texasfishingforum.com logo
Main Menu
Advertisement
Affiliates
Advertisement
Newest Members
TraeMartin, Power-Pole CS, T-Rigger, JoeGoes, EcKo
119150 Registered Users
Top Posters(All Time)
hopalong 120,585
TexDawg 119,524
Bigbob_FTW 94,903
John175☮ 85,892
Pilothawk 83,264
Bob Davis 81,523
Mark Perry 72,297
Derek 🐝 68,312
JDavis7873 67,416
Forum Statistics
Forums59
Topics1,037,854
Posts13,935,657
Members144,150
Most Online39,925
Dec 30th, 2023
Print Thread
Page 1 of 2 1 2
buying a boat question!? #12017746 01/03/17 04:00 PM
Joined: Feb 2016
Posts: 74
Cali hunter Offline OP
Outdoorsman
OP Offline
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
Moritz Chevrolet - 9101 Camp Bowie W Blvd, Fort Worth, TX - Monte Coon (817) 696-2003
Re: buying a boat question!? [Re: Cali hunter] #12017768 01/03/17 04:08 PM
Joined: Jul 2007
Posts: 50,829
T
Trickster Offline
Super Freak
Offline
Super Freak
T
Joined: Jul 2007
Posts: 50,829
I used a Credit Union. Texans. Financed for 5 years.

Re: buying a boat question!? [Re: Cali hunter] #12017776 01/03/17 04:12 PM
Joined: Jul 2011
Posts: 4,079
D
David Burton Online Content
TFF Team Angler
Online Content
TFF Team Angler
D
Joined: Jul 2011
Posts: 4,079
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
Re: buying a boat question!? [Re: Cali hunter] #12018194 01/03/17 07:44 PM
Joined: Jun 2012
Posts: 20,492
D
Douglas J Online Content
TFF Guru
Online Content
TFF Guru
D
Joined: Jun 2012
Posts: 20,492
Look up Mike Kernan, he's an honest guy who finances boats.


#MFGA
Re: buying a boat question!? [Re: Cali hunter] #12018246 01/03/17 08:05 PM
Joined: Jan 2008
Posts: 207
getbent956 Offline
Outdoorsman
Offline
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.

Re: buying a boat question!? [Re: Cali hunter] #12018312 01/03/17 08:42 PM
Joined: Jan 2010
Posts: 5,177
Fishinfellow Offline
TFF Celebrity
Offline
TFF Celebrity
Joined: Jan 2010
Posts: 5,177
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
[Linked Image]
Kris Winhold
Re: buying a boat question!? [Re: Cali hunter] #12018567 01/03/17 11:04 PM
Joined: Feb 2016
Posts: 74
Cali hunter Offline OP
Outdoorsman
OP Offline
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
Re: buying a boat question!? [Re: Cali hunter] #12018586 01/03/17 11:17 PM
Joined: Nov 2013
Posts: 298
T
Texasdeepv Offline
Angler
Offline
Angler
T
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!!

Re: buying a boat question!? [Re: Cali hunter] #12018618 01/03/17 11:33 PM
Joined: Mar 2009
Posts: 2,218
B.Hollingshead Offline
Extreme Angler
Offline
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
Re: buying a boat question!? [Re: Cali hunter] #12018629 01/03/17 11:40 PM
Joined: Feb 2016
Posts: 74
Cali hunter Offline OP
Outdoorsman
OP Offline
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
Re: buying a boat question!? [Re: Cali hunter] #12018985 01/04/17 02:46 AM
Joined: Jan 2010
Posts: 5,177
Fishinfellow Offline
TFF Celebrity
Offline
TFF Celebrity
Joined: Jan 2010
Posts: 5,177
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
[Linked Image]
Kris Winhold
Re: buying a boat question!? [Re: Cali hunter] #12019135 01/04/17 04:49 AM
Joined: Mar 2010
Posts: 2,884
D
DKennimer Offline
Extreme Angler
Offline
Extreme Angler
D
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.

Re: buying a boat question!? [Re: Cali hunter] #12019137 01/04/17 04:51 AM
Joined: Jul 2016
Posts: 325
burner42 Offline
Angler
Offline
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

[Linked Image]




Re: buying a boat question!? [Re: Fishinfellow] #12019577 01/04/17 03:39 PM
Joined: Feb 2016
Posts: 74
Cali hunter Offline OP
Outdoorsman
OP Offline
Outdoorsman
Joined: Feb 2016
Posts: 74
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.


TEAM #POUNDTOWN
Re: buying a boat question!? [Re: DKennimer] #12019579 01/04/17 03:39 PM
Joined: Feb 2016
Posts: 74
Cali hunter Offline OP
Outdoorsman
OP Offline
Outdoorsman
Joined: Feb 2016
Posts: 74
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.


TEAM #POUNDTOWN
Page 1 of 2 1 2
Previous Thread
Index
Next Thread

© 1998-2022 OUTDOOR SITES NETWORK all rights reserved USA and Worldwide
Powered by UBB.threads™ PHP Forum Software 7.7.3