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Started By
Message
Used boat loans
Posted on 1/9/22 at 3:06 pm
Posted on 1/9/22 at 3:06 pm
How do these bad boys work? Do I need to first get approved for a set amount then go buy a boat within X number of days? Or do I need to first find a used boat, get the loan, then buy it?
And who has the best rates?
And who has the best rates?
This post was edited on 1/9/22 at 3:07 pm
5
Posted on 1/9/22 at 3:18 pm to TheOcean
You ever see the American Greed episode about Michael Vorce? Great episode. He had no trouble getting loans for boats!
Actually on topic,I don’t really have any knowledge to help.
Actually on topic,I don’t really have any knowledge to help.
This post was edited on 1/9/22 at 3:19 pm
Posted on 1/9/22 at 3:32 pm to TheOcean
You post often about how much money you make. I am actually surprised you would need a loan to buy a used boat.
That’s all I got
That’s all I got
Posted on 1/9/22 at 4:08 pm to HarveyBanger
I could pay cash. But why pay cash when I can get a relatively low interest rate and just pay it off fast? Can use the cash for other investments
Posted on 1/9/22 at 4:29 pm to TheOcean
quote:
I could pay cash. But why pay cash when I can get a relatively low interest rate and just pay it off fast? Can use the cash for other investments
Not at the expense of financing a depreciating asset.
Posted on 1/9/22 at 5:36 pm to deeprig9
Oh so financing vehicles is also a no no, huh? 
Posted on 1/9/22 at 6:11 pm to TheOcean
Lightstream worked well for me...once i had the exact price agreed upon with the seller
Posted on 1/9/22 at 6:49 pm to deeprig9
quote:
Not at the expense of financing a depreciating asset.
That boat is going to depreciate no matter if he pays cash or borrows so your point is irrelevant.
Very low IQ post
Posted on 1/9/22 at 11:02 pm to iAmBatman
I bought a new boat in 2018 and could make money selling it now.
Posted on 1/10/22 at 3:29 am to TheOcean
Lighstream was scary easy. Legit applied for the loan when I found the boat I wanted, they ran my credit, and legit offered to wire me the funds the same day into my savings account. Interest rate on a 27k 6 year loan was right at 6% which is about right for a smaller sized loan on a used boat.
Posted on 1/10/22 at 7:54 am to down time
quote:
I bought a new boat in 2018 and could make money selling it now.
Do tell. What type/price range boat goes up in value after 4yrs
Posted on 1/10/22 at 8:05 am to Stagliano
quote:
Do tell. What type/price range boat goes up in value after 4yrs
Almost all of them right now. In my case, I bought a new bass boat in 2020 for 48k, fished it hard for year and a half, right now it's selling for 50k.
New prices are just going up so fast, it's dragging used prices up also. That's my theory anyway. Trucks are the same. Buy a 2018 Tundra right now, it will cost more than you would've paid in 2018.
Posted on 1/10/22 at 8:29 am to Stagliano
Conventional wisdom regarding depreciation for boats, cars, and campers is out the window right now. I 100% could sell my boat for at least what I paid for it 3 years ago. No way this foolishness lasts, but it is what it is right now...
Posted on 1/10/22 at 8:33 am to TheOcean
quote:
Oh so financing vehicles is also a no no, huh?
Financing a new vehicle using some sort of 0-2% loan through the manufacturer is quite a bit different than trying to get a used boat loan.
I cant see people getting low interest loans for used boats. Guy in this thread already said his was 6%. That's not low interest in today's environment. If you have the cash and its no sweat off your back why not just pay cash and not pay any interest to the bank if the loan is likely going to be 5%+ still?
I mean I get it if you can finance something for 0% or close to that going that route even with the cash on hand, but we're talking used boat loans here. Maybe you can score something like 3-4% but seems doubtful for most people.
This post was edited on 1/10/22 at 8:35 am
Posted on 1/10/22 at 9:29 am to Stagliano
quote:
Do tell. What type/price range boat goes up in value after 4yrs
it's a contender 25t with twin 200s that i found leftover during winter that year.
Posted on 1/10/22 at 9:47 am to down time
Boat prices are absolutely ridiculous right now. People are selling 10 year old boats for about what they paid for them.
Posted on 1/10/22 at 10:01 am to TheOcean
Maybe a HELOC or Pledged Asset Line 
Posted on 1/10/22 at 10:32 am to John_V
quote:
Lighstream was scary easy. Legit applied for the loan when I found the boat I wanted, they ran my credit, and legit offered to wire me the funds the same day into my savings account. Interest rate on a 27k 6 year loan was right at 6% which is about right for a smaller sized loan on a used boat.
Did you have to have the boat lined up before buying? Did you have to mail them the title?
Posted on 1/10/22 at 10:32 am to thunderbird1100
Because I can make more than 6% with my cash.
Posted on 1/10/22 at 11:16 am to TheOcean
quote:
Because I can make more than 6% with my cash.
Posted September 27th, 2008
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