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The Best Way TO Finance A Used Boat?
#1788670
12/07/07 01:37 PM
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Joined: Apr 2006
Posts: 3,773
Dr. Chase
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Apr 2006
Posts: 3,773 |
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 youre 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.
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Re: The Best Way TO Finance A Used Boat?
[Re: Dr. Chase]
#1788726
12/07/07 02:03 PM
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Joined: May 2006
Posts: 1,708
Crazyfish
Extreme Angler
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Extreme Angler
Joined: May 2006
Posts: 1,708 |
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.
Chris Wilkins
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Re: The Best Way TO Finance A Used Boat?
[Re: Crazyfish]
#1788806
12/07/07 02:47 PM
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Joined: Dec 2002
Posts: 7,315
Judd
TFF Celebrity
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TFF Celebrity
Joined: Dec 2002
Posts: 7,315 |
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.
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Re: The Best Way TO Finance A Used Boat?
[Re: Crazyfish]
#1788807
12/07/07 02:47 PM
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Joined: Feb 2007
Posts: 1,289
Jkf96a
Extreme Angler
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Extreme Angler
Joined: Feb 2007
Posts: 1,289 |
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.
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Re: The Best Way TO Finance A Used Boat?
[Re: Jkf96a]
#1788821
12/07/07 02:56 PM
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Joined: Nov 2005
Posts: 9,715
Donny.
TFF Celebrity
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TFF Celebrity
Joined: Nov 2005
Posts: 9,715 |
how much $$$ are you looking at spending?
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Re: The Best Way TO Finance A Used Boat?
[Re: Jkf96a]
#1788823
12/07/07 02:57 PM
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Joined: Jul 2007
Posts: 3,177
MWilkins (a.k.a. Keeb)
TFF Team Angler
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TFF Team Angler
Joined: Jul 2007
Posts: 3,177 |
If you purchase a new boat don't be affraid to check on what the dealer can do for you. I purchased a new Triton from NTM about four months ago and got 7.5% interest on it.
Make sure you weigh all of your options. used boats will generally cost you a little more in interest with a shorter note. Also, many used boats may be outside of warranty items unless the previous owner purchased an extended warranty.
If you do purchase a new boat, I highly recommend getting some extended warranty. My boat is covered until 2013. Electronics and all. It is just a little more piece of mind.
Out of you choices listed, I would go with either the Cobra, Legend or Champion.
Best of luck to you on your purchase.
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Re: The Best Way TO Finance A Used Boat?
[Re: Donny.]
#1788927
12/07/07 04:03 PM
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Joined: Apr 2006
Posts: 3,773
Dr. Chase
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Apr 2006
Posts: 3,773 |
how much $$$ are you looking at spending? 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
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Re: The Best Way TO Finance A Used Boat?
[Re: Dr. Chase]
#1788940
12/07/07 04:14 PM
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Joined: Jan 2002
Posts: 4,450
evolution44
TFF Team Angler
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TFF Team Angler
Joined: Jan 2002
Posts: 4,450 |
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.
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Re: The Best Way TO Finance A Used Boat?
[Re: evolution44]
#1789013
12/07/07 04:49 PM
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Joined: Aug 2006
Posts: 1,108
Steve_FBC
Extreme Angler
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Extreme Angler
Joined: Aug 2006
Posts: 1,108 |
Credit Union of Texas has their rates posted on their website at www.cuoftexas.orgI 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.
FORNEY BASS CLUB 2006 Skeeter 200SX 200 HPDI Yamaha Any day fishing is a good day.
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Re: The Best Way TO Finance A Used Boat?
[Re: Steve_FBC]
#1789021
12/07/07 04:53 PM
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Joined: Oct 2002
Posts: 6,102
ring fry
TFF Celebrity
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TFF Celebrity
Joined: Oct 2002
Posts: 6,102 |
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
2008, 2022 NCAA Men's Basketball Champions GO JAYHAWKS
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Re: The Best Way TO Finance A Used Boat?
[Re: Steve_FBC]
#1789027
12/07/07 04:57 PM
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Joined: Aug 2003
Posts: 1,702
Paul Jeffcoat
Extreme Angler
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Extreme Angler
Joined: Aug 2003
Posts: 1,702 |
hey there BB...I sent you a PM...!
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Re: The Best Way TO Finance A Used Boat?
[Re: ring fry]
#1789041
12/07/07 05:01 PM
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Joined: May 2007
Posts: 1,275
Mike P.
Extreme Angler
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Extreme Angler
Joined: May 2007
Posts: 1,275 |
i have a stratos 2007 285 for sale 19,900
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Re: The Best Way TO Finance A Used Boat?
[Re: Dr. Chase]
#1789077
12/07/07 05:14 PM
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Joined: Aug 2004
Posts: 2,528
gotta199
Extreme Angler
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Extreme Angler
Joined: Aug 2004
Posts: 2,528 |
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Re: The Best Way TO Finance A Used Boat?
[Re: evolution44]
#1789108
12/07/07 05:26 PM
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Joined: Dec 2002
Posts: 7,315
Judd
TFF Celebrity
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TFF Celebrity
Joined: Dec 2002
Posts: 7,315 |
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. 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.
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Re: The Best Way TO Finance A Used Boat?
[Re: Dr. Chase]
#1789303
12/07/07 06:32 PM
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Joined: May 2002
Posts: 1,571
BassSAT
Extreme Angler
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Extreme Angler
Joined: May 2002
Posts: 1,571 |
Another option you might consider are the "Boat Shows" coming up, alot of the mfgs. have special deals on boats and finance.
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