Boat Financing Holly Cow!!

[alpine4x4]

How many are going to spend 50K on a used boat with no warranty on motor? Not to mention outdated electronics!

Plenty do, our dealers cant keep enough used boats in stock around here.

[Bill2e]

Hey a 20 or 30 year loan payment would be great when I'm 70.

Don’t give me credit when I’m retired

[Mcjenson]

Plenty do, our dealers cant keep enough used boats in stock around here.

The bass boat market is insane up here. Even get gouged on new boats. I’d definitely travel south to pick up a used one.

[Hchamberlin1]

I’m not going to pretend I paid cash for my boat. I took the max term of 20 years. I try and make double payments but if something ever comes up I have that reserve. My last boat I did the same and paid in 7. My current rig is on about the same path. For example it’s paid so far ahead my bill shows payment of 0.00 due. If something ever happened I don’t have to worry about it right away. If everyone who fished paid cash or took a 5 year note the lakes certainly would be less crowded.

[jeremyc]

The ability to make profit on a boat is never made on the sale it’s always made on the buy. I have purchased three or four boats at 12 to 20 year terms but I made sure that the purchase price was low enough that in 5 to 7 years my boat would still be worth more than I owe on it. Look at an amortization schedule, look at how much you will owe around the time you will want a new boat. If the boat your buying will be worth more than you can sell it for based on how long you will keep it then buy it. If not find a better deal or put more money down.

[fishnfool38]

Someone want to explain exactly anything about fishing that is a financially wise decision?

[Dixie-Raven]

Someone want to explain exactly anything about fishing that is a financially wise decision?

Nothing about it is. Even a cane-pole setup, live worms and a fishing license cost more than going to the store and buying you some fish fillets.

[Fx20 2011]

Someone want to explain exactly anything about fishing that is a financially wise decision?

Nothing except food and shelter is a wise financial decision if you think about it. I dont know most fun things arent like vacations, movies, expensive transportation, steaks, shrimp you get the point.

[Cliffprocraft190]

I'm surprised no one has mentioned that if you do the math on these loans you end up paying twice as much or more of the actual purchase price of the boat... Absolutely ridiculous.

I remember when Ranger came out with the 360. Interest was very high at the time, like over 12% and the marine dealer add I saw on one offered the first 12 year loan plan I had seen. I figured up that you would pay for the boat 2 1/2 times in that 12 years.

[tcesni]

I remember when Ranger came out with the 360. Interest was very high at the time, like over 12% and the marine dealer add I saw on one offered the first 12 year loan plan I had seen. I figured up that you would pay for the boat 2 1/2 times in that 12 years.

12 percent was the interest rate on my first house, after paying 3 points up front. But I needed a place to live.

[nojretlas]

Chump change....ever look at your mortgage amortization

[The Bass Junkie]

12 percent was the interest rate on my first house, after paying 3 points up front. But I needed a place to live.

I had a customer probably 10 years ago ( he was about 70 ) that when he bought his house interest was 15+%...I had to look it up...as I couldn't believe it. his house was long paid for but that was something that stuck with me.

[BMCD]

I own 2 that would be paid for Rangers a 521 and a Z522 so I'm pretty sure I know what operating cost are. Like I said if you need money from a co then you have no business fishing.

The topic that never goes away, sometimes we need to let go of old issues.

[LTZ25]

I had a customer probably 10 years ago ( he was about 70 ) that when he bought his house interest was 15+%...I had to look it up...as I couldn't believe it. his house was long paid for but that was something that stuck with me.

I had one of those loans back when Jimmy Carter was president , don't want to be political but he is a fool .

[The Bass Junkie]

I had one of those loans back when Jimmy Carter was president , don't want to be political but he is a fool .

I wouldn't call that a political statement at all. When I was in college economic policies of different admins was something we studied in one of my research courses. Carter was a disaster for a lot of reasons. It's a lot of the reason he was a one termer. I talked to my uncle back home yesterday...he told me when they bought the house I essentially grew up in that they paid 17% interest. When interest dropped thats when pricing started to rise...