Boat Financing

I think I did 48 months at Keesler. It might be like 3.5%. used though.

240 months, it was the only way I could afford the monthly note. My family absolutely loves hitting the sand bar and the 2 snapper I brought home on opening weekend.

I did a 24 month loan for 50% of the purchase price with a savings account pledged as collateral. Do not remember the rate but it was pretty low. I didn't have any payment or credit history so getting a loan was expensive. This way I was able to get payment history and build my credit for like $250. It worked out well and I got the keep the boat and trailer titles.

My son and grandson like to do father and son bass tournaments. I agreeded to help him out on getting into a bass boat which I thought $30,000 would be the high end of his choices. I didn’t think bassboats can run $60,000, when I said I would help him.

When we sat down with the lender they would have gone 120 months or longer. I saw the interest rate and told him no way look how much interest you are paying on this boat. The lady doing the financing was smooth trying to lay on the pile of horse manure to overcome my concerns. I explained to my son you have to pay the note plus gas, wear & tear maint, engine repairs after warranty ends, and insurance. The lady was mad when I paid the taxes and put 3/4 down to get his note affordable for him to only owe on it for 3 yrs. She looked at me like I was trying to take money out of her pocket.

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120 months

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If you have to finance for 10 years your buying more boat than you can afford.

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HELOC's are a nice way to self finance the boat sort of. you can write off the interest that way.

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thats what i did back in 1999, and when i sold the house two years later, obviously the note was paid off

however, it is a risk:

1) you are using the collateral in your home to finance an immediately depreciating luxury item
2) you are counting the fact that your equity will grow faster than the boat depreciates

it worked for me but certainly is not the answer for everyone

Is there anything that depreciates faster than a boat?

Paid in cash. Never thought I’d be stupid enough to finance a boat purchase

2014 yellowfin