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Started By
Message
Boat Loans
Posted on 6/29/10 at 3:02 pm
Posted on 6/29/10 at 3:02 pm
Looking for advice on boat financing.
Buying a 2004 Stardeck Aurora 2009 - 21' deck boat. Boat is coming with engine (2004 Suzuki 140 HP 4 stroke) and magic tilt trailer. Retail is around 14k-17k. Seller has agreed to sell for 12k.
I'm looking to put 2k down and finance 10k. My question is does anyone have any recommendations for a finance place. I currently bank with BOA and we look to barely meet the requirements for boat loans (only 7 year old boats and newer, etc...). I checked eboatloan.com and they only finance 25k and up. Anyone here have any experience this arena or can point me in the direction of a lender?
Thanks in advance.
PS - Credit is decent (above 675 and income to debt ratio is in great shape).
Buying a 2004 Stardeck Aurora 2009 - 21' deck boat. Boat is coming with engine (2004 Suzuki 140 HP 4 stroke) and magic tilt trailer. Retail is around 14k-17k. Seller has agreed to sell for 12k.
I'm looking to put 2k down and finance 10k. My question is does anyone have any recommendations for a finance place. I currently bank with BOA and we look to barely meet the requirements for boat loans (only 7 year old boats and newer, etc...). I checked eboatloan.com and they only finance 25k and up. Anyone here have any experience this arena or can point me in the direction of a lender?
Thanks in advance.
PS - Credit is decent (above 675 and income to debt ratio is in great shape).
3
Posted on 6/29/10 at 3:05 pm to TampaBayTiger
Boats are expensive enough, the last thing you need to add on is interest expense. If you can't pay cash for it, don't buy it.
Posted on 6/29/10 at 3:13 pm to TheHiddenFlask
quote:
Boats are expensive enough, the last thing you need to add on is interest expense. If you can't pay cash for it, don't buy it.
Definitely heard that. Long story short here is I'm trying to help myself and a friend out. He and his wife are getting a divorce , and she's got the rights to the boat (she currently works as a civilian contrator in Iraq with no plans on coming home anytime soon to deal with the "boat situation"). I'm trying to buy it up front from her so we can keep it in our group of friends. We plan to pay the loan off quickly over the course of a year, assuming we can get a loan without an early pay off penalty, to minimize any interest payments.
Posted on 6/29/10 at 3:24 pm to TampaBayTiger
just pay cash u cheap s.o.b. 
Posted on 6/29/10 at 3:25 pm to TampaBayTiger
If you have money in the bank, borrow against a CD. Or just outright buy it cash and set up a payment plan with yourself if you are disciplined enough.
Posted on 6/29/10 at 3:26 pm to TampaBayTiger
Posted on 6/30/10 at 4:21 pm to TampaBayTiger
quote:
TampaBayTiger
I was looking around for a boat myself and the best rates I found were at credit unions. If I remember correctly Ouachita Valley Credit Union had rates around 4.6% for 3 years up to 5% for 7 years.
Posted on 6/30/10 at 4:25 pm to TampaBayTiger
Cheapest part of owning a boat is the cost of the boat itself!
Posted on 6/30/10 at 6:19 pm to 10ozMatt
I heard the best day for a boat owner is the day they bought the boat and the day they sell the boat.
Posted on 6/30/10 at 6:42 pm to arowana
You would be correct. I sold my boat because they are such a headache. It is much better to have FRIENDS with boats.
Posted on 7/1/10 at 3:40 am to arowana
quote:
I heard the best day for a boat owner is the day they bought the boat and the day they sell the boat.
Very true. Had a friend who several years ago bought him a ski boat. Type of job he had made him work on the weekends. Bought the boat in May and for about the following 6-7 weekends he was always off work because of "sickness". The first weekend he did work I asked him what he was doing back instead of being out on the lake enjoying his new boat. He replied " I realized that I have to pay for the sonofabitch". He sold the boat in Nov.
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