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Dec 30th, 2023
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 Re: Boat financing question
[Re: Ben B]
#4588916
03/10/10 08:23 PM
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Joined: Sep 2009
Posts: 4,800
FZ1
TFF Team Angler
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TFF Team Angler
Joined: Sep 2009
Posts: 4,800 |
All you need is a front deck and a trolling motor to catch fish. Don't buy a boat that is so heavy that it requires you to buy another vehicle to tow it. Boats are depreciating assets. Pay small;Lose small.
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Re: Boat financing question
[Re: KingOutdoorsCo]
#4588942
03/10/10 08:30 PM
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Joined: Apr 2008
Posts: 3,906
JPost
TFF Team Angler
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TFF Team Angler
Joined: Apr 2008
Posts: 3,906 |
You won't like my advice, but if you can't finance 10k for 48 months I wouldn't buy the boat. Any longer term than that and the interest makes it not worth it. plus 5000! Fish from the bank or as a back seater until you can afford it.
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Re: Boat financing question
[Re: skeet225zx]
#4589034
03/10/10 08:53 PM
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Joined: Jan 2003
Posts: 1,360
Pumadon
Extreme Angler
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Extreme Angler
Joined: Jan 2003
Posts: 1,360 |
AgFshr10 were in the world are you going to find 2-3% on money right now. Just rolled a $100,000 CD over and could only get.0075%, not even a full 1%. Please let me know where you can get that percentage.
FISHING NOW NOT WORKING ANYMORE
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Re: Boat financing question
[Re: Pumadon]
#4589063
03/10/10 08:58 PM
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Joined: Feb 2010
Posts: 60
dstrong
Outdoorsman
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Outdoorsman
Joined: Feb 2010
Posts: 60 |
AgFshr10 were in the world are you going to find 2-3% on money right now. Just rolled a $100,000 CD over and could only get.0075%, not even a full 1%. Please let me know where you can get that percentage.
Not in a CD that's for sure. You will have to be willing to take a little more risk than that...
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Re: Boat financing question
[Re: Pumadon]
#4589202
03/10/10 09:32 PM
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Joined: Sep 2009
Posts: 603
eyc0r (Corey C)
Pro Angler
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Pro Angler
Joined: Sep 2009
Posts: 603 |
AgFshr10 were in the world are you going to find 2-3% on money right now. Just rolled a $100,000 CD over and could only get.0075%, not even a full 1%. Please let me know where you can get that percentage.
Surely you meant .75% ...
"Most of y'all don't get the picture unless the flash is on..."
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Re: Boat financing question
[Re: skeet225zx]
#4589387
03/10/10 10:17 PM
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Joined: Dec 2006
Posts: 2,070
kellisag
Extreme Angler
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Extreme Angler
Joined: Dec 2006
Posts: 2,070 |
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? Wow, I used an interest calculator and didnt come up with $25,000 in 5 years, any ways, I have been on both ends and can tell you from experience because I financed my first boat for 12 years, you better get a wedding ring for it because you will be married to that thing for a while, I was always upside down on that boat and had a heck of a time unloading it on someone, and it looked practically brand new, with that being said, I wanted a boat so bad I was willing to do anything. If you are going to finance one for that long it needs to be a new one of some kind, I dont think a bank will go that long on an older boat. I do understand wanting one bad, just be prepared to keep it a while. yea im not sure how I cam up with that either now that I look at it. In my defense it was after midnight and I might have been a little drunk. What I posted on the savings would have to be 2-3 percent compounded monthly.
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Re: Boat financing question
[Re: FZ1]
#4589436
03/10/10 10:30 PM
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Joined: Feb 2008
Posts: 1,978
its a fluke
Extreme Angler
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Extreme Angler
Joined: Feb 2008
Posts: 1,978 |
We know enough not to advise him to borrow on his retirement. your borrowing money from yourself..... as long as you arent changing jobs or retiring during the term of the loan whats wrong with it?
The charm of fishing is that it is the pursuit of what is elusive but attainable, a perpetual series of occasions for hope. ~John Buchan
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Re: Boat financing question
[Re: its a fluke]
#4589466
03/10/10 10:36 PM
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Joined: Jan 2006
Posts: 366
cman
Angler
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Angler
Joined: Jan 2006
Posts: 366 |
When you pull money out of a 401k your taxed on it unless its a roth or whatever where you are taxed as you pay in. Plus you fore go the interest the account earns over the period it's not there plus you have to keep up with inflation when you pay it all back. It gets extremely messy and your no better off just hurts you. Keep the money in the account for your retirment. Best thing pay cash no interest expense over the term and you could buy the boat cheaper probably off the dealers lot because you cut em a check right there for it.
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Re: Boat financing question
[Re: firemanbill]
#4589728
03/10/10 11:37 PM
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Joined: Jun 2006
Posts: 909
Pro-17
Pro Angler
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Pro Angler
Joined: Jun 2006
Posts: 909 |
I have my insurance with state farms, I found out they will finance 03' and up for 15 to 20yrs with good credit. That's crazy.
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Re: Boat financing question
[Re: cman]
#4589795
03/10/10 11:56 PM
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Joined: Dec 2006
Posts: 2,120
Troyz
Extreme Angler
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Extreme Angler
Joined: Dec 2006
Posts: 2,120 |
If you borrow money from your 401, you are not taxes on it. You do not fore go interest because when you pay back the loan, you are charged interest on it. There can be a lot of other factors involved but you don't pay taxes on a 401 loan and you do pay yourself interest.
Nothing wrong with paying cash, although a lot of people do not have enough extra cash laying around to pay for a boat. If they do have cash on hand, most people hold on to that for emergency situations. I seriously doubt you are going to get any kind of break on the price from a dealer because you are paying cash. The dealers typically do not finance the boats they sell so they get a check for the full payment of the boat as soon as the paperwork is processed.
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Re: Boat financing question
[Re: Ben B]
#4589890
03/11/10 12:14 AM
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Joined: Jan 2005
Posts: 724
knozzleman
Pro Angler
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Pro Angler
Joined: Jan 2005
Posts: 724 |
contact Terry Sterling at Russo marine financial, all they do is boats and they do not use year models to determine loan, they go by amount loaned to determined length of loan. here are 2 numbers that should get you in touch with them 410-604-0200 or 888-604-0200. I had the same issues as you when i bought my boat untill i talked to him, he was a great help and gave me good advice for insurance also, I would use them again in a heartbeat
Keith Morgan
Forney Bass Club
Triton TR 22, Merc 225 EFI
Firefighter, City Of Garland
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Re: Boat financing question
[Re: fouzman]
#4590102
03/11/10 12:49 AM
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Joined: May 2007
Posts: 44,985
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 44,985 |
If you can't pay off 10K in 4 years you absolutly cannot afford a boat. Sounds like you are on a tight budget. You will have repairs on an older boat,(or any not under warranty). Plus gas, Equipment, etc. What if your truck breaks down? Sounds like you have your budget within $250. Save your money, catch rides as a backseater. With times as they are debt is a horrible thing to take on if you don't have to. IMHO
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Re: Boat financing question
[Re: Pumadon]
#4590162
03/11/10 01:01 AM
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Joined: Jul 2007
Posts: 906
hargefish
Pro Angler
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Pro Angler
Joined: Jul 2007
Posts: 906 |
AgFshr10 were in the world are you going to find 2-3% on money right now. Just rolled a $100,000 CD over and could only get.0075%, not even a full 1%. Please let me know where you can get that percentage.
Wow, you can pull 3-4% out of a fixed annuity right now easily, but if you want to know the best place to put that money shoot me a pm, ill show you a safe place with a double digit return average the last 10 years.
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Re: Boat financing question
[Re: WAWI]
#4590190
03/11/10 01:06 AM
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Joined: Feb 2009
Posts: 47
red eye shad
Outdoorsman
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Outdoorsman
Joined: Feb 2009
Posts: 47 |
financing a boat over 7-10 years at a low interest rate isn't a bad idea if you pay it off early. aka make double payments. The best way to do it is make a payment at two seperate times during the month. it drives the bank crazy because they end up getting less interest payments, but it still leaves you the option that if you can't quite make that higher (double) payment that month then you don't have to. just don't make a habit of it or the whole point of doing it that way is thrown out the door.
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Re: Boat financing question
[Re: Ben B]
#4594640
03/11/10 11:59 PM
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Joined: Feb 2010
Posts: 8
Bongo Bass
Green Horn
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Green Horn
Joined: Feb 2010
Posts: 8 |
Sold a 1993 Ranger 362 V in 2008 for $6800.00 The guy who bought the boat financed it through his credit union so the credit union idea is likley the best suggestion.
But you have to figure in gas at likely $3 a gallon this summer, two cycle oil,registration, money set aside for repairs, launch fees etc.. I made the top 6 in the bass club from the back of the boat with much less headache!!!
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