Hard to finance bayliner?

[sikz3]

I am throwing around the option to buy a NEW boat. Looking at the bayliner 175. I think out the door it is about $13,000.Correct me if I am wrong. I have $3,000 to put down but my credit history is fairly new (2 yrs.) Is it difficult to get financing on a boat. I do not own a house.

 

[rndn]

Re: Hard to finance bayliner?

A lot depends on your credit score, with 20% down it will make it easier.

 

[cbavier]

Re: Hard to finance bayliner?

It shouldn't matter if you own a house or not. The lending institution will look at your credit score, ability to make the payments and employment record.

 

[pau hana]

Re: Hard to finance bayliner?

You're in the right boat for a first time boat buyer; you've got cash down, and you're probably getting a pretty good deal on the boat (which means the price is close to invoice).

You should be able to get a decent rate and buy the boat. Congrats!

 

[sikz3]

Re: Hard to finance bayliner?

I really don't know if the boat is $13000. This is a price I found searching around on the web.

 

[ocb_dave_ocb]

Re: Hard to finance bayliner?

i would look around at some dealers, that MSRP on that boat is $11,620, $13k sounds about right.. You shouldn't have any problems.. I haven't bought a new boat, but I did buy a 2007 Honda Ridgeline with a credit score of 485 I only put down $1000, and interst was a little higher.. That was $35k after all charges and interest.... So it can be done.. You will build (establish) credit this way too.. I now have a credit score of 599 and that was only 15 months ago that i bought the truck

As long as you don't have too much debt to income, you have a steady job, they like to see 2+ years at one place.. You have $3,000 down on a 13k boat you are ahead of the game my friend you are putting 23% down You should have no issues.. Do you have a co-signer? That would increase your chances and lower your interest

Good luck, let us know how it goes...

Worst case scenario you could go somewhere like Citi-Financial take out a $10k loan put it with your $3k and have the boat.. Payments would be somewhere like $250 - $275 and that would most likely be a 5 year loan... Just an option

 

[Scaaty]

Re: Hard to finance bayliner?

If ANYONE says here finance a boat, BEFORE ya own a house, needs some good "learning"...
Go buy a house, then pick up something cheap that floats....(I see people renting a house here, and running around in a $35'000 rides, to a job they hate...and complain?
PRIORITY'S dude..think long term..buy a house first...(boats and cars go down SOOOO fast in bucks...house ?...oppisite...)

 

[oops!]

Re: Hard to finance bayliner?

If ANYONE says here finance a boat, BEFORE ya own a house, needs some good "learning"...
Go buy a house, then pick up something cheap that floats....(I see people renting a house here, and running around in a $35'000 rides, to a job they hate...and complain?
PRIORITY'S dude..think long term..buy a house first...(boats and cars go down SOOOO fast in bucks...house ?...oppisite...)

better read this one twice.... nuthin wrong with a $2000 floater AND a garage to put it in.

and really....do you want to learn the correct way to hit a dock with $19,000
(after intrest) or $2000?

 

[tmh]

Re: Hard to finance bayliner?

Credit is tighter these days...... You MAy get financing on that deal, but I sure wouldn't give it to you! With $3,000 down on that boat you basically are upside down on the loan after a year or two. IF you can't pay, the lender is stuck. Yeah, they may do it but at higher rates.

OK, guys, let's not start the "lifestyle advice" here! Heck, I WISH I had bought a boat and had fun with it before family and house!!!! He may be a youngster who doesn't WANT a house right now. It's really not something a person goes to a boating forum to be lectured on.

Now, the "buy used" advice is a different matter. You want a boat, many say it makes more sense to buy used and i agree completely. Heck, for a little boat like that, scrape together $5k and you can get a used, not too old one in great shape. Your buddies/potential girlfriends won't care if it's new or used! You may even get MORE boat than that little Bayliner.

I am VERY glad i bought used and pretty cheap! As soon as the temp gets to 70 deg. I'll be out in my driveway with Marine Tex patching up my boat from when the "dock hit my boat" a few times this past season - my first as a boat owner! My kids started learning how to leave and return the boat to the dock at the end of last season and will do so more this year. Try THAT with a brand new, perfect condition boat! You' feel such pain when something went wrong, which it WILL!

Good luck. Look around for a while - Craigslist, newspaper, etc. You'll be surprsed what is out there in very good, but not perfect condition.

 

[fishmen111]

Re: Hard to finance bayliner?

It is true that you need to buy stuff on credit to build credit, but not this way. This entry level Bayliner, though a lot of boat for the money, will not be worth 10k this fall. Check CL ot BT. All your equity will be gone (you just threw $3k away). You need to save towards a house first. If you need to add a payment history to build credit, put $500 down on a $3000 boat while continuing to save for a home. Home ownership should always take priority over "luxuries".

 

[cbavier]

Re: Hard to finance bayliner?

It is true that you need to buy stuff on credit to build credit, but not this way. This entry level Bayliner, though a lot of boat for the money, will not be worth 10k this fall. Check CL ot BT. All your equity will be gone (you just threw $3k away). You need to save towards a house first. If you need to add a payment history to build credit, put $500 down on a $3000 boat while continuing to save for a home. Home ownership should always take priority over "luxuries".

I agree with fishmen and a couple others above, buy used for your first boat.
Who are we telling him how to spend his money? Financial advisor's? He ask about purchasing a boat. Not if he should buy a house or buy a boat. The best advice I've read so far is purchasing a used one. To get some experience behind him and get more bang for his buck. Owning a boat is a lot more than just buying one. It takes years of experience, numerous mistakes, a Boaters safety course or two, Coast Guard Inspection. Boaters Insurance, a lot of gas. There is more to owning a boat than just running out and plopping down a few Thousand Dollars for a boat.

 

[BamaAlum97]

Re: Hard to finance bayliner?

Someone will most certainly finance it for you. The question is, at what interest rate. New boat rates will likely be a half point or so lower than used. In either case, if the interest rate is low enough to make it feasible then go for it. Otherwise keep looking.

Not owning a house is not a huge deal...You just need to be able to show a stable payment history even it is a revolving account (credit card). Also, your monthly debt obligations versus your monthly income is a big factor.

 

[bomar76]

Re: Hard to finance bayliner?

Never ever ever buy "toys" (boats, ATV's, motorcycles, campers, etc) on credit.
Ever.

 

[sikz3]

Re: Hard to finance bayliner?

This is not my first boat. I did buy a used 1980 seaswirl two years ago. I have used it for two years but now it needs a floor possibly stringers AND it is an OMC stringer. To me it is not worth the time and money to fix. We (my wife, 3 y/o son and myself) use it almost every weekend during the summer. I am having a hard time finding a decent used boat in the 3K range that is not OMC or merc 470 powered.

 

[Scaaty]

Re: Hard to finance bayliner?

This is not my first boat. I did buy a used 1980 seaswirl two years ago. I have used it for two years but now it needs a floor possibly stringers AND it is an OMC stringer. To me it is not worth the time and money to fix. We (my wife, 3 y/o son and myself) use it almost every weekend during the summer. I am having a hard time finding a decent used boat in the 3K range that is not OMC or merc 470 powered.

WHOA...get a Outboard...NO OMC..(Stringers are JUNK).., NO 470. Less ya want a zillion bucks spent on them. After 25 boats, and 50 years, got a 24 foot I/O (350 GM, VP280)...first I/O...its for sale after 3 years. Maintenance a nightmare. Spend more time in the "bilge", than the helm.
Back to my 20 footer OB 125, or my 135 OB 15 dragboat.
Crank down "expectations" here. Tell us where you are located.
Bet WE can find ya a good boat at $3000. You are young...we here probably have 10'000 years boats. Get us a little for info where ya at.
Its only something that floats, and gets ya 10 feet off the dock. Then ya be "looking good"
Still say buy a house, and start funding the kids "college" years...$10,000 down gets ya a house (save it up, and DO it)..then plan the kids schooling. THEN, whats left over....but another boat.
Not being too darn "daddy" here, but its the way the world works...we ALL have been there...(took some of our wedding money in 1975 and bought another boat...didn't bother ask the new "bride".."stuff declined"...divorced 2 years later...
Watch yer "oats", and expectations..family first...always...

 

[sikz3]

Re: Hard to finance bayliner?

I am in carson city NV. (89706). I found a couple boats that fit the bill but one was a 470 merc and the other one says he has winterized correctly but didn't know anything about the motor other than it was mercruiser. Not even HP!(to me in order to winterize and do it correctly you need to know SOMETHING about what your working with). I am thinking about making the two hour drive to sacramento where I bought my last boat and it does not freeze. (my worst fear!) I am not bothered about any of your guy's comments. I plan to buy a home once the boy gets in kindergarden. Then I can bank $500 a month extra. (no daycare). But back to boating....

 

[sikz3]

Re: Hard to finance bayliner?

And like I said I already own an OMC and will not buy another.

 

[ezmobee]

Re: Hard to finance bayliner?

My first house didn't appreciate much in the 4 years I lived there and I put a new furnace and windows in it. A boat would have been a better investment :{ Good luck with your search.

 

[Scaaty]

Re: Hard to finance bayliner?

CCNV huh. Got friends there/Tahoe, and brother lives Penn Valley/Lake Wildwood.
So NOW I see why ya can't find a good cheap boat. Too expensive an area!. Here in Puget Sound there are a zillion boats in great shape cheap.
I don't know. I'd say if finances permit, go and get new. Ya only live once. (Just get Mama's OK first!!!)
Good Luck to ya...and definitely go outboard..4 stroke for sure in your area)

 

[sickwilly]

Re: Hard to finance bayliner?

Buy a boat -- its cheaper than therapy, a divorce, and most other mid-life crisis purchases.

Now, how to buy a boat. I would not just look at new because of financing. I would look at used.

If you are running into problems getting the rate you want on the used boat, look at other options such as home equity loan or a credit card check. That way you are not dependent on the bank looking at the value of the boat.

Some here are going to freak out after reading my last sentence. However, if you have good credit and are responsible, a credit card check can give you 3.9 for the life of the balance with only a 2% transaction fee. Try and beat that at a bank.

Now, skip two payments and you are screwed. Only you know your self discipline and if you can make the payments happen.

Lastly, the con is that many people finance boats for an real long time -- 8-10 years of payments. You will not be able to do this with a credit card check, as the initial payments will be a percentage of the balance.

Go ahead and blast away!