Boat Financing Poll

[eeboater]

Just a question ---- what term of financing did you guys opt for when you purchased your boat. My target finance amount is between 12-17K....<br /><br />Thanks!!!<br /><br />Sean

 

[mattttt25]

Re: Boat Financing Poll

my first boat was financed- $11.5K for 5 years, $1K up front. almost 3 years later, i owe $6K and sold it for $11K. i got a great deal when i bought it, but was still in a good position if i had to sell it for less money.<br /><br />my new boat is financed at $25K for 5 years. i paid $3K up front. same reasons- if i want to sell in a few years, i shouldn't take a loss.<br /><br />unless you're purchasing a very strong name and a very expensive boat, i wouldn't touch anything over 5 years.

 

[eeboater]

Re: Boat Financing Poll

Good deal, thanks for the info Matt.<br /><br />Sean

 

[90skichallenger]

Re: Boat Financing Poll

I paid cash.

 

[TilliamWe]

Re: Boat Financing Poll

ee, I financed 11k on a 4year old boat for 5 years, when I bought it in 2001. Didn't want to finance that long, but I did. I also rightly figured that the boat would not be worn out & junk by the time it was 9 years old. So I can see why 10 years on a brand new boat isn't terrible.

 

[mattttt25]

Re: Boat Financing Poll

one other thing- another option is to finance at a longer term (maybe 6 or 7 years), but then make larger payments each month. for example, my current lien has me paying approx $500 per month. if i financed for 6 years, that comes down to approx $420.<br /><br />why do that? you are still paying off the loan at a 5 year rate, but it gives you a little relief if you have a tight month (say december and christmas).<br /><br />but... while it makes sense, you have to stick to the 5 year payoff plan. too many people start to skip paying the extra each month (eh, a little tight this month, i'll pay extra next month), and before you know it, you're back to paying the boat off in 6 or 7 years and in danger of taking a loss.

 

[NYMINUTE]

Re: Boat Financing Poll

22K for 12.

 

[skeeterboy]

Re: Boat Financing Poll

Roomate just bought a 45k baja and its for 15 years, dang thats like buying a house. I think hes nuts but he wants to sell it and make profit. Great boat, but useless. Paid cash for my skeeter.

 

[Realgun]

Re: Boat Financing Poll

Does 1000 cash sound ok and no financing?

 

[RatFish]

Re: Boat Financing Poll

Do the shortest period you can afford.

 

[phatmanmike]

Re: Boat Financing Poll

i paid 2800 cash for the latest one.<br />1900 cash the one before that.<br />800 cash the one before that.<br />550 cash the one before that.<br />50 cash the one before that, <br />and 3 were free.<br /><br />finaincing is for houses, not boats! that damned thing will depreciate so fast it'll make yer head spin

 

[TexomaAv8r]

Re: Boat Financing Poll

$700 cash

 

[Solittle]

Re: Boat Financing Poll

cash

 

[John Carpenter]

Re: Boat Financing Poll

$11,000 cash

 

[JRJ]

Re: Boat Financing Poll

mattttt25, good for you. When you have more time, I need your course on how not to lose money on boats I really thought borrowing was a bad idea. Thanks

 

[Nos4r2]

Re: Boat Financing Poll

Probably too much CASH by now!

 

[snapperbait]

Re: Boat Financing Poll

cash... Lots of it...

 

[demsvmejm]

Re: Boat Financing Poll

Originally posted by snapperbait:<br /> cash... Lots of it...

Me too! Everyone who see it says I stole it. Man that's gotta make ya feel good.

 

[markvan]

Re: Boat Financing Poll

depends what the finacing rate is. fried of my bought a new boat for $54K, he put 10% down and financed the balance over 20 years, he could have went as long as 25 yrs. he got 3.25% (compounded annually) locked in for 10 years. if you can use the bank money for 3.25% better off leaving yours in a mutual fund, even with bad luck you can easily make more than 3.25%

 

[youngboater]

Re: Boat Financing Poll

cash