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Old    Nick (ironcross25)      Join Date: Jul 2006       07-11-2010, 5:44 PM Reply   
looking at upgrading to a newer boat. Im not sure if I want to buy a 15k boat or go newer, more expensive, and longer term. Just wondering if you guys had any insight (maybe what you did when you were looking for a boat).
Part of me says sell my old 86 supra marauder and use the money down on a 15 k boat and get a short term loan, but then I wouldnt mind getting a newer or maybe new boat with a longer term loan to make pmts easier to handle. I am just not sure about long term loans. thank
nick
Old    rod (rodltg2)      Join Date: Oct 2005       07-11-2010, 8:24 PM Reply   
Dont know how much you plan on putting down, but this is the situation I've been running into trying to buy a used boat. The banks Ive talked to will only loan 80% of NADA. Those values are so low that most boats are really worth more. For example I've been looking at some boats that priced at around 30K. All comparable boats ( same model, year etc.)are priced very close. NADA puts the value at 21-23. So I really can only get a 16K loan. So I would have to come up with a large down. I am now leaning towards new , or something I can pay cash for.
Old    john f (dxii)      Join Date: Jan 2009       07-12-2010, 1:29 PM Reply   
If you have any connection to an airline, Wings Financial Credit Union is great. If the new or used boat books out at over 25k (doesn't matter how much you put down or what you actually pay for the boat), they will do 15 years at 4.0%, or 4.5% if you don't have a checking account with them.
Old    Coinless (bruce)      Join Date: Feb 2002       07-13-2010, 5:08 PM Reply   
You asked for advice. So this is what I'd do. Make yourself a $400 payment into an account for the next 2 years. You'll have $10,000 plus your current boat. Then you ask yourself, "Do I really want to spend this $10,000 on boat?" If the answer is yes shop around and pay cash for a nice used boat. If not, you still have the $10,000 and the boat.

The borrower is slave to the lender.
Old    Nick (ironcross25)      Join Date: Jul 2006       07-13-2010, 6:21 PM Reply   
not a bad idea^^.

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