I am looking to purchase my first actual bass boat this month. I have been fishing out of backseats and out of my bass buster all this time and I am ready to take the plunge. I am unsure if I want to purchase a new or used boat, either way I know I will be making payments. My credit is good, and I am wondering the best way to finance this thing. If I go new, then I can finance through the dealer, but if I find a late model rig being sold by the owner that fits my preference then I would also go that route. My preferred set up would be little to no money down and a long note. I bank with Washington Mutual and have done so for the past 10 years, but from what I see on their website they only loan for homes. What bank or financial institutions do you guys use or know of to finance a used boat? In case you�re wondering, I am looking for the following boats (in this order of preference!)
1.) Charger
2.) Bass Cat
3.) Champion
4.) Gambler
5.) Cobra
6.) Hydra Sports
7.) Legend
Any advise from you seasoned buyers is greatly appreciated.

Brazos,

I would go ahead and speak to a loan officer with WAMU. They usually do boat loans but they don't advertise it. Sometimes you can get a better interest rate. Banks sometime will only finance boats within like 3-5 years old though. Credit Unions are the best way to go from what I have been told. I am in the same "boat" as you are but with not-so-great credit so i am saving for a down payment.

As for the new/used question I guess it depends on how much you want to spend and condition of a used boat. The only drawback that I have considered with a used boat is warranty. If you find one that is just a year or two old, then you can transfer the warranty.

Good luck. I hope I am closer to your situation soon.

Credit Union's normally have the best rate and some won't ding you rate and term wise on a used boat.

Some banks will do you a good job you just need to talk to them. I personally have never been a fan of Bank One and now Chase. They lost the title on a boat I sold a couple years back and are a pain to deal with so I avoid that bank like the plague.

If you are interested in a new or used BassCat I would be more than willing to help. I have a 08 Cougar FTD that will be for sale in May/June time period also.

Good luck in your search there are a lot of good used boats out there just make sure to either have plenty of warranty or have it checked out at a dealer you trust.

I paid 4K in 2003 for a 1993 skeeter. Found the boat, walked into my bank with no down payment but good credit, and walked out with a check. Stick with your bank, they'll help you out. Don't know how well it would work on a 10 or 20K loan, but my small one went through real easy.

how much $$$ are you looking at spending?

If you purchase a new boat don't be affraid to check on what the dealer can do for you. I purchased a new Triton from NTM about four months ago and got 7.5% interest on it.

Make sure you weigh all of your options. used boats will generally cost you a little more in interest with a shorter note. Also, many used boats may be outside of warranty items unless the previous owner purchased an extended warranty.

If you do purchase a new boat, I highly recommend getting some extended warranty. My boat is covered until 2013. Electronics and all. It is just a little more piece of mind.

Out of you choices listed, I would go with either the Cobra, Legend or Champion.

Best of luck to you on your purchase.

if i found a sweet deal on a used one 6k or under then i could do 6k cash. i would rather use that 6k to pay off my pick up and just finance either a brand new boat or 2000 and up model being that i will no longer have a truck payment. to answer your question, the monthly payments are what i am most concerned with, and i could swing about 400 a month but would prefer lower. i would be afraid to finance anything more than 32K. i am not too worried about the long note being that i could always sell it and pay it off and start over again. this will be my first real boat and i want it to be 100% reliable and prefer a warranty and such. i would also like to be able to outrun some of you guys to the weigh in! lol

If you're not spending a ton of $$ and you've got good credit, get a credit card that offers 0% on initial purchase and transfers. Write a cashier's check against that account for the price of the boat and you can roll w/ 0% interest for a while. When it's about to expire, transfer the remaining balance to another 0% card. Make sure there aren't any hidden balance transfer fees and your good to go....I've done this before, and it works.

Credit Union of Texas has their rates posted on their website at www.cuoftexas.org

I went through USAA and got pre-qualified before I ever went to the dealership.

If you find a used one, and the person is selling it to get a new one, the dealership that they are buying the new boat from will often help you get financing becasue it helps them sell a boat also.

Brazos, good luck on the 'new' boat. You can always tow the bass buster behind you with all your tackle. Hope to see you this spring!

SE Kansas grass grower

hey there BB...I sent you a PM...!

i have a stratos 2007 285 for sale 19,900

Brazos, PM sent!

While this will work and I looked into doing this on my last boat. There is one small issue with that...keeping a credit card close to its limit will hurt your credit score. So just keep that in mind, it isn't a bad deal just be careful.

Another option you might consider are the "Boat Shows" coming up, alot of the mfgs. have special deals on boats and finance.