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buying a boat question!?
#12017746
01/03/17 04:00 PM
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Joined: Feb 2016
Posts: 74
Cali hunter
OP
Outdoorsman
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OP
Outdoorsman
Joined: Feb 2016
Posts: 74 |
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!
TEAM #POUNDTOWN
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Re: buying a boat question!?
[Re: Cali hunter]
#12017768
01/03/17 04:08 PM
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Joined: Jul 2007
Posts: 50,941
Trickster
Super Freak
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Super Freak
Joined: Jul 2007
Posts: 50,941 |
I used a Credit Union. Texans. Financed for 5 years.
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Re: buying a boat question!?
[Re: Cali hunter]
#12017776
01/03/17 04:12 PM
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Joined: Jul 2011
Posts: 4,106
David Burton
TFF Team Angler
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TFF Team Angler
Joined: Jul 2011
Posts: 4,106 |
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.
David Burton 2015 Skeeter FX 21 +Ultrex +Helix 12 (x3) +Mega360 +MegaLive
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Re: buying a boat question!?
[Re: Cali hunter]
#12018194
01/03/17 07:44 PM
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Joined: Jun 2012
Posts: 20,798
Douglas J
TFF Guru
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TFF Guru
Joined: Jun 2012
Posts: 20,798 |
Look up Mike Kernan, he's an honest guy who finances boats.
#MFGA
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Re: buying a boat question!?
[Re: Cali hunter]
#12018246
01/03/17 08:05 PM
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Joined: Jan 2008
Posts: 207
getbent956
Outdoorsman
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Outdoorsman
Joined: Jan 2008
Posts: 207 |
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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Re: buying a boat question!?
[Re: Cali hunter]
#12018312
01/03/17 08:42 PM
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Joined: Jan 2010
Posts: 5,198
Fishinfellow
TFF Celebrity
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TFF Celebrity
Joined: Jan 2010
Posts: 5,198 |
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.
Thats my money fish Kris Winhold
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Re: buying a boat question!?
[Re: Cali hunter]
#12018567
01/03/17 11:04 PM
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Joined: Feb 2016
Posts: 74
Cali hunter
OP
Outdoorsman
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OP
Outdoorsman
Joined: Feb 2016
Posts: 74 |
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!
TEAM #POUNDTOWN
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Re: buying a boat question!?
[Re: Cali hunter]
#12018586
01/03/17 11:17 PM
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Joined: Nov 2013
Posts: 298
Texasdeepv
Angler
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Angler
Joined: Nov 2013
Posts: 298 |
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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Re: buying a boat question!?
[Re: Cali hunter]
#12018618
01/03/17 11:33 PM
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Joined: Mar 2009
Posts: 2,218
B.Hollingshead
Extreme Angler
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Extreme Angler
Joined: Mar 2009
Posts: 2,218 |
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.
Branden Hollingshead
38-DD's and counting
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Re: buying a boat question!?
[Re: Cali hunter]
#12018629
01/03/17 11:40 PM
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Joined: Feb 2016
Posts: 74
Cali hunter
OP
Outdoorsman
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OP
Outdoorsman
Joined: Feb 2016
Posts: 74 |
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!
Last edited by Cali hunter; 01/03/17 11:46 PM.
TEAM #POUNDTOWN
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Re: buying a boat question!?
[Re: Cali hunter]
#12018985
01/04/17 02:46 AM
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Joined: Jan 2010
Posts: 5,198
Fishinfellow
TFF Celebrity
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TFF Celebrity
Joined: Jan 2010
Posts: 5,198 |
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.
Thats my money fish Kris Winhold
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Re: buying a boat question!?
[Re: Cali hunter]
#12019135
01/04/17 04:49 AM
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Joined: Mar 2010
Posts: 2,884
DKennimer
Extreme Angler
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Extreme Angler
Joined: Mar 2010
Posts: 2,884 |
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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Re: buying a boat question!?
[Re: Cali hunter]
#12019137
01/04/17 04:51 AM
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Joined: Jul 2016
Posts: 325
burner42
Angler
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Angler
Joined: Jul 2016
Posts: 325 |
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.
2021 Phoenix 921 Elite PB - Large Mouth Bass - 9.14
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Re: buying a boat question!?
[Re: Fishinfellow]
#12019577
01/04/17 03:39 PM
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Joined: Feb 2016
Posts: 74
Cali hunter
OP
Outdoorsman
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OP
Outdoorsman
Joined: Feb 2016
Posts: 74 |
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.
TEAM #POUNDTOWN
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Re: buying a boat question!?
[Re: DKennimer]
#12019579
01/04/17 03:39 PM
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Joined: Feb 2016
Posts: 74
Cali hunter
OP
Outdoorsman
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OP
Outdoorsman
Joined: Feb 2016
Posts: 74 |
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.
TEAM #POUNDTOWN
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