Get the biggest baddest boat on the market, finance it for 15-20 years and don't worry.......in this economy if you can't pay for it, someone will bail you out

guys in my opinion financing a boat thats 8+ years old for more than 4 years doesnt make a lot of sense for 99% of the population. but with that being said, you dont know this guy's situation. He didnt ask for you to make a judgement about whether he should do it, he asked for financing options/help and if anyone knew where he could finance a boat made in the early 2000's for more than 4 years. My opinion either help him or keep your opinions about his finances to yourself.

maybe he has cancer and likes to fish and is going to be gone next year god forbid.... You never know peoples situation. either help the man out or dont. dont judge whether he needs to finance a boat or not.

my two cents

I have my insurance with state farms, I found out they will finance 03' and up for 15 to 20yrs with good credit.

So lets say you finance a $25000 boat for 20 years at 7%.

That means your going to be paying about $193 dollars per month, of that $193 from your first months payment $145 of that is interest expense so only $48 dollars will actually be paid on the principle this will get slightly better but by the time 20 years is up $140 will still be going to interest and only 53 to payment on principle.

So that means over 20 years you will have spent $46,320 on a boat that was valued at $25000 and you now have a paid for 20-25 year old boat worth about $2000 dollars.

Or you could take that $193 dollars every month and put it in an account earning 2-3% and in 5 years you would have the $25000 cash to go out and buy a boat that is 0-5 years old.

Which sounds like a better idea to you?

[quote=Jkf96a]Pull a modified Dave Ramsey. Make a "boat payment" until you have 3-4k saved up and pay cash for the boat. You'll have to buy less boat than you want, but it'll be payed for. Keep making the boat payment until you have another 3-5K saved. Sell your old boat, plus your cash, and buy a 7-8 K boat. Repeat until you have a 20K boat, saving up 3-5k and trading up. Pros to this method: you'll always have a boat. Your boat will always be paid for. If you fail to make a "boat payment," it won't get repo'ed. You won't have to save up 20K in cash to buy a boat.

Or, borrow the first 4K. Payments will be about 200 per month for two years.
Pay the payment for four years. Four years depreciation on a 4K boat leaves it
worth 3000 or 3500 or so. Now get on your Dave horse and trade up.[/quote

that's fine, now while your paying on that older boat, you lose a powerhead, spend the 5k you had saved. Lose another year, finally save another 3k and bust a transome, insurance chalks it upto wear and tear, bc it's an old boat. Now your stuck with a POS you can't sell, and your without a boat

So lets say you finance a $25000 boat for 20 years at 7%.

That means your going to be paying about $193 dollars per month, of that $193 from your first months payment $145 of that is interest expense so only $48 dollars will actually be paid on the principle this will get slightly better but by the time 20 years is up $140 will still be going to interest and only 53 to payment on principle.

So that means over 20 years you will have spent $46,320 on a boat that was valued at $25000 and you now have a paid for 20-25 year old boat worth about $2000 dollars.

Or you could take that $193 dollars every month and put it in an account earning 2-3% and in 5 years you would have the $25000 cash to go out and buy a boat that is 0-5 years old.

Which sounds like a better idea to you?