Purchasing a used boat from a dealer % rate

[BillM]

Art, that jet boat sounds fun.  Any troots down there? 

[aplumma]

53 minutes ago, BillM said:

Art, that jet boat sounds fun.  Any troots down there? 

Not so many trout only the small fly fishing versions. 

We have Snakeheads, Channel Cats, Blue Catfish, Stripers, Small and Largemouth, Perch, Blue gill and varieties, crappie both, and very limited walleye. The boat is a custom built outboard jet drive. It uses airboat controls where you sit about 4 ft from the bow and on the left is the stick steer and the right is the throttle. The motor is above the bottom of the boat and it needs 1ft of water to get on plane and not suck up rocks but on plane you need 4 inches of water. It is a blast to drive and you can run through the rapids with usually no issues. The bottom of the boat is 8 gauge or .16 of an inch. It will take a pretty good punch but I did rip the transom seam out once and a few assorted battle scrapes on it. I had to jam a nerf football piece in the hole to get back to the dock. (a great thing to keep on any boat). A hammer and a body spoon with a tig welder made it good as new. 

Art

[AKRISONER]

A quick update on this for those that care lol, but also some useful info for someone out there perhaps?

 

So after looking into getting a HELOC and speaking with the bank I ended up learning something pretty substantial about loaning rules and my personal finances.

Without giving away my entire personal finances, my mortgage is not being done directly with one of the "10 approved" loaners as recognized by our banking institutions, therefore I am not able to attain a secured line of credit.

As the bank said "most people get mortgages from outside sources for bad reasons i.e. bad credit, construction loans etc etc..." not the case at all for me.

The banks will not even consider doing a value assessment of my home because even though I have a significant amount of equity in my home already, the lender gets first grab at the equity available in my home, and hence the bank wont touch it.

I can still get an unsecured line of credit at an interest rate around 8%, but I think i may just have a chat with a family member instead, id rather pay the interest to them then the friggin bank!

 

After researching the HELOC and how cheap it really would be to get the small loan that i need to buy an older used boat, ive really started to look at boats, and i may have actually already found "the one" i went and saw it monday! Ive got a few boats to see this weekend but i really dont think anything will compare to the one that i saw...hopefully its still kicking around by sunday!

Edited February 22, 2018 by AKRISONER

[Raf]

Talk to a different bank or your broker.  It sounds like the one you went to will not do a HELOC in  "2nd position"

[dave524]

5.95 % would be reasonable

[AKRISONER]

13 hours ago, Raf said:

Talk to a different bank or your broker.  It sounds like the one you went to will not do a HELOC in  "2nd position"

Bingo

I think everything is going to work out...I might be working on closing a deal on a boat by sunday afternoon, we shall see!

Also after punching all of the numbers...for a guy that doesnt even drink coffee, you can buy a boat for the cost of your tims every day...this all was a reality check for me and im a little upset i didnt buy a boat sooner! lol

 

I should have bought a boat last year damnit!

Edited February 23, 2018 by AKRISONER

[pics]

When it comes time to renew your mortgage it may be beneficial to switch lenders... That way you can get a secured line of credit for the inevitable upgrade... Lol 

[cisco]

Like said talk to your broker explaining all the bad you are being told. Let your broker come up with a solution.

[AKRISONER]

Well, the deal that I was looking for came up this weekend and I ended up buying a boat on saturday!

1997 skeeter 140 SS with a 2000 Yamaha 130 2 stroke. Boat is garage kept and doesnt have a single mark of boat rash or scratches on the hull. Carpet looks totally brand new. The guy I bought from absolutely babied the boat, properly stored it every winter, new plugs and gear oil every season, boat was his pre-fish boat because his tournament partner has a big 21 foot triton. Hes upgrading now though to his own 21 footer.

2 livewells, rod locker, bank charger, 24 v cabledrive bow mount. Deal was too good to pass up! for the first time ever I am now praying that the ice breaks up immediately!

Edited February 26, 2018 by AKRISONER

[lew]

Congrats on the purchase, you'll be real happy with that combo.

When I packed in fishing 2 years ago I sold my deep V Skeeter & 150 Yamaha but it was by far the best boat/motor I've ever owned.

[BillM]

I hope the new boat has lots of glitter

[John]

On 2/16/2018 at 6:43 PM, aplumma said:

Not so many trout only the small fly fishing versions. 

We have Snakeheads, Channel Cats, Blue Catfish, Stripers, Small and Largemouth, Perch, Blue gill and varieties, crappie both, and very limited walleye. The boat is a custom built outboard jet drive. It uses airboat controls where you sit about 4 ft from the bow and on the left is the stick steer and the right is the throttle. The motor is above the bottom of the boat and it needs 1ft of water to get on plane and not suck up rocks but on plane you need 4 inches of water. It is a blast to drive and you can run through the rapids with usually no issues. The bottom of the boat is 8 gauge or .16 of an inch. It will take a pretty good punch but I did rip the transom seam out once and a few assorted battle scrapes on it. I had to jam a nerf football piece in the hole to get back to the dock. (a great thing to keep on any boat). A hammer and a body spoon with a tig welder made it good as new. 

Art

Definitely a fun ride, but don't let Art drive unless you take spare jockeys....

[AKRISONER]

Any tips on driving a bass boat? Im pretty darn cautious and not one to rip it full tilt very often, but from what Ive read around the internet, this set up will do mid 50's with a half tank of gas and the livewells empty.

Thats a little different then the 29kmh my tinner topped out at lol.

[OhioFisherman]

Congrats! They are claiming 57mph on the gps on this one with 2 people and a 115.

 

 

[boombap]

It is crazy how cheap a used boat can be on monthly payments.. even factoring in interest. My payment is cheaper than renting a tinny once a month.

Congrats man! Enjoy the new rig.

Edited February 27, 2018 by boombap

[AKRISONER]

jesus ohio...i dont know if i necessarily believe it...but after moving the boat by hand last night its gotta be close. You can move the boat around easily by yourself. With a 130 two stroke, shes gonna zip for sure.

[aplumma]

7 hours ago, AKRISONER said:

Any tips on driving a bass boat? Im pretty darn cautious and not one to rip it full tilt very often, but from what Ive read around the internet, this set up will do mid 50's with a half tank of gas and the livewells empty.

Thats a little different then the 29kmh my tinner topped out at lol.

With the motor trimmed all the way down accelerate till it is solidly on plane. then trim the motor up watching your RPMs when the trim is correct is when you stop gaining MPH or the motor rpms jump up due to prop venting. This is the most economical running speed. Now If the boat starts to porpoises trim the motor down until it is steady or you can increase the RPM to set the boat on the pad. While running on the pad the boat will feel very responsive to turning which will give you the ability to make moderate course changes easily and smoothly. For a full speed run once on the pad runn the RPMS up to maximum RPM of the engine minus 200 RPMS and then try trimming it up  to see if the RPMs increase. Trim the boat a small amount down till you get back to the RPMs as before without porpoising and add the final 200 RPM back in   In rough water you will need to keep the trim down and ride heavier on the mid to front of the boat. The danger of larger boat wakes is real and when approaching them it is better to approach them at a slight angle NOT A CROSS ANGLE and be ready to reduce the throttle  the boat usually will respond quickly to a throttle chop so be prepared to decelerate. I would say if you have a friend with a bass boat go out with them so you can feel how it feels in different maneuvers. You also should upgrade your life jackets to high end high speed rated jackets with 4 buckles and a collar. A  engine kill lanyard is a must and if it really is snotty I will wear a motorcycle helmet for the head/wind/eye protection.  

 

Art  

[OhioFisherman]

12 minutes ago, AKRISONER said:

jesus ohio...i dont know if i necessarily believe it...but after moving the boat by hand last night its gotta be close. You can move the boat around easily by yourself. With a 130 two stroke, shes gonna zip for sure.

It's not that big of a boat, as I recall one of my buddies procraft with a 150 would hit the low 50's, his was a 19 foot boat, just guessing you should be in that range.

Art knows a lot more about driving that style of boat than me, a 17' 6" fish hawk style boat would have done everything I needed it to do. LOL, been in a lot of bass boats, never even had the urge to drive one.

[AKRISONER]

16 hours ago, aplumma said:

With the motor trimmed all the way down accelerate till it is solidly on plane. then trim the motor up watching your RPMs when the trim is correct is when you stop gaining MPH or the motor rpms jump up due to prop venting. This is the most economical running speed. Now If the boat starts to porpoises trim the motor down until it is steady or you can increase the RPM to set the boat on the pad. While running on the pad the boat will feel very responsive to turning which will give you the ability to make moderate course changes easily and smoothly. For a full speed run once on the pad runn the RPMS up to maximum RPM of the engine minus 200 RPMS and then try trimming it up  to see if the RPMs increase. Trim the boat a small amount down till you get back to the RPMs as before without porpoising and add the final 200 RPM back in   In rough water you will need to keep the trim down and ride heavier on the mid to front of the boat. The danger of larger boat wakes is real and when approaching them it is better to approach them at a slight angle NOT A CROSS ANGLE and be ready to reduce the throttle  the boat usually will respond quickly to a throttle chop so be prepared to decelerate. I would say if you have a friend with a bass boat go out with them so you can feel how it feels in different maneuvers. You also should upgrade your life jackets to high end high speed rated jackets with 4 buckles and a collar. A  engine kill lanyard is a must and if it really is snotty I will wear a motorcycle helmet for the head/wind/eye protection.  

 

Art  

This is great...seems a lot like driving my buddies under powered Legend. You have to really trim down to get it out of the hole shot and then slowly trim up till you hit the sweet spot that you are on plane but not porpousing like crazy. 

As mentioned by Misfish, i am really looking forward to the expansion of the lake territory that I can now access in reasonable time. I can easily fish the entire Shawanaga Inlet with ease now. Theres almost more fishing opportunities than you could cover in an entire lifetime in that area. Should be fun, just gotta remember im in a fibreglass not an aluminum!

[Old Ironmaker]

Good for you Akri. Don't believe the old "2 best days of a boat owner." If and when you sell will be because you have a bigger boat coming some day.

[OhioFisherman]

2 hours ago, AKRISONER said:

This is great...seems a lot like driving my buddies under powered Legend. You have to really trim down to get it out of the hole shot and then slowly trim up till you hit the sweet spot that you are on plane but not porpousing like crazy. 

As mentioned by Misfish, i am really looking forward to the expansion of the lake territory that I can now access in reasonable time. I can easily fish the entire Shawanaga Inlet with ease now. Theres almost more fishing opportunities than you could cover in an entire lifetime in that area. Should be fun, just gotta remember im in a fibreglass not an aluminum!

" I can easily fish the entire Shawanaga Inlet with ease now. " It is a big area, in my slow boats it took me a few days just to cover spots I had caught fish at before.

[AKRISONER]

1 hour ago, OhioFisherman said:

" I can easily fish the entire Shawanaga Inlet with ease now. " It is a big area, in my slow boats it took me a few days just to cover spots I had caught fish at before.

For the most part Ohio, I have never fished distances exceeding 14 kilometers from home base as fuel supply and simply the time it takes painfully driving my short arm tiller make it not worth it. There is obviously really good fishing to be had within this range from base camp. 

With a boat that does 50mph instead of 12....the lake really starts to open up, just like misfish said. The only limitation now will be weather due to exposure once you head 20+ k to the south or 16k to the west. Pick your days!

[BillM]

Weather and rocks.   Gbay always has some surprises.  Plan your routes, go slow.  Once you learn a few things then you can bomb around doing 50mph and using all that fuel

[grimsbylander]

Make sure you KNOW the max rpm for that motor and the tach works good. Make sure you KNOW what the water pressure at WOT should be and that the gauge works. This is critical and get used to checking it while running(trimming affects WP). Measure the prop to pad and ask the boys over on BBC where you should be. Wear that kill switch religiously. Wear a old school life vest while running...not an auto-inflate, save that for when you're fishing.

[AKRISONER]

1 hour ago, grimsbylander said:

Make sure you KNOW the max rpm for that motor and the tach works good. Make sure you KNOW what the water pressure at WOT should be and that the gauge works. This is critical and get used to checking it while running(trimming affects WP). Measure the prop to pad and ask the boys over on BBC where you should be. Wear that kill switch religiously. Wear a old school life vest while running...not an auto-inflate, save that for when you're fishing.

sorry i keep saying misfish, its grimsby that was talking about opening up the lake!

Grimsby, you are saying that theres a guage that actually measures the water pressure on newer boats. I honestly have never seen one! I know that mine didnt come with one. im stuck with the standard tack, volt and speedo (doesnt even have a trim guage)

had the boat running, idling and going when i went to check it out...everything appeared to be working perfectly. New hydraulics on the trim as well replaced last year.

I do indeed want to figure out what height to get the motor mounted to. Who knows what level he has the motor at currently. From what im reading online guys like to run the prop to pad at 3 1/2 but im sure the guys on BBC would have some input I will definitely post up about it.

I like your comment about not using an autoinflate while running...rumours are now saying that may have been the issue down on okeechobee...nothing confirmed yet.

Edited February 28, 2018 by AKRISONER