What are some of the better interest rates going now.
Dilemma is just replace motor vs another boat!!
What are some of the better interest rates going now.
Dilemma is just replace motor vs another boat!!
If you buy a new motor, you can likely finance through dealer, credit unions are typically better rates but either should work.
I bought a new motor a year or so back and what part I financed, I did on a second mortgage as the interest was much lower and deductible.
Basscat Eyra
Mercury 250 ProXS
Thanks just getting some ideas together to shoot at the boss.
What is the "financing" thing you speak of..? I checked my Google task bar powered by BBC and the word doesn't come up.
8 t0 9 is good with great cedit there are some that are in the mid teens.
6.99% is the current good rate.
2024 Phoenix 818, Mercury 175 (3B414035) Trick Steps, 3 Garmin 106 SV,s, LVS 34. BoatEFX dual bow mount. Ionic 12V 125AH, 2 12V 100 ah LiTime’s for the TM. Minn Kota 345 PCL charger,
Perfect credit
Well I better go buy a lottery ticket lol
I have perfect credit, 795-805. 7.5-9% is the going rates right now.
You'll get the common BBC response from several that say "I only pay cash........blah blah blah". In all reality, most people don't have 20k-80k laying around to just drop at the flip of a hat. Nothing wrong with financing as long as it's within your means.
Looking for one with a few years warranty left on it. Around 2020
This is my feeling as well. Beats the hell out of fishing out of a clapped out boat because it could be bought with the cash I had on hand. Financing isn't as evil as many on here make it out to be. Just have to be smart about it and know what you're getting into before you sign the papers. Seems like the ones who can pay cash for anything they want including stuff that's nearing OR ABOVE 6 figures conveniently forget that they're the exception and not the rule.Originally Posted by wildkat7
2023 Xpress H18 with 115 SHO and Powertech NRS4 21p
8" Bob's Action Jack
Garmin Echomap 12, 10, 9, and LVS34 networked with Netgear Switch
Ultrex
Trick Steps and Ramp N Clamp
Pulled by a 2016 single cab HEMI Ram
Treat others like you want to be treated when on the water EVEN WHEN IN A TOURNAMENT! No fish is worth having a confrontation because you cut someone off or came in on top of someone.
Maybe its the ones that pay to much and drive prices up so more people cant afford it just because they can
It's a lot easier to spend 300 a month for financing and have the option to payoff early, than to pull 50k out of a 401k
Despite the cocksuredness of the cash only boys, a lot of us have responsibly used borrowed money to buy a lot of stuff over the years. It is nice to have reached “write a check for it” status, but for most of us, it took a while to get there. Enjoy life!
When I repowered last year my bank would loan you money on my money in the bank at .5% over what you would make in interest
I am having a new motor installed. Went back and forth on whether to get a new boat. Ended up getting a loan from my 401k.
To the OP I apologize I just got around to cleaning this up.
No where in the title or posts did the OP ask if he should/shouldn’t finance. Therefore the “you shouldn’t do that” crowd need not reply. When I see it I will delete it.
My credit union rates are pretty much the best around here. Also a lot of engine manufacturers will offer some special financing options as well.
I had my bank increase the Limit on my credit card. Then I charged my motor, paid it off from my savings in 2 months. I think I made 3%.
Be careful who you use to finance and make sure it is a reputable company like Reclending or your local bank. Always read fine print before you sign the papers with the 3rd party financial team in the event your deal doesnt fall through due to boat issues etc. Some of these financial teams will charge you lots of $$$ if you go to pick the boat up and it has a problem and you want to back out. Business is business but make sure to read fine print. Because if you decide to back away from the boat/bank after funding and your 3rd party representative is upset about losing on a deal, remember, they are responsible for the loan and it is their responsibility with YOUR MONEY to ensure the payoff is done.... be careful.
My 2 cents, never use a 3rd party even though you may run into a great rep with an awesome experience, I would pay the extra $$ so that the dealer can finance for you. Easy and fast experience that way.
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