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Go Back   WakeWorld > >> Boats, Accessories & Tow Vehicles Archive > Archive through February 21, 2008

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Old    Dex (tarpongator)      Join Date: Jan 2006       02-16-2008, 10:38 PM Reply   
Question: When I bought my boat in 2006, how come CC was the only wakeboat a bank would finance for 20 yrs? All other brand 15 years max?
Old    HeHateMe (hamkj)      Join Date: Apr 2002       02-16-2008, 10:56 PM Reply   
hmmmm... good question.. though I think it varies from bank to bank... and credit rating... make/model/type of boat... and a host of other things...

but CC quality is good... but then again... so is every other boat out there...

there are old CCs out there... but there are also old bayliners out there too...
Old    Team CBK....Nate (cbk)      Join Date: Aug 2006       02-17-2008, 6:39 AM Reply   
Terms are based on the amount financed almost 100% of the time. HeHateMe hit on some other good points too.
Old    Noel (noel)      Join Date: Dec 2001       02-17-2008, 10:58 AM Reply   
I got a 20 year term on my Malibu.
Old    Alan Slabaugh (alans)      Join Date: Aug 2005       02-17-2008, 11:29 AM Reply   
we have always had 20 year, since we opened in 2003
Old    VLX Envy (cavlxenvy)      Join Date: Aug 2007       02-17-2008, 1:03 PM Reply   
If you finance over 50k, then you can go to 20 years. This also depends on the banks, your credit, etc.

If you finance 25k - 49,999 then it is a 15 year loan. Under 25k and its a 12 year loan.
Old    Aaron Ware (99_slaunch)      Join Date: Oct 2005       02-17-2008, 3:10 PM Reply   
A bank does not care about Quality. They care about you making you're payment on time. As said above terms very from bank to bank. Credit, debt to income ratio will also be a determining factor. I think the biggest reason for a 15yr finance is the extra 5yrs does not lower the payment enough to justify all the extra money you will spend in interest. SOME TIMES the banks do look out for you and not just them selves. I was offered a 20yr finance if I would have bought a new Supra instead of my used 2005 22ssv GG.
Old    HeHateMe (hamkj)      Join Date: Apr 2002       02-17-2008, 3:37 PM Reply   
The other thing I have to laugh about...

Is your CC worth over $100,000?

Because when you finance over 20years.. Thats what you are paying for it!

Ouch... These damn toys are expensive.

I am happy with my crappy boat and crappy cars... but at least they are paid for...

Would love to have nice things... but I will take what I can get.
Old    Chad Davis (garman)      Join Date: Feb 2005       02-17-2008, 6:20 PM Reply   
Financing a boat for 15 or 20 years? I'm sorry, I just don't get it.
Old    TRDon (trdon)      Join Date: Sep 2007       02-17-2008, 6:32 PM Reply   
agreed, I did a 4 year term on my 15k sport nautique. Payments are 325 a month, but the intrest rate was 5.6% too. Better to deal with than a payment for 12 years.
Old    HeHateMe (hamkj)      Join Date: Apr 2002       02-17-2008, 7:37 PM Reply   
Where I live... die hard boat users will be out on the lake from mid May to Mid Sept... 4 months. Lakes are too busy if you want nice water... so you have to be out at 6am and you will get 2 hours good riding.

So lets say you get out 3-4 days a week. That is approx 60 - 2hr sets for the summer.

Are there any boat owners out there that would be willing to rent their boat out to a very experienced user and rider... used in a very specific part of a lake for a cost of $60-$100/hr + gas. To be used a maximum of 2 hrs per day... and at a time where there are only 2-3 other boats on the entire lake... oh yeah... and invite yourself a along for a tow.

An X-Star owner around here has either refinanced the home or taken on a 20yr loan payment. So not only is there a boat payment, there is trailer insurance, boat insurance, boat maintenance, high operating/insurance cost of owning a truck rather than a car, parking costs at some marinas... and then you are at the mercy of the weather and boat traffic on your local lake...

I know for myself... when I sell my boat.. I will offer the new owner... if I can rent the boat back for $100/hr during the time of the day that they will never be using it. Its good for me... and good for the new owner..

WIN WIN in my opinion.

Note... this works for me... because I always invest in new things for the boat every winter... stereo gear, equipment etc... between the 8 wakeboards/boots, 5 surf boards, fat sacks out the ying yang, stereo gear etc... I know I would save a bundle if I didnt already own my boat! Thank god its paid for... but if there is a buy... I would be happy too!

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