Buying First Boat

[adduhsun]

Hey everyone, this has probably been answered before but wanting to get some information on first time boat buying... I am deploying next year for ten months and when I return, I plan to have set aside about $10k-15k for a down payment on a boat. I am looking at the Vexus 2080 but may change my mind by the time I am looking to buy. I want to buy new.

Questions:
1. What are normal boat loan terms and APR?
2. Are down payments required and how much do they usually require?

Any help would be appreciated!

[MMosher]

Depends on the lender. You can do anywhere fro 3-30 year loans depending on your down payment.

[Fx20 2011]

APR is going to depend on a lot of factors. After 10 months it will be next to impossible to even give you a range. However some of the factors are new or used boat, term of loan, down payment and your credit score. Best bet is to check with several lenders.

Down payment normaly range between 5 and 10 percent, though nothing is really set in stone. Can you get one without a down payment? While I would never say no I would not expect to be able to do this.

Good luck and be safe.

[Blackjeepjk]

It’s an open market. Some people have or know a “banker” that they go through while others search the net or local banks for the best rate. Don’t forget your credit union if applicable. I find my CU is usually 1/2% better than anywhere else.

Thank you for your service.

[sandsurf68]

As a veteran, our first boat loan was through USAA. I highly recommend checking them out if you aren't using them already. SUPER competitive, and I have used for RV, boat, motorcycle, and car loans. Low rates, and no early payoff penalties, and customer service is top notch!

Stay safe!

[1stindoor]

I financed my first Nitro through the dealership (BPS) for ease (15 yrs). Then immediately re financed through my credit union when I took delivery. Kept the 15 yr note for simplicity sake but had it nearly paid off in 10 when I traded it. Financed the second through my bank by having the loan pre-approved before going shopping. Ten year note. Should be paid off in 7-8.

[sdfisherman1995]

just financed my first brand new boat i was happy with the process i financed around 60k i put 10% though they told me i didnt need to and got a 15 year term at 4.99% i was pretty happy with that.