I haven't seen anyone ask this but do you have a job or another means to make someone or some bank feel confident you can make the payments for a boat?

My fear is you are looking at getting this $8K and financing it over 10 years to get you a payment that's really low. That would be a bad move as many others have suggested.

On the other hand, if you save $4,000 you would be surprised what kind of nice aluminum boat that would buy you. My first boat was an Xpress 18 with a 115 4 stroke Yami and I paid $8,000 for it in 2009 and I'm pretty sure it was a 2004 or 2005 model. So I would guess you could find that same exact boat right now for about $4K-$5K. It was an awesome first boat.

I grew up in NW Pennsylvania on Lake Erie and desperately wanted a boat when I was 21 but with College just could not afford it. So I practiced and got really good at shore fishing and making friends with some guys who had boats and fished with them. After that I got married and had a family, had money but not for a boat. Finally at 40 got the first boat, it meant more to me then any other boat I have had since because I knew what I had done to earn it.

lots of good wisdom above in the posts, good luck with your decision, it could be one that affects your future for quite some time.

As others have said, it's wise to save up & pay cash for something. Don't have to be expensive, just something that'll at least get you out on the water... My first boat was a 10 ft aluminum Jon boat.. Paid about 100,00 for it. Bought a trolling motor off craigslist & a new battery & charger from Walmart.. Added a used fish finder, life jacket, anchor, some padded swivel seats & a paddle...I couldn't go out in the middle of a big lake, but still was able to fish many areas closer to shore, in coves & creeks.. Plus, I could throw it in the back of my truck! I think I only had less than 400.00 in it.. It was worth every penny!

Ps: I actually caught my first 10 lb bass out of it too ....

Pay cash for your first boat.
it doesn't need to be a brand-new one.
I didn't get my first boat until I was your age it was an 8 foot bass buster with a 5 hp Mercury and a 50 pound thrust Minnkota.
we decked it out to look like a mini bass boat.

I kept it for a few years sold it and saved to buy a 1983 cheetah bass boat with a 140 Johnson paid 4k$ cash.

Then sold that boat and saved up to buy a 1995 champion with a 150 mariner (10k$) It was probably the most beautiful well kept boat that I have ever owned.

Fished out of that boat for 5 years.
Sold it and put a big down payment on a 2005 Skeeter ZX225.

Kept that Bug for three years then upgraded to my first brand new boat last year.
I'm 34 now it was not easy for me but I kept working hard and it paid off.

it may seem like it will take forever to get where you want to be,
but you have to remember you're only 21 and have your whole life ahead of you!
if you work hard and keep you priorities in order you will have what you want.

If you want to finance a boat and have the means to make the payments then give Mike at Classic Boat Loans a call. He finances older, cheaper boats that banks won't touch. I financed a $6000 Champion with him. He's a good guy. You can find him in the Boat Financing section.

I was wondering if anyone would answer the OP question.
I disagree with the pay cash for everything. Assuming he has the means he could finance using his disposable income. Cut back on eating out, expensive girls, latest electronics etc. Go to local credit union and sit down with someone and ask for help in developing a situation where you can get a loan. Oh and look like someone worthy of credit, kinda like a job interview. Good Luck. JD

I think many are missing the OP's statement, "able to get $8K for a boat" It doesn't appear he's trying or wanting to purchase new. Having a job and some type collateral will get an $8K loan. You have to start somewhere. And to the OP on how to pay off that $8K loan, perhaps get a part time job until it's paid off.

Good point!

Local credit unions usually have better interest rates.
Since you haven't established credit I suggest you try getting a secured loan through a credit union.
Nothing big.

I did that when starting out to build my credit.
pay it to term by that I mean don't pay it off early.
Paying anything off early is great!
but since you're trying to establish credit
They want to see that you are competent and can make your payments.

He stated he hasn't been able to get 8k for a loan.

So every thing you have is paid for?

With the loans and terms some morons are signing up for these days it wouldn't even be paid off by the time he was 30!

I appreciate yall's input but Don't get me wrong i understand the difference between a loan for school and boat lol, i was just wondering more about the fact that i want a 1/4 or a 1/5 of what they have been taking out. Now i have money saved up but I'm about to pay off my truck and don't want to get rid of it so i was looking at getting a boat for about the same price as my truck, or at least in terms of the monthly payment since i already have it budgeted and a loan will help me build credit..
I have been looking at older boats but quite frankly it's hard to find one that's been taken care of for under 5 grand and the people who have taken care of them want too much for them and think they're the only nice boat on the water! specially not boats from the north and east Texas stump fields. With that being said I want a boat post 2000 which for my price range and income i can afford a 20k boat but I don't want anything that nice or extravagant i should say with it being a first actual boat. I just want something that isn't a POS and will last me a while, at the least thru college. I've been looking a aluminum boats as well, they are great for a little of everything, bow fishing duck hunting and actual fishing but again, cant get a loan for em. I'll keep saving but to be blunt; I'm impatient.
again thanks for all the comments!

If I do ever manage to get one ill get one near or at what i pay now for my truck. so 8-10k financed over 3 years, so between 3-400 a month with interest included and I wont sign one with astronomical interest. i want a boat but not so badly it's going to make me go broke. what i want and the money im trying to get i already have budgeted and wont change my lifestyle any more than the fact i will be on the water more.

I also disagree with the wait until you can pay cash.

I financed my boat, put a 10% down payment and I know I will end up paying a little more in the long run.

Just paid off the wife's car, so now paying 2 months worth of payments. Truck just about paid off so I will then be paying 3 months worth of payments every month. At the same time I pay 3 months worth of premium on my house every month.

Certainly the plan for the future is to save enough money to be able to pay cash for vehicles and boats.

Had I waited until I had enough cash to get the boat that I wanted, my kids would have been grown up. They are only young once and I wanted the peace of mind to have a boat/motor with full warranty.

If I were still in Louisiana I could pick up a phone almost anywhere I fished and have 3-4 people within 15 minutes of me if I needed assistance. I don't have that luxury here.

At the end of the day I don't care if I end up paying a little more than the monetary value of the boat, because I can't put a price tag on the time I have spent on the boat with friends and my family.

I bought the boat that I wanted, so there is no buyers regret and I won't be looking for something else a few years down the road.

I was willing to spend more in the long run, so that I could take my kids fishing sooner in a boat that I'm comfortable taking anywhere.

If the OP was tryin to finance a brand new boat, I would understand but that's not what he is planning on doing.

You only live once and there are no guarantees. What if you save for 5-10 years and some tragedy happens and you never get to enjoy what you've been saving for?

Its okay to plan for the future, but live everyday like it is your last as well.

Good Luck.

One thing to add... If you do decide to get a loan, most institutions won't loan for a boat less than a certain amount. Nor will they grant a loan on a boat older than 10 years old. You'll need to look at a short term loan for it anyway.