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Started By
Message
Financing Used Boat vs. New Boat
Posted on 3/6/20 at 8:35 am
Posted on 3/6/20 at 8:35 am
When financing a boat, are the terms generally much different for a used boat 2-3 years old? Looking to buy an aluminum bass boat (25k-30K) and debating between new and used.
7
Posted on 3/6/20 at 8:40 am to WhoDat_9
Horrible idea either way, but most banks offer new/used boat loans at 3-5%. Going the lightspeed/personal loan route will land you 6-10% depending on your credit.
Eta: both are very simple, the lightspeed route is stupidly easy.
Eta: both are very simple, the lightspeed route is stupidly easy.
This post was edited on 3/6/20 at 8:55 am
Posted on 3/6/20 at 8:47 am to DownshiftAndFloorIt
quote:
Horrible idea either way,
What is a bad idea? Buying a boat?
Posted on 3/6/20 at 8:53 am to DownshiftAndFloorIt
quote:
DownshiftAndFloorIt
Party pooper
Posted on 3/6/20 at 8:54 am to Ron Cheramie
quote:
What is a bad idea?
Financing a boat unless you can get the money for realllly cheap. Money for a used boat probably isnt going to be cheap.
Posted on 3/6/20 at 8:59 am to Saskwatch
Well, I seriously doubt all these 25 blackjacks running around are paid for. The money is really easy to get; theyll pretty much give you as much as you want for whatever you want. I imagine the dealers will lend you the money as well, but my local credit union has really good rates on boat loans.
You just have to be smart about it. I borrowed money for my current used boat and while it will be paid off shortly, I wish I wouldnt have. It was a dumb financial decision. BUT, I have a big arse boat that I otherwise wouldn't have.
You just have to be smart about it. I borrowed money for my current used boat and while it will be paid off shortly, I wish I wouldnt have. It was a dumb financial decision. BUT, I have a big arse boat that I otherwise wouldn't have.
Posted on 3/6/20 at 9:13 am to DownshiftAndFloorIt
quote:
I borrowed money for my current used boat and while it will be paid off shortly, I wish I wouldnt have.
Ahh so some personal regret.
Maybe OP has thought it through more
This post was edited on 3/6/20 at 9:17 am
Posted on 3/6/20 at 9:18 am to DownshiftAndFloorIt
How else am I supposed to have the shiniest boat in the bass club?
Posted on 3/6/20 at 9:21 am to Saskwatch
Maybe so.
I fricking love my boat. No denying it was financially the 2nd dumbest thing I've ever done behind quitting a very high paying job
I fricking love my boat. No denying it was financially the 2nd dumbest thing I've ever done behind quitting a very high paying job
This post was edited on 3/6/20 at 9:26 am
Posted on 3/6/20 at 9:26 am to DownshiftAndFloorIt
Boat threads are my favorite.
I've never met Downshift, but he says everything with confidence!
The age old question: Wait till you're old and pay cash for a boat, or borrow some and enjoy the boat while you and your family are young. Surely there's a good balance in there!
I've never met Downshift, but he says everything with confidence!
The age old question: Wait till you're old and pay cash for a boat, or borrow some and enjoy the boat while you and your family are young. Surely there's a good balance in there!
Posted on 3/6/20 at 9:27 am to WhoDat_9
Damn I have been slightly curious about this. With my parents retiring my dad is looking to offload some money and wants me to take over the payments and keep his 2011 Nitro Z7. I think he only has 9 or 10k left on it but I don't think I can justify taking out a small loan to take it over. Two kids in an expensive daycare and currently paying off two AC units that crapped out at the same time. 
I live within walking distance to lake grapevine so i'd get plenty of use and will prob never get a better deal in the future. 
With my parents retiring my dad is looking to offload some money and wants me to take over the payments and keep his 2011 Nitro Z7. I think he only has 9 or 10k left on it but I don't think I can justify taking out a small loan to take it over. Two kids in an expensive daycare and currently paying off two AC units that crapped out at the same time. I live within walking distance to lake grapevine so i'd get plenty of use and will prob never get a better deal in the future. Posted on 3/6/20 at 9:27 am to DownshiftAndFloorIt
quote:
I fricking love my boat
You see it's not all bad. As long as the purchase isn't going to put you in a hole that will cripple your family's lifestyle then a boat can be a great thing. People should pursue enjoyment in hobbies. I also think it can be a problem if you spread your time and money too thin with a lot of hobbies.
This post was edited on 3/6/20 at 9:31 am
Posted on 3/6/20 at 9:31 am to nerd guy
Wait.... you financed an AC?
Posted on 3/6/20 at 9:34 am to Jack Daniel
quote:
Wait.... you financed an AC?
Nope. We financed two ACs. When you're in the middle of the summer and both of your 26 year old ACs crap out you're stuck with a pretty big bill. Luckily it's around 2 or 3%.
Posted on 3/6/20 at 9:37 am to Jack Daniel
quote:
Wait.... you financed an AC?
I just got something in the mail yesterday for Buddy's AC in Baton Rouge. Think it said something like 0% interest for 72 months or something ridiculous. Not bad for someone hit unexpectedly with a full AC replacement.
Posted on 3/6/20 at 9:39 am to WhoDat_9
Home equity line of credit is the answer
Posted on 3/6/20 at 9:47 am to jmorr34
If that’s an option, it makes sense
Posted on 3/6/20 at 9:47 am to nerd guy
quote:
2011 Nitro Z7. I think he only has 9 or 10k left on it but I don't think I can justify taking out a small loan to take it over.
At first glance that sounds crazy to have 10k left on a 9 year old boat, but for you, maybe 10k is a great deal for that boat. I have no idea.
Good luck on those AC's. You gotta do what you gotta do.
Posted on 3/6/20 at 10:15 am to Grassy1
My first thought was he got a shitty finance deal on that boat. He did sell his last nitro and bought this one used 5 years ago or so. So maybe that makes more sense. But 10k for me is a damn solid deal. Less than. 300 hours on the motor and most are from me and him together. Absolutely hate that I can't do it. Year and a half and our oldest is out of daycare. Saving up 9 months of daycare could pay for it in cash.
He did sell his last nitro and bought this one used 5 years ago or so. So maybe that makes more sense. But 10k for me is a damn solid deal. Less than. 300 hours on the motor and most are from me and him together. Absolutely hate that I can't do it. Year and a half and our oldest is out of daycare. Saving up 9 months of daycare could pay for it in cash. 
Posted on 3/6/20 at 10:27 am to DownshiftAndFloorIt
quote:
I borrowed money for my current used boat and while it will be paid off shortly, I wish I wouldnt have.
I couldn't disagree more! Granted, I didn't have to borrow much, but the positive of simply having a boat to go fishing whenever and where ever I want much outweighs the negative of paying a $114 note every month for 3 years...
I would do it again in a heart beat.
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