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Old    Corey Shidler (CRS_mi)      Join Date: Jul 2011       05-08-2013, 7:17 AM Reply   
Anyone had any luck finding someone to finance a used boat recently with less than 10% down? My wife and I are looking to purchase our first boat and payments/credit are no problem for boats costing twice what we are looking at. However, everyone we talk to won't even consider less than 10% down. We are looking at inboards in the 15-20k range. Any thoughts?
Old    Josh M (dvsone79)      Join Date: Dec 2012       05-08-2013, 7:35 AM Reply   
Have you tried a credit union? Sometimes they have different policies. I got a loan in that range from my CU with no money down and super low interest rate.
Old    Jeff Funkhouser (fro169)      Join Date: Feb 2006       05-08-2013, 7:39 AM Reply   
I just used Bank of America - no money down.
Old    Nick Tomsyck (sidekicknicholas)      Join Date: Mar 2007       05-08-2013, 7:39 AM Reply   
Hate to be that guy, but if you don't have $2,000 to put down owning a boat might be a rough experience. Boats (used especially) can get expensive really quickly.


I would highly suggest not trying to finance 100% of the boat, even if you could find a lender who would.
Old    Boat Driver (LYNRDSKYNRD)      Join Date: Sep 2012       05-08-2013, 7:52 AM Reply   
My credit union requires 20% on used boats.
Old    Mike (zimme)      Join Date: Feb 2013       05-08-2013, 8:26 AM Reply   
How old is the boat? I know US bank was running a deal around here for 5.74% for 10-12 years on 100% LTV for qualified buyers. The older the boat, the less they'll want to finance. Anything older than 8-9 years old will probably raise issues.
Old    Corey Shidler (CRS_mi)      Join Date: Jul 2011       05-08-2013, 10:24 AM Reply   
Quote:
Originally Posted by sidekicknicholas View Post
Hate to be that guy, but if you don't have $2,000 to put down owning a boat might be a rough experience. Boats (used especially) can get expensive really quickly.


I would highly suggest not trying to finance 100% of the boat, even if you could find a lender who would.
I can put 10% down. I would prefer not to.
Old    William Burell (williamburell)      Join Date: Sep 2011       05-08-2013, 10:51 AM Reply   
My bank (coastal fcu) required 0 down. I ended up "paying" for the trailer on my down payment so its mine and put alil down on the boat too. Was weird and not sure if it had to do with the value of the boat vs the loan amount etc.
Old    Tim C (lifetimewarranty)      Join Date: Oct 2008       05-08-2013, 11:25 AM Reply   
I'm with Nick on this one...
Old    Tyler Conley (TC_Mastercraf_X5)      Join Date: Feb 2013       05-08-2013, 11:33 AM Reply   
I did alot of shopping around for financing when I was purchasing my boat. I found the best deal to be at a credit union where it was 0 down and 5% with my credit score. The crazy thing is rates are cheaper for boats than on school loans!
Old    Shawndoggy (shawndoggy)      Join Date: Nov 2009       05-08-2013, 12:02 PM Reply   
we spend $200 a day on the water in gas between the tow vehicle and the boat. 10% down is only 10 days on the water (not counting insurance, maintenance, depreciation, food....)
Old    Cory D (cadunkle)      Join Date: Jul 2009       05-08-2013, 12:05 PM Reply   
For a $20k or less range on a toy I believe you should be paying cash. No wasted money on interest, no payment, not stuck with boat if you want to sell, no worries about anything, etc. I always pay cash for all my toys, cars, whatever. If you have to finance it, you can't afford it. If you prefer to finance it if your money is making you more than you'd pay on the loan, that's different but in that case you should have no problem putting 10% down.

My advise is if you have $20k (in cash) to spend on this, put at least 10% down. If you don't have $20k (in cash), save your pennies or lower your budget so you 're not paying interest on a toy.
Old    William Burell (williamburell)      Join Date: Sep 2011       05-08-2013, 12:26 PM Reply   
Quote:
For a $20k or less range on a toy I believe you should be paying cash. No wasted money on interest, no payment, not stuck with boat if you want to sell, no worries about anything, etc. I always pay cash for all my toys, cars, whatever. If you have to finance it, you can't afford it. If you prefer to finance it if your money is making you more than you'd pay on the loan, that's different but in that case you should have no problem putting 10% down.
Kind of a busted attitude. Careful but busted. With the low percentage loans right now who cares? Not saying to buy over what you should but if you can get 4-5% returns on your cash and a loan with a lower percentage wtf would the point be in buying cash? Second off dude doesn't have to have 20k in the bank to buy a boat. My first boat cost more than I had in the bank and it turned out great. Thirdly the purchase based on quality of the boat, depreciation, etc is far more important. If the dude was talking about spending 20k on a wally express sea ray I'd say he was an idiot and would be upside down instantly but most 20k boats aren't going to depreciate enough to get upside down in. My thought is to keep more maintinence money and gas money on hand........Carefully understanding what a boat can and will cost you is the key. I've spent so much freaking money on my MC in extra's, maint, etc that it makes my eyes spin. Know its coming and plan around it. You could shred an impeller day 2 and be looking for an engine on day 3.

PS I will fully agree with what he said for a more expensive boat. if you were buying a 70k new boat then yea get that money down.......for 10-20k you know what your budget is obviously. Now if your interest rate comes in higher than giraffe poon then rethink that philosophy

Last edited by williamburell; 05-08-2013 at 12:31 PM.
Old    Corey Shidler (CRS_mi)      Join Date: Jul 2011       05-08-2013, 12:29 PM Reply   
Does everyone in here seem to have over 20k extra laying around for toys? I don't feel like I need to have a 6 figure job to afford a 15k boat. I'm only 28 and we have a cheap house mortgage (74k). Between the wife and I we clear 6 figures but not by much. We also don't want to wait until we are 50 years old to enjoy things. Like I said, I can put 10% down but I would prefer not to. I am saving for a down payment on our next house and don't want to dip into that fund.
Old    William Burell (williamburell)      Join Date: Sep 2011       05-08-2013, 12:34 PM Reply   
Quote:
Does everyone in here seem to have over 20k extra laying around for toys? I don't feel like I need to have a 6 figure job to afford a 15k boat. I'm only 28 and we have a cheap house mortgage (74k). Between the wife and I we clear 6 figures but not by much. We also don't want to wait until we are 50 years old to enjoy things. Like I said, I can put 10% down but I would prefer not to. I am saving for a down payment on our next house and don't want to dip into that fund.
Dude if you can afford it do whatever you want. Its your life not a forum members and everyones finances are different. This is f'n Murica....if you don't owe you don't own.
Old    MICAH HARPER (MICAH_HARPER)      Join Date: Apr 2010       05-08-2013, 12:58 PM Reply   
Quote:
Originally Posted by williamburell View Post
Dude if you can afford it do whatever you want. Its your life not a forum members and everyones finances are different. This is f'n Murica....if you don't owe you don't own.
Preach on Brotha!!!!!!!!!
Old    Bill Smeltzer (runin90lx)      Join Date: Sep 2009       05-08-2013, 2:24 PM Reply   
Quote:
Originally Posted by cadunkle View Post
For a $20k or less range on a toy I believe you should be paying cash.

watch out! money bags just walked in LOL
Old    William Burell (williamburell)      Join Date: Sep 2011       05-08-2013, 2:44 PM Reply   
Quote:
watch out! money bags just walked in LOL
he didn't walk in. He paid someone to carry him................cash
Old    RB (boardman74)      Join Date: Jul 2012       05-08-2013, 3:49 PM Reply   
I always love Cory D, AKA Money Mike, Money Bags, Richie Rich....that guy. If I had a dollar for every time I have seen that exact post I'd be as rich as him. Dude you must keep it on the paste key. I do better than alot but I don't keep much in savings any more because they pay less than 1%. That ties money up longer term where you make good rates. I have 2.99% on my boat so I pay a payment because the cash I could pay off that loan with makes 8%-13% on average. As an accountant that makes sense to me...your logic is not right for everyone. If it works for you great, but why do you feel the need to run people down if they can't pay cash for something they want? Of the people with newer boats I bet 90% on here pay payments, whether they will admit it or not.

Cory S, the OP. My advice is do what you are comfortable with. 10% down isn't much on a loan that size, as some have suggested used boats can and will get expensive fast. BOAT=Bust Out Another Thousand!! My advise is put down enough to stay ahead of the market value. On a toy I always like to stay in a position that I can sell if the unforseen happens. I understand wanting it now versus later. Its fine, responsible use of credit never hurt anyone. If you guys are making 6 figures and your credit is good and DTI is low, getting financing for full value shouldn't be an issue. But this time of year in some markets boats sell above retail, then if you have to pay tax you you are over market by a ways. You may hit 10% of the total paying that. You can find the loan you desire, just might take some looking. Worst case you pay the 10% down if you have to, you said you have it anyway.
Old    Michael Israel (izzy)      Join Date: Apr 2007       05-08-2013, 5:59 PM Reply   
I just did $40K no down...USAA
Old    Robert Cuadro (rcuadro)      Join Date: Nov 2012       05-08-2013, 8:10 PM Reply   
Quote:
Originally Posted by izzy View Post
I just did $40K no down...USAA
I did $32k, also with USAA with no money down
Old    Corey Shidler (CRS_mi)      Join Date: Jul 2011       05-08-2013, 9:31 PM Reply   
Thanks, I will try USAA.
Old    Mike (mfenton)      Join Date: May 2009       05-08-2013, 9:42 PM Reply   
Quote:
Originally Posted by cadunkle View Post
For a $20k or less range on a toy I believe you should be paying cash. No wasted money on interest, no payment, not stuck with boat if you want to sell, no worries about anything, etc. I always pay cash for all my toys, cars, whatever. If you have to finance it, you can't afford it. If you prefer to finance it if your money is making you more than you'd pay on the loan, that's different but in that case you should have no problem putting 10% down.

My advise is if you have $20k (in cash) to spend on this, put at least 10% down. If you don't have $20k (in cash), save your pennies or lower your budget so you 're not paying interest on a toy.
hahaha...richie richie with a 89 supra in his profile pic..

To the OP.. Find a bank you can put 0% down on and then refinance later on. Use the banks money!
Old    Chris Dirty (Dmac420sj)      Join Date: Mar 2012       05-08-2013, 10:23 PM Reply   
I finance everything just piss that dude off!!! America fu*k yaa!
Old    William Burell (williamburell)      Join Date: Sep 2011       05-09-2013, 6:29 AM Reply   
Quote:
hahaha...richie richie with a 89 supra in his profile pic..
Cash dude..............Not that the supra isn't a decent boat but thats like a dude bragging his fat wife cooks him dinner every night.
Old    RB (boardman74)      Join Date: Jul 2012       05-09-2013, 7:04 AM Reply   
Thats funny right there.
Old    Swatguy (xstarrider)      Join Date: Jun 2007       05-09-2013, 2:54 PM Reply   
Financial underwriters network (fun) Had some great rates.


Just because you can't pay 20 k cash for a used boat doesn't mean u can't afford it. People who get raises, get a new job or start budgeting differently can find a way to come up with a monthly payment and that's perfectly ok to afford a nice toy in my eyes. I have no issues with that.
Used boats really don't depreciate that much very quickly. In most cases even with 0 down you can stay at least even and in some cases depending on the deal get ahead in case you all of a sudden need to sell.


It's people financing new 100k 80k 70k wakeboats that boggle my mind..,,...especially with 15 yr plus loans. That's rediculous. How banks give 0-10% down loans for those is blasphemy. With out at least 30% down you will instantly be upside down in most cases. In this case having cash for a down payment to me is a must and people should not be given loans if they can't come with the amount to keep the financed value even or under the value it immediately turns when labled used. A 15 yr loan will take forever before you rich the point where u owe equal or less than the actual value with no money down. The boat looses its value a ton once you sing the dotted line and title it. In the used scenarios you don't take an initial huge hit. So if you keep up the steady payments you can "stay ahead"
Old    Cory D (cadunkle)      Join Date: Jul 2009       05-09-2013, 3:11 PM Reply   
Different priorities for different people, but I don't view going into debt for a toy as wise. I don't understand why people think those who pay cash and avoid debt, or don't take loans at higher interest rates than what they earn on their investments, are rich. RB, if you read my first post I did say, as I typically do, that if you earn more on your investments than you'd pay in interest it does not make sense to pull from those investments to pay cash. Aside from that though, maybe someone who thinks cash buyers are rich could explain why you have that view and why paying cash for luxuries is looked down upon as it seems to be here?

I'm far from rich and have never claimed to be rich, but when I went boat shopping I had $15k in my pocket. It's easy to save for a boat when you don't need the latest high dollar toy and all the luxuries that most people seem to think are necessities these days. Debt is slavery, it prevents you from taking opportunities when they come up, and limits your options. OP is about the same age as me but he has two incomes totaling a lot more than mine and I'm sure his monthly expenses before he can think about putting gas in the boat are lower than mine, given the major expense he mentions is a $74k mortgage along with saving (hmm, that word again) for another house later on. It's pretty simple to pay cash or "have over $20k laying around for toys" if you're saving for something that's important to you. It just has to be more important than the other wants and luxuries, and it's not a split second decision. You don't just wake up one day and say "I want a $20k boat so I'll go get one with the cash is my slush fund". Maybe Donald Trump does, but there's probably an extra zero in that price and I don't think he's indicative of a typical 20-something interested in water sports. I knew I wanted an inboard but I didn't have the money, I started saving and in the mean time I traded my convertible for an I/O so I could get out and ride. I gave up one luxury for for another that I valued more.

So I had $15k to spend. I saw some boats slightly out of my budget that I liked, so I shopped for a loan up to $20k with 50% down, term 3-6 years to get a mid 80s through mid 90s inboard. I prefer the classic styling of 80s boats, though up to mid 90s still look alright and I prefer my vehicles to not have fuel injection or any complex electronics. New boats throw a great wake and are convenient with built in ballast, but they're not for me. My boat is the newest vehicle I've ever owned, an '89, and it'll probably stay that way. Anyhow, no banks wanted to make a loan for a $20k or less boat with 50% down and a few years term. Surprisingly every bank I spoke to was more than happy to loan $80k for a new boat with little or nothing down on a 15+ year loan and a good interest rate. Seems a lot more risky, but maybe that's why the banks are in the situation they're in now.

I ended up well under budget with a boat that looks great, works great, and does everything I need for my level of riding. I also managed to get rid of my old boat in the same transaction and ended up well under budget. I put the rest of what I had saved for an inboard into paying down student loans, as my top priority is to pay off my debt. I think it worked out quite well for me.

If the OP wants to finance his boat and doesn't mind paying the interest, that's his choice. I'm curious what interest rate the bank is offering and what he's making on the money he'd rather save for the next house, if it's a net positive to take the loan. Either way though, I don't think $2k down on a $20k loan is unreasonable.
Old    William Burell (williamburell)      Join Date: Sep 2011       05-10-2013, 6:30 AM Reply   
Quote:
It's easy to save for a boat when you don't need the latest high dollar toy and all the luxuries that most people seem to think are necessities these days.
First off you does your direction of thinking really make sense? I'm not trying to bust your chops but you are talking about "saving" to make a purchase. There is a very strong difference between a stupid purchase like a 100k boat with 0 down for 15 years. Thats just retarded unless you don't care about losing your a$$. Thats their choice though. What you however has said is to "save up" for a purchase. In your mind you are saying that someone should take time to accumulate cash to make a purchase. The mindset of many is to "save up" monthly to make a payment. Interest rates are low enough that it really makes no difference. Why wait for something when you can properly budget your financials and stay liquid?

Also the OP is not talking about making a 50k purchase.......hes talking about 20k. A 20k wake boat purchase is prob the lesser of any evils in purchasing a boat. He's not going to lose much in depriciation unless he beats the crap out of it or trashes the engine.

Quote:
Anyhow, no banks wanted to make a loan for a $20k or less boat with 50% down and a few years term. Surprisingly every bank I spoke to was more than happy to loan $80k for a new boat with little or nothing down on a 15+ year loan and a good interest rate. Seems a lot more risky, but maybe that's why the banks are in the situation they're in now.
it couldn't possibly be the fact that you don't finance things that deterred the bank.

Quote:
If the OP wants to finance his boat and doesn't mind paying the interest, that's his choice. I'm curious what interest rate the bank is offering and what he's making on the money he'd rather save for the next house, if it's a net positive to take the loan. Either way though, I don't think $2k down on a $20k loan is unreasonable.
Dude please think about it. If the bank gives him 6 percent on the loan and he makes a modest 2.5-3% return on his cash now (you can do that in a checking account pretty much) hes paying pretty 3% on his loan. WHO FREAKING CARES?

Quote:
Debt is slavery,
So you are saying you shouldn't finance anything? Its life man. You buy houses, you buy boats, you buy cars.........its what happens. If you bought things you can only afford at that exact moment you'd be waiting around a lifetime to get what you want. Pick your purchases wisely and stay within budget. I don't think anyone on this forum is starving to death.
Old    Shawndoggy (shawndoggy)      Join Date: Nov 2009       05-10-2013, 7:00 AM Reply   
Quote:
Originally Posted by williamburell View Post
First off you does your direction of thinking really make sense? I'm not trying to bust your chops but you are talking about "saving" to make a purchase. There is a very strong difference between a stupid purchase like a 100k boat with 0 down for 15 years. Thats just retarded unless you don't care about losing your a$$. Thats their choice though. What you however has said is to "save up" for a purchase. In your mind you are saying that someone should take time to accumulate cash to make a purchase. The mindset of many is to "save up" monthly to make a payment. Interest rates are low enough that it really makes no difference. Why wait for something when you can properly budget your financials and stay liquid?

Also the OP is not talking about making a 50k purchase.......hes talking about 20k. A 20k wake boat purchase is prob the lesser of any evils in purchasing a boat. He's not going to lose much in depriciation unless he beats the crap out of it or trashes the engine.



it couldn't possibly be the fact that you don't finance things that deterred the bank.



Dude please think about it. If the bank gives him 6 percent on the loan and he makes a modest 2.5-3% return on his cash now (you can do that in a checking account pretty much) hes paying pretty 3% on his loan. WHO FREAKING CARES?


So you are saying you shouldn't finance anything? Its life man. You buy houses, you buy boats, you buy cars.........its what happens. If you bought things you can only afford at that exact moment you'd be waiting around a lifetime to get what you want. Pick your purchases wisely and stay within budget. I don't think anyone on this forum is starving to death.
What checking acct gives 2-3%? My wells acct pays like a millionth of a percent. Just enough to sortof be a slap in the face. Interest rates are low these days because returns are too.
Old    William Burell (williamburell)      Join Date: Sep 2011       05-10-2013, 7:25 AM Reply   
https://www.coastal24.com/checking/g...n-checking.htm

At 2% now. It fluctuates randomly. Used to be 2.5, then 2.75, etc
Old    Tim (dezul)      Join Date: Jul 2012       05-10-2013, 7:37 AM Reply   
USAA is the route I went too. Zero down and 304/month payment on a 27.5k loan. All the money I saved for it went to taxes, registration, and a carport to put it under.
Old    MICAH HARPER (MICAH_HARPER)      Join Date: Apr 2010       05-10-2013, 9:50 AM Reply   
Quote:
Originally Posted by cadunkle View Post
For a $20k or less range on a toy I believe you should be paying cash. No wasted money on interest, no payment, not stuck with boat if you want to sell, no worries about anything, etc. I always pay cash for all my toys, cars, whatever. If you have to finance it, you can't afford it. If you prefer to finance it if your money is making you more than you'd pay on the loan, that's different but in that case you should have no problem putting 10% down.

My advise is if you have $20k (in cash) to spend on this, put at least 10% down. If you don't have $20k (in cash), save your pennies or lower your budget so you 're not paying interest on a toy.
Dave Ramesy is that you? lol Come on guy give me a freaking break.....hell i got me a 15yr loan and am happy as can be....or are you saying i should wait and save up till im 40 and pay cash for a boat....you know you only get to be young for so long....lol....plus like they said the is
F'n UMERICA!!!!
Old    MICAH HARPER (MICAH_HARPER)      Join Date: Apr 2010       05-10-2013, 9:53 AM Reply   
Quote:
Originally Posted by dmac420sj View Post
i finance everything just piss that dude off!!! America fu*k yaa!
yeeessssssssssss!!!
Old    Craig Emerton (craigtxmc)      Join Date: Oct 2008       05-10-2013, 10:59 AM Reply   
It seems to be about 50/50 based on what i see here at the shop...

50% cash
50% finance

just my .02
Old    William Burell (williamburell)      Join Date: Sep 2011       05-10-2013, 11:42 AM Reply   
Quote:
It seems to be about 50/50 based on what i see here at the shop...

50% cash
50% finance

just my .02
Can we get that broken down into age demographics, some pretty charts, and trade ins?

I mean all kidding aside and this coming from no expertise at all...........Most of the people under 30 I've talked to finance a boat. If you are under 30 and can pop 20+ out of your wallet and it doesn't make you cringe......cool but I've got kids, a g/f, and an ex wife. Personally I would just never drop that kind of cash unless it was a home purchase. I owe more on my house, boat, and new truck than I could sell every organ for. Is it stupid? maybe. Is it America? F'yea.
Old    Anthonyv911 (tonyv420)      Join Date: Jul 2007       05-10-2013, 11:50 AM Reply   
I could care less that my ride is not payed off, I'm on the water enjoying life to the fullest! Prob never buy another boat again, but my ride puts out a perfect wave, yes I said perfect, for me! And if I get tired of the color, I can get it wrapped! America!! EFF YA!!!
Old    RB (boardman74)      Join Date: Jul 2012       05-10-2013, 11:50 AM Reply   
I want one of those 2% + interest check accounts. I'm with US bank and get the .00001% like shawndoggy. Reason I am tying my money up longer term to make interest. I used to always keep between 15-20K in a savings account as a safety net and made almost 3%. Interest kept going down, do did my balance in savings. No need to let the bank use my money for free. So I keep my balance at 5k and make a whopping $0.17 a month.

If everyone went to the no loan concept as some suggested the new market on most high dollar items would dry up. Lets say the average cost of a new wakeboat is 70K(R20/Moomba outback start at 45K-The big boys at 130K+). I bet less than 10% of those are cash purchases. Without financing every manufacturer goes belly up.
Old    Craig Emerton (craigtxmc)      Join Date: Oct 2008       05-10-2013, 12:59 PM Reply   
Will, getting guys under 30 financed is one of our biggest hurdles sir. Even with great credit profile. Our banks like to see established recreation loans, mortgages,etc.. Even with more than 10% down. Sometimes it's hard to explain to someone who takes care of their credit and make plenty of money to afford such a payment. That obviously isn't the case every time, I'm just trying to say it's tough qualifying sometimes.

There is a lot of money out there guys. I shake my head sometimes when I see checks written like it were for a electric bill or something. That's why I always tell people.. "I just sell them cuz i sure can't buy them"
Old    Cory D (cadunkle)      Join Date: Jul 2009       05-10-2013, 2:11 PM Reply   
Quote:
Originally Posted by MICAH_HARPER View Post
Dave Ramesy is that you? lol Come on guy give me a freaking break.....hell i got me a 15yr loan and am happy as can be....or are you saying i should wait and save up till im 40 and pay cash for a boat....you know you only get to be young for so long....lol....plus like they said the is
F'n UMERICA!!!!
Dave Ramsey gives bad advice fomr what I've heard of him. He advises paying off your lowest dollar amount debt first, as opposed to the highest interest. Following his advice you will pay more interest to make someone else rich. Dave also advises against using credit cards. I use credit cards fairly extensively for the cash back benefits. It's free money and foolish to not take it. Of course I always pay in full each month to avoid paying interest. Credit cards also essentially give you a free 30 day loan, so you can use your cash in a way that better suits you in that time.

If you don't mind paying all that interest then great, it works for you. For me, no way. I'm not saying wait until you're 40 to get a boat, but rather my advise is to get a cheaper boat and if you want something newer or more capable save your pennies. With this sport you kind of don't want to waste your whole 20s and 30s saving for a boat, but I'd say most everyone here can afford to pay a few grand cash for an old inboard that throws a decent wake. If you can't, you're simply overextending yourself by trying to own a boat at all or value other luxuries more than a boat.
Old    Bill Smeltzer (runin90lx)      Join Date: Sep 2009       05-10-2013, 3:34 PM Reply   
Quote:
Will, getting guys under 30 financed is one of our biggest hurdles sir. Even with great credit profile. Our banks like to see established recreation loans, mortgages,etc.. Even with more than 10% down. Sometimes it's hard to explain to someone who takes care of their credit and make plenty of money to afford such a payment. That obviously isn't the case every time, I'm just trying to say it's tough qualifying sometimes.

There is a lot of money out there guys. I shake my head sometimes when I see checks written like it were for a electric bill or something. That's why I always tell people.. "I just sell them cuz i sure can't buy them"
yep we went through that process with the first boat. was a PITA, but luckily the 2nd boat was a piece of cake to finance.
Old     (96prostar205)      Join Date: May 2013       05-10-2013, 10:14 PM Reply   
That 2 percent rate you linked to is noted as being accurate from august 2011. It also requires using a debit card 30 times a month. Just sayin
Old    Corey Shidler (CRS_mi)      Join Date: Jul 2011       05-11-2013, 6:12 AM Reply   
Alright, so I ended up finding a '93 Maristar 225 w/ LT-1 engine at 207 hrs. for 11k w/ a new cover and prop. The boat isn't perfect (couple tears in vinyl and such) but it's in good shape for the year. I did find some zero down options but the interest was always high. I ended up putting 500 bucks down and got in at 4.5% for 120 months. Of course I don't plan on using the full 120 but it makes it nice for tough months. Thanks for the advice guys.
Old    Shawndoggy (shawndoggy)      Join Date: Nov 2009       05-11-2013, 7:50 AM Reply   
holy cow, that's a great loan on a 20 year old boat!
Old    Nick (ironcross25)      Join Date: Jul 2006       05-11-2013, 11:08 AM Reply   
I did 100% on mine a year ago. PNC bank. they require the boat to be less than 10 years old to finance though. if not, I think its a certain percent down then. I don't like to put money down. id rather have the cash in the bank. If I can afford the pmt with no issue than who cares. I did this with my last boat.
Old    William Burell (williamburell)      Join Date: Sep 2011       05-14-2013, 8:08 AM Reply   
Quote:
That 2 percent rate you linked to is noted as being accurate from august 2011. It also requires using a debit card 30 times a month. Just sayin
its still accurate. I think its down to 12 transactions which is easy. I set my bills to be drafted on that card and it takes care of itself. Its a varying return so it can be 3.0, 2.2, 2.0 etc

Quote:
ill, getting guys under 30 financed is one of our biggest hurdles sir. Even with great credit profile. Our banks like to see established recreation loans, mortgages,etc.. Even with more than 10% down. Sometimes it's hard to explain to someone who takes care of their credit and make plenty of money to afford such a payment. That obviously isn't the case every time, I'm just trying to say it's tough qualifying sometimes.
figures as much. My process wasn't "bad" but it wasn't great. I had a mortgage, past car loans, etc and a decent income and still got some weird looks. Can't imagine trying to finance 60k

Last edited by williamburell; 05-14-2013 at 8:12 AM.
Old    Tim (dezul)      Join Date: Jul 2012       05-14-2013, 9:06 AM Reply   
Quote:
Originally Posted by CRS_mi View Post
Alright, so I ended up finding a '93 Maristar 225 w/ LT-1 engine at 207 hrs. for 11k w/ a new cover and prop. The boat isn't perfect (couple tears in vinyl and such) but it's in good shape for the year. I did find some zero down options but the interest was always high. I ended up putting 500 bucks down and got in at 4.5% for 120 months. Of course I don't plan on using the full 120 but it makes it nice for tough months. Thanks for the advice guys.
You know the rules. Post some pics.

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