Financing

R

Rick D

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Oct 15, 2010
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32381
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799
Hello all.

Anybody know a reputable bank or financing a boat for a dollar amount between 20 and 23K?

Most I have seen require a minimum of 25K or for lesser amounts, the boat needs to be less than 6 years old. Well the boats I'm considering will be closer to 20 years old and around 20 to 22K.

Any help is appreciated.

--Rick
 
I went with Offshore financial who sold the loan to GE Money Bank who royally suck. So I got a new loan with USAA and love them.
 
Find a credit union. I financed a 1984 Carver last year through my credit union. They only required 10% down.
 
I like the Dave Ramsey model better; Save your money until you can pay cash. Don't take on debt.

Bob
 
Do not finance a boat! Save up, then buy a boat that you can afford to pay cash for and maintain without using credit cards. JMO.
 
IMHO, I believe you are putting the cart before the horse. Tell us what kind of boat, engine type and condition, fiberglass or wood.....

More than one of us here has bought a boat thinking we got a good deal only to find out too late we did not. For example, there is a 25 or so year old 39' SeaRay on a sales site for $20K. "Owner wants it gone". Might be a deal. Might not. If I were in the market for said boat, I would ask here for a volunteer to look at the boat as it is not near my home. If it looked good, I would research this site and others for any known problems as well as ask here if there are any known problems with that year/model. Then and only then would I consider going with a survey and secure financing. Stay calm. It's a HUGE buyers market out there.

My 2 cents.
 
I don't think its wrong for Rick to look at financing a boat he wishes to purchase.

If he lives within his means and has a loan payment he comfortably can afford then go forward if boat ownership is what he wants. Just take your time and purchase with proper survey(s) and insure no existing liens are present on the boat.

You can't see the thread in NBR, but a friend purchased a newer 378 Four Winns through what he considered to be a reputable dealer only to find out over a year later that a lien existed on that boat. He had a very nerve wrecking time while the legalities were being worked out. Not nice puchasing a boat and finding out later you may lose it.

Mike.
 
Had REAL bad experience with Key Bank, never again. Coming to think of it next time I will pay cash.

Cor
 
quote:
Originally posted by KiDa

IMHO, I believe you are putting the cart before the horse. Tell us what kind of boat, engine type and condition, fiberglass or wood.....

More than one of us here has bought a boat thinking we got a good deal only to find out too late we did not. For example, there is a 25 or so year old 39' SeaRay on a sales site for $20K. "Owner wants it gone". Might be a deal. Might not. If I were in the market for said boat, I would ask here for a volunteer to look at the boat as it is not near my home. If it looked good, I would research this site and others for any known problems as well as ask here if there are any known problems with that year/model. Then and only then would I consider going with a survey and secure financing. Stay calm. It's a HUGE buyers market out there.

My 2 cents.

Click to expand...

David is right what type of boat are you looking at?
Bill
 
I can't offer any help on finance sources. By I don't understand why people would chime in with opinions on financing or not. Why can't we assume that the poster knows what he's doing and is capable of making his own financial decisions. He didn't ask if he SHOULD or not, just where.
 
Paying cash is simply not an option for me.

As far as researching, I have been for several months and now the boat I have been looking at has come on the market. Same make and model years sell for between 40 and 50K on Yachtworld and the banks I have spoken with said the book value of the boat is mid 30's.

I view the boat in person tomorrow, if everything looks OK, I will have it surveyed both in and out of the water. With the exception of the canvases... I am told the boat is turn key.

Will let you know after I see if tomorrow if we come an agreement.

One comment: people finance cars as well as boats all the time and do so successfully. It comes down to knowing the value of the item being purchased, its condition and knowing your own personal finances. If I could pay all in cash, I don't know that I would anyway as financing depending on terms and rates, is often not a bad idea. I appreciate the feedback though. Will get back to you tomorrow whether it looks like I'm buying or not.

Thanks everyone.

--Rick
 
quote:
Originally posted by Prospective

...Why can't we assume that the poster knows what he's doing and is capable of making his own financial decisions...
Click to expand...


quote:
Originally posted by KiDa

...More than one of us here has bought a boat thinking we got a good deal only to find out too late we did not....
Click to expand...


'Cause we love him?
 
quote:
Originally posted by Prospective

I can't offer any help on finance sources. By I don't understand why people would chime in with opinions on financing or not. Why can't we assume that the poster knows what he's doing and is capable of making his own financial decisions. He didn't ask if he SHOULD or not, just where.

Click to expand...

+1
 
quote:
Originally posted by Runningman

Find a credit union. I financed a 1984 Carver last year through my credit union. They only required 10% down.

Click to expand...

+1 Never had a problem with a credit union. They even came to my house and did all the paperwork there and took the pictures and got all the info they needed right there.It was a refinance but they were great.

Go buy your boat, live life. Lifes too short to sweat the little Sh!t.
 
I can certainly understand why someone would ask about financing even if they could afford to pay cash. There have been times when I could have paid cash for something and just preferred to finance.

g
 
If the fed has its way and inflation comes back, financing a boat at todays price and interest rate makes more sense. In a few years, after rapid inflation, a $ 5,000.00 per month boat note will be chump change. Invest your cash.
 
If you go the finance route, make sure you read the small print very carefully. These loans are not like car loans, I found that Key bank had a clause in the small print giving the bank the right to repo the boat if your credit rating changed even if you where fully paid up.

Cor
 
If you have a lot of equity in your home, might consider HELOC for lowest rate and most flexible terms. I have P-1 currently 2.25%. Of course, don't put yourself in danger of losing your house.
 
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