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Old    Brian Howard (turbojedi)      Join Date: Jun 2013       03-09-2014, 8:24 PM Reply   
So I am a wakeboarder throw and throw and I live the life style so much it has driven my Gf's a little nuts at times lol.. I am one that puts a far amount of hours on my boat every year (08supra 22ssv) and can't believe the prices now days. So in that I am wondering on loans these days do they carry the terms longer due to the prices going beyond 100k now days. When I got mine (new in 08) I was told 10 year was the max on the term. Just wondering what has changed, If anything. I would love one more new boat but a 800 plus payment is a little steep I pay 600.. See how long before some big money guy says I pay cash or something rude .. Not that I cant afford a 800 a month but its crazy when lots of us live where we get 6-6.5 months at best.. Thanks Guys
Old    A.J. West (you_da_man)      Join Date: Sep 2009       03-09-2014, 9:40 PM Reply   
Even back in 2008 they were financing out to 15 years. It still just goes back to basics, put as much money as you can down to reduce your payments and try to pay it off as quickly and comfortable you can. Sure there will be asses on here making the big cheddar and paying cash but that's not near the norm. I finance my boats as well but I am fortunate that my home and vehicles are paid off and no other debt other than a new boat every 2-3 seasons.
Old    Tim (dezul)      Join Date: Jul 2012       03-10-2014, 3:41 AM Reply   
I agree. You should be able to pick up a 15 year note while keeping your payments at $600. Go check out your preferred dealer and see what they have to offer.
Old     (SuperchargedC6)      Join Date: Jan 2014       03-10-2014, 6:46 AM Reply   
You can even go up to a 20 year note now. With good credit and 10% down, you could get into a $90k for around 550 a month.
Old    156452 (WLF)      Join Date: Mar 2010       03-10-2014, 8:34 AM Reply   
You should save and pay cash....JUST KIDDING! Actually your '08 is still just getting broken in...these boats are all amazingly well built, and unless you are pushing 2000 hours or something, I'd float that thing a couple more years then pull the trigger. Yes, boat prices these days are stupid expensive and they'll probably keep going up, but at least if you buy a high quality couple year old used boat you will not get crushed on depreciation. I've got a couple buddies who have 15 year notes, I think there has to be a bathroom on board to qualify for a longer term boat loan, but don't quote me on that.
Old    Brian Howard (turbojedi)      Join Date: Jun 2013       03-10-2014, 9:34 AM Reply   
Thanks Guys, See that's was what the wake world site was for, sharing you passion, love and knowledge of the sport. I was just wondering what loans and notes where doing with the crazy new prices. Yes my supra is a tank and I toss lots of ballast in there and pulls great every time. My thinking was heck maybe I should get one last new boat before they go over the 150K mark.. I paid like 60-63k for mine and the new version of mine now would be in the 90-100k range . So that's about a 6 grand a year increase .. Thanks guys for sharing
Old    RB (boardman74)      Join Date: Jul 2012       03-10-2014, 9:50 AM Reply   
20 year notes are readily available on wake boats....no bathroom needed!! LOL The are more common as prices get higher and higher.
Old    Seahawks #1 Fan Robert T (cwb4me)      Join Date: Apr 2010       03-11-2014, 3:39 AM Reply   
Think of how much interest you will pay on a 20 year note on 100,000.00 dollars?
Old    Seahawks #1 Fan Robert T (cwb4me)      Join Date: Apr 2010       03-11-2014, 3:42 AM Reply   
About 58,400.00 dollars at 5%.
Old    Ben R (brichter14)      Join Date: Jul 2010       03-11-2014, 5:00 AM Reply   
I would imagine nobody is going to keep the boat for 20 years. It is simply renting it for a while then sell it.

100k boat, kept for five years. Sell for 70k and move on with your life.
Old    Eric (Fixable)      Join Date: Oct 2012       03-11-2014, 8:23 AM Reply   
Quote:
Originally Posted by brichter14 View Post
I would imagine nobody is going to keep the boat for 20 years. It is simply renting it for a while then sell it.

100k boat, kept for five years. Sell for 70k and move on with your life.

That would be fine and dandy, if it were true. However, you would still owe between $83-88k (Depending on interest rate) after your 60th Payment of $700.00.

You will have paid over 20k in just interest, and will likely be upside down by about 15-20k........ in the best case scenario....

Last edited by Fixable; 03-11-2014 at 8:25 AM.
Old    RB (boardman74)      Join Date: Jul 2012       03-11-2014, 8:26 AM Reply   
If you don't plan to keep the boat its even a worse idea. Like said above you won't come close to keeping up with the depreciation on a 15-20 year loan. Unless you make a substantial down payment. In which case your wasting that. Keep in mind most of the interest is on the front side.

So here's a cheap boat senario. You finance 50K for 15 year and get a decent rate. You get an ok deal so only lose 20% depreciation the first year(30% total from MSRP/ 15,000). At the end of the year you paid off a grand total of about $1000 of pricipal. You owe 49K. Your 55K MSRP boat is probably worth around 40-42K and you owe 49K. Your not renting it, your married to it.

This isn't a perfect example, I know. But trust me I buy a sell a new boat every year. Unless you buy super cheap(25% off MSRP or so) and you try and sell in the first 3 years your going to wonder what fell on you, with one of these long term loans. For those that think they are OK because you put down a large down payment...you still LOST all that money. You just paid the loss up front. With all that said if you are ok with it then do it. Just know what you are infor up front. Even with what most would say are good rates you are still going to pay a ton of interest.
Old    MICAH HARPER (MICAH_HARPER)      Join Date: Apr 2010       03-11-2014, 9:29 AM Reply   
i have a 15 year note because i needed one. If i waited for when i could pay cash for one...lol would be to old to enjoy it. All you Dave Ramsey wanna bes can stick it. Ive never ever been late on a payment for anything that i have. Weather boat, house, vehicles, blah blah blah.

My credit is great, i love life, and still consider myself very fortunate to afford to make payments oon my boat.
Old    Patrick Castro (patrick232)      Join Date: Aug 2008       03-11-2014, 10:44 AM Reply   
I have done the long 15 year loan on a 26 footer with head and galley, the interest is a deduction it helps. I have also done the shorter terms and you do notice the principal drops quick. But I would not trade the memories vs saving and paying cash. Currently the new boat will have a 10 year 3.99% loan. That's less than interest rate I have on some of my investment properties.
Old    156452 (WLF)      Join Date: Mar 2010       03-11-2014, 12:00 PM Reply   
MICAH, I'm with you on the YOLO philosophy...it is all about moderation though I believe. Sounds like you have got your act together and are responsible enough to understand that when you take a loan out for something, you pay it back. I think what gets people worked up is all the individuals who walked away from their obligations (house/investment property/cars/boats/kids/wife...etc) just because they made a bad decision or a the economy turned against them temporarily. Those unscrupulous individuals make the cost of everything more expensive for those of us who choose to honor the commitments and believe that your word is still worth something. Stepping off soap box now...
Old    Mark Hansen (MJHSupra)      Join Date: Jan 2014       03-12-2014, 6:21 PM Reply   
Quote:
Originally Posted by turbojedi View Post
So I am a wakeboarder throw and throw and I live the life style so much it has driven my Gf's a little nuts at times lol.. I am one that puts a far amount of hours on my boat every year (08supra 22ssv) and can't believe the prices now days. So in that I am wondering on loans these days do they carry the terms longer due to the prices going beyond 100k now days. When I got mine (new in 08) I was told 10 year was the max on the term. Just wondering what has changed, If anything. I would love one more new boat but a 800 plus payment is a little steep I pay 600.. See how long before some big money guy says I pay cash or something rude .. Not that I cant afford a 800 a month but its crazy when lots of us live where we get 6-6.5 months at best.. Thanks Guys
Brian:

Jut curious, what that 2008 SSV a $65K boat in 2008?

At the boat show I noticed a tricked-out SC450 for over $100K. Figured the SC350 was $10K cheaper.

Mark

Last edited by MJHSupra; 03-12-2014 at 6:27 PM.
Old    Brian Howard (turbojedi)      Join Date: Jun 2013       03-13-2014, 8:20 AM Reply   
I paid like 58K for it. If memory serves they where asking 63-65. It was well after the boat show. Its a great boat I love it, and Supra was great when I had a few issues, so for me Supra is legit and if I where to buy a new or even a year older model it would be a Supra.. I do take care of my boats well. My last Supra had 730 hours and very few problems...

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