boat financing

Yeah Im sure some of u paid cash. But what is the longest you have,financed a boat for.

This topic has 18 replies, 15 voices, and was last updated 12 years, 2 months ago by Bob.

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October 2, 2009 at 9:12 pm #370431

wolfrvr
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brushfisher I just bought a new cat and used Western Federal Credit Union (www.western.org). Apply online and youll save an additional .25% and get a 7.5% rate (or lower, depends on term). Ive used them for personal finance for years and have always been pleased. I too have excellent credit and this was the best rate I could find.

October 2, 2009 at 10:23 pm #370433

iceman
Participant

If you are not in a Credit Union you need to be. The Credit Union Im in and the others 99% of the time will have the best rate and longer term if needed, 12 yrs. I have also found banking with them to be so much better and can even draw interest on your checking account. All around they are the go to place far as im concerned.

October 2, 2009 at 11:35 pm #370435

albassman
Participant

check out Bank of the West , can get info on line

October 3, 2009 at 1:24 am #370437

Boatseller
Participant

Give me a call tomorrow when you can and give me some details. I may can help you out with a loan. Thanks, Mark 336-671-4599

October 3, 2009 at 6:56 am #370440

DKees
Participant

I used Key Bank in 2007 with the same mindset as you……stretched out the terms just in case but paid it off in 2 years. Theyve been good and I know a lot of guys who go with Key. The write a ton of boat loans.

October 3, 2009 at 12:08 pm #370444

PETjr
Participant

If a member, USAA had the best rate and longest terms available when I picked up mine.

October 6, 2009 at 2:45 am #370447

Boatseller
Participant

Left you a message,returning your call. Give me a shout if you are still looking. Thanks, Mark Mullies 336-671-4599

October 6, 2009 at 3:54 am #370450

brushfisher
Participant

Mark, Got your message, will call you tomorrow..been tied up.

October 6, 2009 at 2:47 pm #370453

ifishdad
Participant

can i pick up your boat and take over payments

March 13, 2013 at 4:19 am #411233

Bass Cat Boats
Keymaster

BCB in the past had taken the position they prefer up to 7 year terms. At dealer meeting a few years ago they stated they understand terms ranging from 7 to 12 years for some limited individuals, though did not prefer them. Often the length of ownership is similar to the length of financing terms and ownership of a Bass Cat for most is apparently 7 to 12 years. Many go 15 years or more and that is not suggested.Last edited by Bass Cat Boats on March 13th, 2013, 2:22 pm, edited 3 times in total.

March 13, 2013 at 11:50 am #411237

pantera296
Participant

I have many go up to 15 years based on $$ financed

March 13, 2013 at 1:18 pm #411239

Puma 1969
Participant

Just my opinion but I believe you should never finance longer than the motor warranty. If you have major problem out of warranty and the boat is paid for you probable will be better prepared to pay for it.

March 13, 2013 at 2:17 pm #411242

Bama96
Participant

Never longer than 84 months. If you have to you cant afford the boat. If you finance a $50K boat on a 15 year loan with little down you will never get out from under that loan. When you go back to the dealer in three years to trade you will be so upside down in that boat you wont be able to. I am sure the dealers like the long term financing because they sell more boats but it is not financially responsible. Long term financing on a depreciable asset is asking for trouble.

March 13, 2013 at 3:34 pm #411243

brnzbaklvr
Participant

If you go 5 years the boat should always be worth more than the amount owed. On a long term loan you will be under water through most of the loan period….let alone the fact that you will pay a.bout 2 times the boats worth in interest

March 13, 2013 at 7:09 pm #411246

brnzbaklvr
Participant

JeffNaish wrote: 180 months is the most leaders will go. Only a few go that long. I went a 180 months on my new boat. One it helped the payment out, two its simple intrest, three I got one of the lowest rates on a new boat I have ever seen. I have awesome credit and I plan on paying more once I pay off my truck. Its really whatever the person wants to do. Remember getting a boat loan isnt easy. Most will approve you for 5-6 years but any longer and its tough. Yes I have been in banking, finance, and Mortgage my who career so I know what I am talking about. If you go 12 or 15 years that does not mean you cant afford you boat. Dont agree with that statement. Its opinions, yes I would have liked to go only 84 months but that wasnt in the cards at the time I bought. Now with my trucking being paid off in 30 days I can double payments and cut the term in half.You basically just confirmed the Point that Bama96 was making…..You couldnt afford the new boat and make payments for transportation at the same time so you went with what I would consider a loan that is going to be way to expensive….Without Transportation you probably cant get to work so that is a priority….If you are disciplined enough to make double payments that is great but as most of us know it seems like every month some unexpected bill comes up and the money goes towards that…..Not lecturing but as you said it is just my opinion that no way would I ever go more than 60 months for what is basically a toy…..I dont like the financial burden of not being able to unload something for true market value in a crisis…..Its bad enough with housing..
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