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#11139980 - 10/01/15 05:42 PM Length of loan
Brooks' Hook Online   content
Outdoorsman

Registered: 10/31/14
Posts: 92
Loc: Mesquite, TX
I heard somewhere that you can go 17 years on a loan now. 204 months. Is this true?
Also, if the boat is less than 10 years old, is there a magic number for the amount of time allowed to pay off the note? Or can you go the 180 months weather new or 10 years old?

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#11141749 - 10/02/15 02:13 PM Re: Length of loan [Re: Brooks' Hook]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 312
Originally Posted By: Brooks' Hook
I heard somewhere that you can go 17 years on a loan now. 204 months. Is this true?
Also, if the boat is less than 10 years old, is there a magic number for the amount of time allowed to pay off the note? Or can you go the 180 months weather new or 10 years old?


There are SOME lenders that offer out to 240 but the loan amounts are normally from $75,000 at some, $100,000 at others. Some offer the long term but have a balloon at some term like 5 or 7 years. Nothing with term that is carved in stone. There are still some lenders that offer 120, 144 or 180 max regardless of the amount. Lenders don't all follow the same programs, each one has a tweak here and there.
Term is mostly driven by loan amounts. We don't find many that differ the term on the model year.
Let us know how we can help.
Thank you,
Ken
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#11146950 - 10/05/15 03:43 PM Re: Length of loan [Re: Brooks' Hook]
Chemdawg Offline
Extreme Angler

Registered: 01/22/13
Posts: 1236
a 20yr boat loan that is just crazy that is the same as my house even 10yrs loan just for a boat is nuts for how much you really get to use it. that is more then my band new truck that i paid 37,000$ for Now i know why i see so many boat that are for sell that are just a few years old. you can get a really good boat for for just 10,000 I bought a super nice skeeter that was a 1996 i bout it about 4yrs ago thing looks great and every thing worked on it had low hrs I bought this 21ft center concol boat that cam with a 5yr warranty on the inside it had been replaced and the company said they would transfer the warranty it covers every thing the the hatches that they guy buy after market and all the twist rings that lock it bork so all i have left are numbs but as long as i can grab them and turn i am ok with it. I still cant believe guys are willing to pay on a boat for 20yrs if i cant pay cash wich this CC cost me 6000 i dont want it. 700-800$ a month for a boat loan is nuts even though i can afford it i couldn't do it . I new a guy who had a 20ft triton i think it was he would not tell me how much it was just that it was the same as his house note. now i know why

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#11154048 - 10/09/15 11:07 AM Re: Length of loan [Re: Brooks' Hook]
fouzman Offline
Methuselah

Registered: 01/20/09
Posts: 43064
Loc: Houston, TX
Never ever finance your toys.
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#11159574 - 10/12/15 03:10 PM Re: Length of loan [Re: fouzman]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 312
Originally Posted By: fouzman
Never ever finance your toys.



I always love these type of answers and comments. The other side of the story is "why would a person take out cash that is gaining interest and own something that depreciates in value"? It's not the loan's that cause people problems, it's not being smart with the loan. ALWAYS PAY EXTRA - EARLY AND OFTEN. Making the minimum payment on a boat loan is like making the minimum credit card payment, not smart money. Using a loan to manage your money can be very smart.
This topic has been spun around and around so often it makes me laugh. The cash only people VS the use other peoples money people. The truth is, using cash can be wrong and not handling debt can be bad. MOST OFTEN it's not the boat loan that causes the issue.....its the credit cards, blowing cash and not managing the household finances that cause the issues. Keeping cash back for the rainy day is always a good idea.
I am sure this reply will ruffle a feather or two.
That's OK. Let us know if we can help.
Thank you,
Ken
_________________________

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#11166367 - 10/15/15 09:59 AM Re: Length of loan [Re: fouzman]
Uncle Zeek Online   content
"Good News, Everyone!"

Registered: 09/26/05
Posts: 17090
Loc: Lewisville
Originally Posted By: fouzman
Never ever finance your toys.


There's nothing particularly bad about financing a 'toy' (boat, motorcycle, etc), as long as you're smart about it. Don't overextend yourself on payments, and don't pay a higher interest rate than you have to. I would also say that a person should not have more than one installment loan going at a time in addition to their mortgage.

I would agree that someone who finances a toy at 12.99% is probably making a bad decision. But, if you can get financed for a low enough rate, it might make more sense than pulling that cash out of savings.
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You should get a ticket just for punctuation. What adult types like that?

Originally Posted By: Tallgrass05 on 11/8/16 at 3:32 PM
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#11227705 - 11/16/15 05:15 PM Re: Length of loan [Re: Brooks' Hook]
Kyle405 Offline
Outdoorsman

Registered: 06/26/15
Posts: 210
Loc: Ellis County, Tx.
REC Lending has great rates and beat my credit union and USAA which is hard to do! I ended up paying cash for my boat and wish I had just financed it and grabbed their extended warranty from REC.

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#11228614 - 11/17/15 06:42 AM Re: Length of loan [Re: Brooks' Hook]
petro Offline
Extreme Angler

Registered: 06/13/03
Posts: 2197
Loc: Alvin, TX
Just financ and pay extra each month. No one pays 180 payments. Youll sell or pay off way before then. Only do this if your credit is good.

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#11241725 - 11/24/15 08:52 AM Re: Length of loan [Re: Kyle405]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 312
Originally Posted By: Kyle405
REC Lending has great rates and beat my credit union and USAA which is hard to do! I ended up paying cash for my boat and wish I had just financed it and grabbed their extended warranty from REC.


Let me know if you are interested in doing something on a warranty. Also, if you paid cash, there might be an option to finance. Not all lenders like re-fi's but there might something available.
Let me know.
Ken
_________________________

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#11241785 - 11/24/15 09:19 AM Re: Length of loan [Re: Brooks' Hook]
shotgunwilly Offline
Pro Angler

Registered: 06/22/08
Posts: 686
Extended warranties are scams. Read all the details in one and you will find that any extremely costly repairs (powerhead, lower unit) that you would want an extended warranty for are usually excluded by fine print. For example, this is straight from extended service terms from one of the providers:

"THIS AGREEMENT WILL NOT APPLY TO:
Repair to pistons, rings and/or pins due to carbon or “coking” condition.
Repair to valves due to carbon, dished, tuliped or stuck condition.
Repair due to detonation, overheating, pre-ignition, or lean or improper fuel mixture." (These cover almost all the reasons a powerhead goes.)

And there's a difference between having the cash to buy a boat but choosing to finance it instead so you can invest the cash that would have been used, and financing a boat when you just have enough for a monthly finance payment and no extra cash to save/make extra payments/invest. Do NOT finance a boat for a long period if you are the later.


Edited by shotgunwilly (11/24/15 09:20 AM)

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#11246254 - 11/26/15 12:11 PM Re: Length of loan [Re: Brooks' Hook]
Bob Landry Online   content
Extreme Angler

Registered: 08/10/11
Posts: 2030
Loc: Austin, Tx
I agree on the warranties. I deal with extended warranty companies and a lot of big boat customers who are shocked when they find out what their warranty doesn't cover and they pay a lot of $$$ for them thinking they are getting complete coverage.

I financed through Ken and was talked into the extended warranties, one for the boat and one for the motor. I contacted him later and said I decided that I didn't want the one for the boat. I don't see a need to pay for someone to replace a bilge pump or a light switch. I was told that the price of the warranty would be taken off the amount of the loan in the form of a credit, but I have never heard back on it and havn't had time to follow up on it. As far as the one on the motor, I bought the etec during a period that qualified me for an addition 2 or 3 year warranty from Evinrude. The "extended" warranty is supposed to add an additional three years on to the factory warranty, but to be honest, I've been scared to sit down with it and see what it actually does and does not cover. My suspicion is that it's the typical extended warranty with the usual small print. Oh well, a losson learned and I won't buy any more. The people who benefit most from them are the people who sell them.

That said, I would do business with Ken again and if I ever buy another boat(unlikely) I will go through him. The loan application process was fast and painless, much easier than going through a bank or credit union.
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#11251567 - 11/29/15 08:31 AM Re: Length of loan [Re: Brooks' Hook]
lamoon78 Offline
TFF Team Angler

Registered: 05/05/10
Posts: 4331
Loc: Livingston Tx
You would have to be crazy to finance one that long. I dont go over 6 years on my boats.

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#11252402 - 11/29/15 03:44 PM Re: Length of loan [Re: lamoon78]
Dosser Offline
Extreme Angler

Registered: 01/15/10
Posts: 2150
I just financed my new to me boat for 5 years, I don't think I could finance one longer than that though.
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#11253624 - 11/30/15 08:06 AM Re: Length of loan [Re: Bob Landry]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 312
[quote=Bob Landry]I agree on the warranties. I deal with extended warranty companies and a lot of big boat customers who are shocked when they find out what their warranty doesn't cover and they pay a lot of $$$ for them thinking they are getting complete coverage.

I financed through Ken and was talked into the extended warranties, one for the boat and one for the motor. I contacted him later and said I decided that I didn't want the one for the boat. I don't see a need to pay for someone to replace a bilge pump or a light switch. I was told that the price of the warranty would be taken off the amount of the loan in the form of a credit, but I have never heard back on it and havn't had time to follow up on it.

Bob - Just for the record, check #2830 was mailed to your lender 12-19-14 (The same day I got your request form) for the full purchase price. The rules on warranty cancellations are not ours but banks. You can't cancel a contracted item and pocket the money. That money was loaned by the bank so in a way, it's theirs.
Some warranty companies are not as good as others. We send copies of the coverage to people when ever it is requested. One of the biggest problems people have with warranty is they will get a repair done then ask for the company to reimburse the repair bill - that does not work. Read the coverage in all cases.
Let me know if we can help.
Thank you,
Ken
_________________________

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#11253639 - 11/30/15 08:14 AM Re: Length of loan [Re: lamoon78]
reclending.com Offline
Angler

Registered: 10/29/10
Posts: 312
Originally Posted By: lamoon78
You would have to be crazy to finance one that long. I dont go over 6 years on my boats.



What people miss in this whole "term of the loan" conversation is this - PAY IT OFF EARLY - PAY EXTRA. We tell people this all the time. If you want to turn a long term into a 12 month loan, go ahead and make 12 large payments - BOOM the loan is gone. The contracts are not to pay 120 or 180 minimum payments. The advantage is when you have a skinny month or Christmas comes, pay less. Then when you have flush months - pay more. It's really very simple. The best thing to do is set the payment above the minimum and get used to paying more every month.
With the short term that MOST people keep boats, financing becomes just a budgeted payment. It's almost like a lease. You pay by the month and change every few years. A well managed boat loan is not the cause of financial problems. Most often it's the un-tracked cash spending that makes the finances pressured.
Let me know if we can help.
Thank you,
Ken
(517) 930-2721 - cell
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