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Best financing options for purchasing a new boat motor?
Posted on 3/11/20 at 3:26 pm
Posted on 3/11/20 at 3:26 pm
I’m in the process of purchasing a new motor for my boat. I originally planned to finance the motor as I currently don’t have any debt with the exception of my mortgage. I would rather have a low monthly note compared to spending a chunk of cash.
The issue I’m running into is most credit unions won’t finance only a boat motor, it has to be a packaged deal (boat, motor, trailer). This has left me with having to go the personal loan route. I’m seeing rates around 9-10% which is way more than I’m willing to spend right now. I’ll pay cash before I spend that amount on interest.
Long story short, is anyone aware of credit unions that finance motors only? I was thinking the interest rates would be closer to a vehicle (4-5%).
The issue I’m running into is most credit unions won’t finance only a boat motor, it has to be a packaged deal (boat, motor, trailer). This has left me with having to go the personal loan route. I’m seeing rates around 9-10% which is way more than I’m willing to spend right now. I’ll pay cash before I spend that amount on interest.
Long story short, is anyone aware of credit unions that finance motors only? I was thinking the interest rates would be closer to a vehicle (4-5%).
2
Posted on 3/11/20 at 3:28 pm to GeauxTime9
How would they secure the loan? Can’t repo a motor
Posted on 3/11/20 at 3:40 pm to GeauxTime9
You’re not gonna get a low rate on just a motor. If that’s even possible, spend the cash and be done with it. Odd thing to finance imo.
Posted on 3/11/20 at 3:43 pm to corym52
quote:
You’re not gonna get a low rate on just a motor. If that’s even possible, spend the cash and be done with it. Odd thing to finance imo.
I'm leaning towards the cash route. Definitely not an odd thing to finance, new large outboards can get in the $20-30K range.
Posted on 3/11/20 at 3:54 pm to GeauxTime9
If you’re buying the $20-$30k variety of motor, many dealers/manufacturers offer financing. Honda Marine for example
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