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#12017746 - 01/03/17 10:00 AM buying a boat question!?
Cali hunter Offline
Outdoorsman

Registered: 02/16/16
Posts: 42
mods if this isnt allowed please delete or move. Hey yall im looking into buying a bass boat from a friend it will be my first time finacing a boat. ive always just bought them cash. so here is my question because im not going through a dealership who does everybody use to finance? im looking to finance about 10,000? how long can you usally finace a used boat loan and what is a good and bad interest rate? i have awesome credit just curious thanks for the help!
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#12017768 - 01/03/17 10:08 AM Re: buying a boat question!? [Re: Cali hunter]
Trickster Online   content
TFF Guru

Registered: 07/27/07
Posts: 33450
Loc: Plano TX
I used a Credit Union. Texans. Financed for 5 years.
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#12017776 - 01/03/17 10:12 AM Re: buying a boat question!? [Re: Cali hunter]
David Burton Offline
Extreme Angler

Registered: 07/14/11
Posts: 1523
Loc: McKinney, TX
Same as above when I bought my last used boat. Loan to value rating is going to need to be in the 80% range for best results. They won't go over a certain percentage, and the boat must be less than 10-15 years old.
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David Burton
2015 Skeeter FX 21


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#12018194 - 01/03/17 01:44 PM Re: buying a boat question!? [Re: Cali hunter]
Doug R. Offline
TFF Celebrity

Registered: 06/11/12
Posts: 8186
Loc: Cowboy Nation
Look up Mike Kernan, he's an honest guy who finances boats.
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#12018246 - 01/03/17 02:05 PM Re: buying a boat question!? [Re: Cali hunter]
getbent956 Online   content
Outdoorsman

Registered: 01/13/08
Posts: 162
I got a 4.5 interest rate and financed double what you plan to. I financed full amount to get cheaper interest then I just plopped down a big payment- was waiting for my bay boat to sell.

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#12018312 - 01/03/17 02:42 PM Re: buying a boat question!? [Re: Cali hunter]
Fishinfellow Offline
Extreme Angler

Registered: 01/12/10
Posts: 2679
Loc: North Richland Hills, TX
if you're going to finance that amount on a older boat, I personally would recommend just doing a personal loan. It'll get you a little higher interest rate but a lot of banks don't like financing older boats and wont give you a good rate anyway. Plus, if you take out a personal loan, you get to hold onto your titles which makes it easier to sell if and when you decide to hock it.
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#12018567 - 01/03/17 05:04 PM Re: buying a boat question!? [Re: Cali hunter]
Cali hunter Offline
Outdoorsman

Registered: 02/16/16
Posts: 42
thanks for the advice guys. talked with my credit union and its a 9% interest rate through them. the boat is a 2009 and im planning on putting down a large sum then finance the rest since i dont have it all in cash. going to be making some phone calls but the personal loan isnt bad get my title, over 5 years ill pay 2,000 in interest but plan on paying it off early! please anybody else who has advice please chime in!
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TEAM #POUNDTOWN

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#12018586 - 01/03/17 05:17 PM Re: buying a boat question!? [Re: Cali hunter]
Texasdeepv Offline
Outdoorsman

Registered: 11/18/13
Posts: 148
Loc: Temple TX
9% seems awful high even for a used boat. I know used rigs usually do have a higher % but again 9 seems high. Have you spoken with another credit union? You never know. Dont go shopping for points until you are 100% ready. No sense in dinging your credit score.

best of luck!!
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#12018618 - 01/03/17 05:33 PM Re: buying a boat question!? [Re: Cali hunter]
B.Hollingshead Online   content
Extreme Angler

Registered: 03/11/09
Posts: 1703
Loc: ft.worth
Most credit unions are high 9% is very high, mine have always been 3.2-3.5% on all my boats I use US Bank. My personal and credit union couldn't even come close.
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Branden Hollingshead

29-DD's and counting

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#12018629 - 01/03/17 05:40 PM Re: buying a boat question!? [Re: Cali hunter]
Cali hunter Offline
Outdoorsman

Registered: 02/16/16
Posts: 42
dont worry not going to take any dings tell im ready. ya it seemed crazy high. but they did say they will match anybody who can beat them i told them that wont be hard to do!


Edited by Cali hunter (01/03/17 05:46 PM)
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#12018985 - 01/03/17 08:46 PM Re: buying a boat question!? [Re: Cali hunter]
Fishinfellow Offline
Extreme Angler

Registered: 01/12/10
Posts: 2679
Loc: North Richland Hills, TX
You should be able to get a 9% rate on a personal loan. Or at least close to it. What year is the boat you're looking at? Most banks won't do more than a 4-5 year term on a boat more than 6-7 years old.
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Thats my money fish

Kris Winhold

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#12019135 - 01/03/17 10:49 PM Re: buying a boat question!? [Re: Cali hunter]
DKennimer Offline
Extreme Angler

Registered: 03/01/10
Posts: 2789
Loc: Plano/Fork
Go to your bank and get an A-line credit loan. The interest is at prime at the time throughout the loan.
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Derrick Kennimer
Texas Realty Inspectors
www.texasrealtyinspectors.com
RIP Brennen (bteel), you will be forever missed!!

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#12019137 - 01/03/17 10:51 PM Re: buying a boat question!? [Re: Cali hunter]
burner42 Online   content
Outdoorsman

Registered: 07/19/16
Posts: 168
Loc: Dallas Texas
Look into a no interest no payment for 12+ months credit card if you think your going to be able to pay it off soon.
Credit Karma has a few options.
If you can't pay it off before the rate kicks in transfer the balance.
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2010 Ranger Z520
PB - Large Mouth Bass - 8.03

I suck at golf so took up fishing to calm me down ... now I'm twice as angry!







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#12019577 - 01/04/17 09:39 AM Re: buying a boat question!? [Re: Fishinfellow]
Cali hunter Offline
Outdoorsman

Registered: 02/16/16
Posts: 42
Originally Posted By: Fishinfellow
You should be able to get a 9% rate on a personal loan. Or at least close to it. What year is the boat you're looking at? Most banks won't do more than a 4-5 year term on a boat more than 6-7 years old.


the boat is a 2009 skeeter 20i. ya i can forsure get 9% and ya they told me they could do 5 years max.
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#12019579 - 01/04/17 09:39 AM Re: buying a boat question!? [Re: DKennimer]
Cali hunter Offline
Outdoorsman

Registered: 02/16/16
Posts: 42
Originally Posted By: DKennimer
Go to your bank and get an A-line credit loan. The interest is at prime at the time throughout the loan.

I will look into this.
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