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| I am looking at upgrading to a new or newer boat. Was wondering how many months and % you can find on a new boat loan in the Fox Valley Area. Paying $250 month right now a used boat for 5 year loan and was wondering what typical payments are for new boats, if there are any "tricks" to getting the monthly payments down. I have heard about ballon rates that some guys use for three years and then trade it in before the ballon hits. Is this what most of you do with new boats?
Thanks,
Oshkosh |
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| 80 views and no replies! |
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Member
Posts: 2445
Location: Fremont, Wisconsin | Your best bet will be to start boat shopping, find the boat you want, then find the dealer you like best. Have the sales guy start working for you through his connections in the industry. Make sure you have unblemished credit so he has something to work with. As far as ballon payments and low rates, if you want to LEASE a boat, that is exactly what that is designed to do. Very much like the trucks. The problem is there is no guaranteed trade in pricing or end of lease here is your boat back. a little roulette of sorts. |
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| I went through my credit union last year. $27,000 loan for 10 years at 5.5% gave me about $290/month. |
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Member
Posts: 1656
| Oshkosh,
Stacker summed it up pretty well. If you have "sparkling" credit, talk to your bank or credit union. Most of them will work with you to come up with a loan that fits you. Keep in mind getting money, costs money. The more you ask for, the more expensive it will be. |
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| Thank you Jayman and Stacker. I was just wondering before I started shopping if it was worth even looking. |
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Member
Posts: 45
| If you have tier 1 credit score's, you will be able to go up to 30 yr loan. Any dealer should be able to achive this for you. Just remember like already mentioned that you need flawless score's .
Your dealer should work's with countless bank's everyday and can find you the best rate's. You might want to look around some too. |
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Member
Posts: 118
Location: OSHKOSH, WI | I got my boat for $12,000 on a three year/$380 a month with some money down. It is kind of a high price, but I want to get it over with so I can buy something to tow it with lol. |
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Member
Posts: 11
| I went through my credit union and did a 5 year loan. Payments around $600. MY credit union had the lowest interest rates, and were a pleasure to deal with.
I also looked at Wells Fargo and Bank of America. Both really did not care that much for the business. I was told by the bank manager at Bank of America, that they are more interested in commercial loans. So, I told him I would be taking my loan for my Ranger to someone that wanted the business. |
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| Try your local credit unions they should be able to do a 15yr. fixed rate for 6.5% - 7%. I just got mine at that rate and term (6.75% fixed/15yr). Hope that helps! |
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| Did you guys ever hear of home equity loans? At least you'll be able to deduct the interest at income tax time. A 15 year loan on a boat just doesn't make sense. You'll be making payments long after the boat's usefull life is over. |
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Member
Posts: 1656
| Guest,
Home equity loans, can be beneficial, but other times there are still better deals. One thing to look out for now, is home equitys aren't always fixed as of late and the trend is rising interest rates.
The last loan I got they pushed hard for me to get a home equity because of the tax break, fact is I got the loan for 4% less then the home equity. All added up, I'd have paid more even AFTER the tax deduct. So who really wins? That's right the bank does. |
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Member
Posts: 921
Location: Manitowoc, WI | Avoid the hassle, PAY CASH! |
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| Jayman...4%, come on. You must be going to the wrong bank. Home equity loans are only 6-7% range...fixed. |
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Member
Posts: 1656
| You keep getting your tax break and feel good about it. And I'll continue to go my route.  |
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| I think if you have to take a 10 to 15 year loan you can't afford the boat. |
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Member
Posts: 279
Location: Rockford MN | Guest - 1/23/2007 10:39 PM
I think if you have to take a 10 to 15 year loan you can't afford the boat.
my feeling exacly! Make sure you don't get out done by your friends or the guy next door! Run out and get that boat that will have you cutting back on everything else! lol $600 a month payments are insane, you could buy a house and rent it for that and make some money! |
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Member
Posts: 1406
| Only 600 a month come on, I can run 40 planner boards on mine and its more like 6,000 a month.
Good Luck
Tyee
Buy what you can afford.
Edited by tyee 1/25/2007 11:33 AM
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Member
Posts: 1314
Location: Menasha, WI | Tyee, How many live wells on that thing? |
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Member
Posts: 1406
| Just one but it's always full of beer! |
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Member
Posts: 238
| When I bought my boat I did the 10 yr, keep my payment low just because I simply wanted and needed a new boat. With the quality wallyeboats out there have you guys experienced this working or does the interest catch up to ya and bite ya in the ass. Also is there a good time to trade when paying for a boat like this...Or will my best bet be waiting out the loan before my next boat? Any help would be great. Make a long story short, when I got a nice new boat I got a lot more crazy about walleye fishing and now Im in a situation where Im always looking at upgrading!
Any help would be sweet |
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| Word to the wise, irregardless of what loan you go with or what interest you get it is best to keep a payment schedule that keeps the boats residual value inline with what you could sell it for in upcoming years. Too many people have a boat that they owe more on than what it is worth and that is exactly what 10 and 15 years get you. The reality is that owning a boat for that length of time is most likely not going to happen and so therefore your setting yourself up for a loss.
Also, whomever said they can save 4% by going with/without home equity...they need to prove that to me. Unless your borrowing from a relative, which you must be and they don't understand what money is worth or your with a bank that doesn't offer competitive rates and so one rate is way more beneficial...
Generally rule of thumb: if you can get a Home Equity Line of Credit for 7% and are in the:
20% tax bracket a comparable Non-Tax Ded Loan would be 5.6% and if are in the 30% tax bracket a comparble Non-Tax Ded Loan would 4.9%.
Home equity is generally the best way you can go but there are some deals out there... |
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| car loans |
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| I think to solve out your problem you should use a loan calculator. Because it would accurately help you. You already have got a loan & want one more.I think i this condition its not possible to get one more loan.
best car loans | car finance Australia |
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Member
Posts: 141
Location: Oshkosh, WI | If you have home equity and your interest rate is a little bit higher than the current record low mortgage rates, you can re-finance your home and take out equity to use for anything you like. You may end up with a house payment that is close to what you currently have. I just did that to pay off my boat and put 13k into a new (used) vehicle (paid cash for the rest); my house will still be paid for in 7 years.
Also, remember that is a 13 year old middle of the road aluminum boat - it is o.k. to be average. |
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Member
Posts: 7
| I am 24 and took out a ten year loan to get a pro v. I figured that I should get my toy before starting a family because my next chance may not be til a kid is older. I figure when the loan is done I will have a fifteen year old boat that I have taken care of and can fish from for quite awhile. |
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New User
Posts: 3
| My local credit union was able to do 2.24% on my boat loan with good credit. It was much lower than Wells Fargo or others. I stretched it out to 10 years for lower payments and less interest paid until the boat is sold again in the fall. |
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| You might want to check out reclending.com they specialize in boat financing |
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