT get sucked into the 10 and 15 yr loans. I know some folks who have and after 5 or 6 years, well, they wish they didn't. Lets put it that way.

[lookinforwalleye]

Agreed but very tough for a young man to get.

 

What ever you do, DO NOT get sucked into the 10 and 15 yr loans. I know some folks who have and after 5 or 6 years, well, they wish they didn't. Lets put it that way.

 

 

I would hazzard a guess that a lot of those 50-70K Bass boats you see running around have those 25 year amortized loans, what ever floats your boat I guess.