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Old     (adambarry)      Join Date: Sep 2008       04-09-2010, 8:36 PM Reply   
This is mainly just out of curiosity because I myself have no way of buying a boat anytime soon, but the boat I ride behind (uncle's) has a potential to be sold for an upgrade so I thought I'd ask. I want to know from some people what your down payment was and your monthly bill is including insurance on any of these boats, X Star, X-2, Bu LSV, Bu VLX, CC 210, and Axis A22. I don't want or need opinions on the boat just the pricing please.
Thanks ahead of time
Old     (mhunter)      Join Date: Mar 2008       04-10-2010, 7:08 AM Reply   
You need to talk to a bank or finance company. Your payment will change with your amount borrowed, term and interest. I have seen some boats financed for 15 years to keep the payment low. The boat values can change rapidly be careful you dont end up owing more than the boat is worth. The insurance for my 08 210 sante is around 400 a year here in Indiana with BOATUS.
Old     (you_da_man)      Join Date: Sep 2009       04-10-2010, 7:48 AM Reply   
You never want to be upside down in what you owe on your loan and value of the boat if hard times come. With that said, I don't own any of the makes/models you listed but I did buy my boat new and my out the door price with financing and everything, I put half down and only financed mine for 6 years. This way I know I'll never have an issue if I have to sell my boat.
Old     (mattgettel)      Join Date: Jan 2009       04-10-2010, 8:30 AM Reply   
Isn't it relatively safe to say that if you put less than say,
15 percent down you will be upside down as soon
as you pull off the dealership lot?
Old     (mikeym)      Join Date: Jul 2008       04-10-2010, 8:50 AM Reply   
Boats are similar to cars, you take them off of the lot, you will lose some value. I put 20% down, with a 15 year loan, and more because of the economy I have lost that down payment in the value. My insurance is around $400/year, but shop around!
Old     (bmr82)      Join Date: Jul 2008       04-10-2010, 9:08 AM Reply   
I bought my boat used from a dealer. Put 35% down. Financed for 10 years. I did that to keep my payment low for this reason. In the summer time I make the minimum payment so I have money for gas. Winter time I make double payment because I am not using that extra gas money and can put it towards the boat. Either way, I will never be upside down on the boat. And with the cheap payment I shouldn't ever have to sell it. It's the cheapest payment I have. I don't remember what insurrance was I think like $300 a year of so.
Old     (silvermustang35)      Join Date: Jul 2008       04-10-2010, 9:19 AM Reply   
We purchased our 2010 Axis and ran it for a course of 12 years. I am overpaying though to knock it down my judgements, I should have it paid off in less than 6 years. It avoids a ton of interest for sure. Insurance with Boat us is around $560 but I upped a couple sections on the policy.
Old     (boomboom)      Join Date: Apr 2008       04-10-2010, 1:13 PM Reply   
google some loan calculators and you can see EXACTLY what your payment will be with what you have to work with. Get your interest rate off your prefered lender's web site and plug in the information---easy as that and precise
Old     (adambarry)      Join Date: Sep 2008       04-10-2010, 5:20 PM Reply   
That loan calculator really helped give me a ballpark estimate, I realize that I will not know completely until the time comes to it but I just wanted to generally let my uncle know what the payment would end up looking like roughly. I guess that was kind of a stupid question to ask because its basically like asking which boat has the best wake.. Thanks for the help though guys
Old     (konaking)      Join Date: Mar 2008       04-11-2010, 6:34 AM Reply   
IMHO Never finance a boat esp in todays economy. If you are looking buying a boat in the future start making payments to a savings account now. I finaced my first boat and it sucked. After a while I began to resent making that monthly payment. So I sold it when the economy was still boat friendly saved some money and payed cash for a more enjoyable ride.
Old     (texastbird)      Join Date: May 2003       04-11-2010, 6:38 AM Reply   
If you have no way of buying a boat anytime soon, why does it matter?
Old     (wake77)      Join Date: Jan 2009       04-11-2010, 8:41 AM Reply   
Down payment on the Xstar was an X-1.
Old     (acurtis_ttu)      Join Date: May 2004       04-12-2010, 7:00 AM Reply   
I put zero down on mine (out of pocket) rolled about $1.5k in equity from a previous boat on trade. Like a few people mentioned, I make double payments about 6-9 months out of the year.
Old     (psudy)      Join Date: Dec 2003       04-12-2010, 8:54 AM Reply   
Sometimes depleting your cash position isn't always smart, when you can finance.
Old     (wake77)      Join Date: Jan 2009       04-12-2010, 9:01 AM Reply   
Paul, I agree. I feel that you should be able to put down a substantial down payment, and keep your monthly loan payment at a manageable amount. It is important to secure a low interest rate.
Old     (jcfox00)      Join Date: Mar 2009       04-12-2010, 10:30 AM Reply   
Paul/Jeremy, Can you elaborate on why this would be a better option to finance instead of paying for it straight up when you have the cash on hand?
Old     (wake77)      Join Date: Jan 2009       04-12-2010, 11:25 AM Reply   
If you have the cash on hand meaning that you are not going to exhaust every cent you have in savings, then yes, paying cash is better. But I am going to speculate that most posters on this board do not have 100,000 + in savings. Joe, don't you anticipate buying gas for the boat and all owners know that wakeboarding uses a good bit of fuel. If you use all of your cash on your boat purchase, you have two options. One, not to use the boat. Two, put the gas on a credit card, in which the credit card is going to have a higher interest rate than that of a boat or home equity loan. What about any upgrades you want to do to the boat?

Notice how Paul uses the word "deplete". What if something catastrophic occurs after you use all of your cash reserves for the boat (or any purchase)?

But no one would argue that paying cash without emptying the bank is always the best option.
Old     (jcfox00)      Join Date: Mar 2009       04-12-2010, 12:47 PM Reply   
Thanks for the Reply Jeremy,
Of course you have to set aside cash for gas and any upgrades or heaven forbid repairs (Break Out Another Thousand) And if you did use most of your savings on the boat and something catastrophic happens, ie. loss of job, medical issue, or tow vehicle break down. you could always sell the boat probably for a small loss if necessary. I'm not talking about $100K in savings most WW's are looking for used boats imo. ($20-40K) I just don't like the idea of paying someone to use my money. even ATM fees piss me off Haha
Old     (scotthons)      Join Date: Mar 2010       04-12-2010, 1:02 PM Reply   
I had a partner and we financed my first boat with little for a down payment. The loan was not that much since it was a used repossessed boat. I got the loan from a credit union from the company I was working for. It was nice because the payments were taken directly out of my pay check. This really helped clean up my credit score. After that boat was paid for I sold it and had that money and pulled some from savings (thankfully did not deplete) and paid cash for a newer used boat.

Insurance premium is about $540/year, but I beefed up some coverage’s and got an agreed value amount for more than what I paid for the boat
Old     (psudy)      Join Date: Dec 2003       04-12-2010, 1:08 PM Reply   
I had more than enough cash on hand to pay for my boat outright. The total return on my investment is averaging between 8-10%. The boat is costing me 5.5%. So I could cash out and pay for the boat. That leaves me with a depriciating asset, or I could finance it and cash out annual payments and still retain the investment. I clear more than the annual payment in earnings per year. Now, if the investment slides and earns me below the rate on my note, I will cash it and pay it off. If I decide to sell the boat, I will just make up the difference between sales price and balance.
Old     (scotthons)      Join Date: Mar 2010       04-12-2010, 1:31 PM Reply   
That is true regarding getting more on investments than what you spend on the interest rate on your purchase whether it be your house or toys. Some people seem to have different philosophies and are so anti debt while others would rather leverage their money elsewhere and make monthly payments.


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