Boat Financing Question for you guys... $35,000 - $45,000 boat

Its been quite a while since i bought mine but I went through local credit union on I think a 5yr term.

Credit union also. I use keesler. 5 years. I think it's like 4%. Not sure if credit unions do longer like other financing places but I've seen 10 years. But, if I had to finance a boat for 10 years I probably shouldn't have one.

Home equity line of credit.....you're welcome

i used reclending.com

They handled everything with the loan and all the paperwork and getting it registered, and insurance. Terms are based on your credit.

I got a 10 yr loan at 4.5% My note was 175 a month. At the end of the loan i was paying 600 a month on it and it was done in about 6 years.

Nothing wrong with going this route if you are good financially and know without a doubt that you are going to pay 2-3 times that amount per month.

I actually used this idea to see if I could pay that much a month (600+) to decide if I could afford a new truck.

I did LightStream when I had my boat built last year. They are great people. Woman called about 20 min after I hit submit to ask a few questions about work and email. Told me to check my email and if I liked the terms and rate to approve. 3 days later money was in my account. It’s basically a personal loan. You get a lower interest rate if you let them automatically take the money out of your account every month. They send you an email 5 days before they take it and the day they take it out.

Just buy a new 150k one and get that 0 down 20 year financing baw and the ladies will think you’re a baller! Just don’t get laid off..,.

I used lightstream as well. About 22k and was quick and easy.

Why does that bother you so much?

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Why does that bother you so much?

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Cause that is a long freaking time and a whole lot of interest on a swiftly depreciating product. You get a 50k boat and you burn probably 12-14k in interest? There are a whole lot of boats for sale for payoff for a reason.

if your home is appreciating in value and you have financial discipline, a home equity loan is a useful tool.

in 2000 i took out a HEL for 25,000 to pay for my boat. at the time the interest was tax deductible. in two years i refinanced, paid off the HEL and then owned the boat outright