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Started By
Message
What's a typical term and interest rate for a boat loan?
Posted on 4/6/14 at 9:13 am
Posted on 4/6/14 at 9:13 am
I got boat fever and really want the Xpress H20 Bay. Trying to do the math on a $30000 loan.
9
Posted on 4/6/14 at 9:23 am to LSUlefty
Check your local credit union....right now mine has 60 months 4.5% on a new or used. Your dealer may be able to beat it or may have some incentives.
Posted on 4/6/14 at 9:38 am to LSUlefty
People finance boats?
Posted on 4/6/14 at 9:43 am to Motorboat
Looks like an OB Baller.
Posted on 4/6/14 at 9:56 am to Motorboat
quote:News to me
People finance boats?
Posted on 4/6/14 at 10:07 am to LSUlefty
The dealer got me 9% then I refinanced it at my credit union for 4.5%
Posted on 4/6/14 at 10:10 am to FelicianaTigerfan
quote:
The dealer got me 9%
Damn, they put in you dry...
Posted on 4/6/14 at 10:11 am to LSUlefty
Seriously, save up 50% and put down on it that way you will never be upside down in the boat.
Posted on 4/6/14 at 10:13 am to Choirboy
Also never buy a new boat
Posted on 4/6/14 at 10:13 am to LSUlefty
the market is full of good used boats- you can save yourself a lot of money-- wait till the fever is gone
I bought my boat with less than 50 hours on it. A guy had the fever and bought something he really could not afford- I picked up for the balance of his loan- paid the bank and never looked bank- that has been 7 years ago-
Slow down take your time- 30K is a lot of money to put into a boat-
I bought my boat with less than 50 hours on it. A guy had the fever and bought something he really could not afford- I picked up for the balance of his loan- paid the bank and never looked bank- that has been 7 years ago-
Slow down take your time- 30K is a lot of money to put into a boat-
Posted on 4/6/14 at 10:17 am to LSUlefty
Paying cash for a used boat made me feel a lot better than financing a new one
This post was edited on 4/6/14 at 10:18 am
Posted on 4/6/14 at 10:32 am to 756
Go to Mexico and buy a brand new 25 foot panga hull for $6,000. Rig the motor here and be finshing the rigs in a brand new rig for under $18k. You could buy the motor on credit and still be positive on value at all times.
This post was edited on 4/6/14 at 10:34 am
Posted on 4/6/14 at 11:08 am to LSUlefty
Was able to do 3.99 on mine. Don't listen to the haters, responsible financing is a tool many people use.
Anything less than 4 is just about free money IMO.
Anything less than 4 is just about free money IMO.
Posted on 4/6/14 at 11:12 am to subMOA
unless you are a serious fisherman that uses a boat all the time, its a waste to buy a new boat. so many people go out and buy a new boat and after 4-5 trips seldom use it.
Posted on 4/6/14 at 11:42 am to LSUlefty
I was back and forth between paying cash or taking out a loan on my boat. I had the cash, but hated to see it go. In the end, I just paid cash and it's nice to know that I'm done with it and not giving away any money to anyone.
Posted on 4/6/14 at 11:46 am to subMOA
quote:
Anything less than 4 is just about free money
That's pretty much how I look at it, except my number is more around 3%
Posted on 4/6/14 at 12:25 pm to DownshiftAndFloorIt
I am doing a heloc rt now to get mine. Low interest
Posted on 4/6/14 at 1:08 pm to TBoy
quote:
Go to Mexico and buy a brand new 25 foot panga hull for $6,000. Rig the motor here and be finshing the rigs in a brand new rig for under $18k. You could buy the motor on credit and still be positive on value at all times.
I would like to know more about this
Posted on 4/6/14 at 1:09 pm to littlePNdaB
quote:
I would like to know more about this
Same. I have no use for it, but the idea is extremely interesting.
Posted on 4/6/14 at 1:53 pm to littlePNdaB
quote:
I would like to know more about this
The panga hull is the most versatile coastal hull in the world. It can go 100 miles offshore and also fish in less than two feet of water. The best panga hulls are made by Yamaha's Mexican boat division, Imemsa. There is only one importer of Mexican Imemsa panga hulls, Panga USA, which operates out of Corpus Christi, Texas.
Or, if you are slightly more adventurous, you could cross the border at Brownsville, to Matomoros, Mexico, and buy the same hull at a dealer about 5 miles from the border, on the main highway, for about $3,000 less than the dealer in Corpus.
The present rate for a 25 foot open hull in Mexico is 59,280.00 pesos, approximately $3,326.00. That is for a fiberglass 25 foot hull, no floor, but ready to rig, made by Yamaha in Mexico.
You can fiberglass in your own floor and console, using marine plywood or nidacore, for under $1,500. Then you have a 25 foot vessel for under $5,000, ready to add a motor and rigging.
Since the hulls run light in the water, you could power a 25 with as little as 50 hp.
There is some more detail to the deal, but I know some folks planning to do it in the very near future.
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