The prices of cars, homes, RVs have gone up over the years, and the only way the average family can afford to own them was through longer term financing. You guys who would not finance a boat for more than 4-5 years should ask yourselves about the financing on your cars, trucks, your home even. It is just the way things are. I don't like monthly payments, but will take them on for something I really want or need. I think most of us are the same in that respect. So,fishmedic (and yours truly) should be allowed to decide for ourselves what term we are willing to finance on a boat, or whatever else. Now, on topic: try local credit unions. Many have websites with info on available terms.

I have used Bank of the West as well as Texans Credit Union. I got a better rate with BOTW if I remember. Finance it out if you like it is your money and if your finances improve double up.I hope you get it all figured out and get on the water man.Good luck.

thanks for all the input!!

I guess i was being a bit conservitive on my pricing

wow!

Credit Union of Texas loans longer than 60 months.

I agree with your summation that if you cannot afford the payment between five and six years, you cannot really afford the purchase.

Long term financing is a contributing factor to the boat industry being in its death throws right now. Buy a boat for $50K, finance for 15 years, pay on the loan for 5 years and guess what? You have only paid the upfront interest and still owe a massive debt. You cannot trade in or up as your boat is not worth what you owe on it.

Banks are going to be close hold on loans for recreational purchases unless you have a significant down payment. Better have 720+ credit before you start. Lots of loans defaulting in this sector right now.

Legend, to answer your question "Where did I come up with with a 60 month limit?".....its just a belief, nothing more. It's my opinion for the original post...a warning for people. Its just one mans opinion of one big flaw to our economy. If you make a long term recreational purchase and follow through with your commitment and it's never a financial burden to your family then all is good. Sort of an economic stimulus package for the bank! The extra interest paid for longer terms then is the decision of what the purchaser values it at. What so many are warning about is probably their experiance of how you could begin to hate your boat 10-15 years from now because you will dispise the payments. I will caution people to not refer to homes, cars, boats...in the same catagory. While it would be nice to avoid a long term note on a home this is the only thing in that group that appreciates. Kind of changes the facts for making a mortgage decision as opposed to a boat decision. Still just a humble opinion. 361V

Resource One credit Union is who I financed my my Skeeter with. After taliking with them I moved my 2008 pontoon to them and saved 2% from the original US Bank loan.

Hope this helps.

resource one credit union ! good folks to deal with !

resource one credit union ! good folks to deal with !

and dang good rates!

I recently paid off my '06 boat early and bought an '09. I have the note set up through USAA for 72 months, but I have no intention of paying on this boat for that long. I made sure that the interest is not front end loaded and there was no penalty for paying it off early. I expect this recession to end within the next two years and I'll take money from my IRA at the rate of $5K per year and pay the boat off in three years. But, if I'm wrong I'll continue making payments as the loan is set up. But, I sure as hell don't want or plan to need the entire 72 months. I plan to pay it off and buy another new boat, but I may need to buy a new truck instead and keep the boat a little longer.

You guys amaze me, how in the H%&# do ya'll know everyone else's financial situation. And how can you say he can't "AFFORD" it.

If he wants in a boat and this is the only way he can get in one without putting himself in a financial burden then so be it. He did not ask for the best way, he just ask on the possibilities on getting a longer term loan.

You can make the same lame argument that if you can't pay cash, then you can't afford a boat. Thats bull poop, some of us put a lot of value in fishing.

I bought my boat so I can fish, not as a financial investment, and if I am lucky enough to accomplish both then thats a bonus. If the guy wants to spend $50K over the next 15 years to be able to fish out of his own boat then . It would be worth it to me, if thats the only way I could do it, cause I do want to fish out of my own boat.

FishMedic;
Just an observation.
You're attitude may be getting in the way.
IMHO
J.B.