Financing

Kpinckley14 · 04-17-09, 12:58 AM

What is a good place to finance a boat?

MIbasser · 04-17-09, 09:10 AM

I went through a local bank. But look at Credit unions as well. Chances are you'll get a lower interest rate than at the dealer (not sure, but I would guess they get a small % of the loan if you finance there). Also, as many will say (I hope) don't go with a 15 year bill!!! You will almost pay twice as much for your boat in the long run. Yeah, the payment will be lower, but in 15 years where will you be? I went 6 and got a low rate.

Just my $0.01 - they bank has the rest!!

OrygunBasser · 04-17-09, 01:05 PM

Whatever you do make sure you put a sizable amount down as in don't start out upside down on the loan! Times are bad and you never know this day and age if they may get worse at some time in the future. If you need to bail out you need to have some equity in it!

Bender · 04-17-09, 01:38 PM

The dealer would be more than happy to do it for you I'm sure. But as said above I think it's better to go through a bank. I just refinanced mine and went from 15 to 10 years for about $8 more a month and it will save about 1/3 the cost of the boat. Try to keep it as short as possible.

And I would suggest getting everything you need at once rolled into that. I know I spent a lot of cash afterwards getting other things for the boat that I needed like upgraded electronics, extended warranty, better safety stuff, etc. To me it would have been easier to have all this in the payment.

JB · 04-17-09, 01:41 PM

Even a home equity loan may yield a low rate in todays market, just do some homework and don't over extend yourself. My last pleasure vehicle loan rate was 8%, I'm sure you can find one lower by now, that was 3 years ago.

Captmikestarrett · 04-21-09, 04:07 PM

I would love 8% on a commercial boat loan..

Capt Mike

zooker · 04-21-09, 04:26 PM

i locked my boat loan in at 4.5 % back in 02 the bank is wanting me to refinance at 9% lol not a chance of that happening either..

zooker

WTL · 04-21-09, 06:45 PM

Here is a video on financing a car, the same pretty much goes for a boat. I'm not tryin to be a kill-joy, but I want to offer another voice here.

http://www.youtube.com/watch?v=iIgLyl66QxQ

JB · 04-21-09, 07:31 PM

it takes a tremendous amount of self discipline to pay yourself 464 bucks a month for ten months to get a nicer car

WTL · 04-21-09, 08:03 PM

Quote:

Originally Posted by JB

it takes a tremendous amount of self discipline to pay yourself 464 bucks a month for ten months to get a nicer car

Whats wrong with that?

Perhaps the recession is a good thing then. It teaches people discipline, a lack of which usually causes such recessions in the first place.

04-17-09, 12:58 AM	#1
Kpinckley14 BassFishin.Com Member Join Date: Feb 2009 Location: Clarksville, Tn Posts: 25	Financing What is a good place to finance a boat?

04-17-09, 01:05 PM	#3
OrygunBasser BassFishin.Com Active Member Join Date: Feb 2009 Location: Lakeside, Oregon Posts: 159	Whatever you do make sure you put a sizable amount down as in don't start out upside down on the loan! Times are bad and you never know this day and age if they may get worse at some time in the future. If you need to bail out you need to have some equity in it! __________________ You may practice catch and release as a religion but that doesn't mean that the next person has to bow down to your god!

04-21-09, 04:07 PM	#6
Captmikestarrett BassFishin.Com Super Veteran Join Date: May 2006 Location: Accokeek MD Posts: 3,315	I would love 8% on a commercial boat loan.. Capt Mike __________________ Capt Mike Starrett light tackle guide Potomac River http://www.indianheadcharters.com

04-21-09, 04:26 PM	#7
zooker BassFishin.Com Premier Elite Join Date: Jan 2004 Location: denton nc Posts: 13,441	i locked my boat loan in at 4.5 % back in 02 the bank is wanting me to refinance at 9% lol not a chance of that happening either.. zooker __________________ the godfather.. aml in remission since 7-20-09

04-21-09, 06:45 PM	#8
WTL BassFishin.Com Premier Elite Join Date: Dec 2001 Location: Huntsville, Al Posts: 7,466	Here is a video on financing a car, the same pretty much goes for a boat. I'm not tryin to be a kill-joy, but I want to offer another voice here. http://www.youtube.com/watch?v=iIgLyl66QxQ __________________ Selling live waterdogs for less since 2005.

04-17-09, 09:10 AM	#2
MIbasser BassFishin.Com Super Veteran Join Date: Feb 2008 Location: Okemos, MI Posts: 1,447	I went through a local bank. But look at Credit unions as well. Chances are you'll get a lower interest rate than at the dealer (not sure, but I would guess they get a small % of the loan if you finance there). Also, as many will say (I hope) don't go with a 15 year bill!!! You will almost pay twice as much for your boat in the long run. Yeah, the payment will be lower, but in 15 years where will you be? I went 6 and got a low rate. Just my $0.01 - they bank has the rest!!

04-17-09, 01:38 PM	#4
Bender BassFishin.Com Super Veteran Join Date: Jul 2005 Location: Brighton, MI Posts: 2,414	The dealer would be more than happy to do it for you I'm sure. But as said above I think it's better to go through a bank. I just refinanced mine and went from 15 to 10 years for about $8 more a month and it will save about 1/3 the cost of the boat. Try to keep it as short as possible. And I would suggest getting everything you need at once rolled into that. I know I spent a lot of cash afterwards getting other things for the boat that I needed like upgraded electronics, extended warranty, better safety stuff, etc. To me it would have been easier to have all this in the payment.

04-17-09, 01:41 PM	#5
JB BassFishin.Com Premier Elite Join Date: Mar 2005 Posts: 8,655	Even a home equity loan may yield a low rate in todays market, just do some homework and don't over extend yourself. My last pleasure vehicle loan rate was 8%, I'm sure you can find one lower by now, that was 3 years ago.

04-21-09, 07:31 PM	#9
JB BassFishin.Com Premier Elite Join Date: Mar 2005 Posts: 8,655	it takes a tremendous amount of self discipline to pay yourself 464 bucks a month for ten months to get a nicer car

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