How to make a bass boat affordable?

[jonahdru222]

Is a bass boat really worth buying brand new and financing 10-12 years?

I'm looking into getting into a new or used '15-17 Skeeter ZX. I will be selling my boat and will have around 12k to put down, is it worth buying a new one and financing for 10-12 years to drop the note or should I just buy used? If I do buy new, will I have enough paid off in 4-5 years to turn around and sell it and not lose my a**? Never bought a new bass boat, always been used and 10-15 years old.


Also, is there going to be a major difference in interest rate between buying new or used? like I said, never bought a new boat. What is the best place for boat loans, I know RecLending is seeing lower 5% at best and Id like to try to find something lower if possible.

Sorry for all the questions, thanks!

[reclending.com]

Is a bass boat really worth buying brand new and financing 10-12 years?

I'm looking into getting into a new or used '15-17 Skeeter ZX. I will be selling my boat and will have around 12k to put down, is it worth buying a new one and financing for 10-12 years to drop the note or should I just buy used? If I do buy new, will I have enough paid off in 4-5 years to turn around and sell it and not lose my a**? Never bought a new bass boat, always been used and 10-15 years old.


Also, is there going to be a major difference in interest rate between buying new or used? like I said, never bought a new boat. What is the best place for boat loans, I know RecLending is seeing lower 5% at best and Id like to try to find something lower if possible.

Sorry for all the questions, thanks!

I know I am probably biased but could offer my 2 cents. Generally rates on new and used, in that current age group, are mostly the same. Some lenders that add for used sometimes start that about 8 - 10 model years. Having good down payment ALWAYS HELPS. Also, PAYING ADDITIONAL EVERY MONTH YOU CAN is a huge help. The only way to get behind is to make only minimum payments each month. The key to long term financing is to pay additional. IF you have a skinny month, the lower payment can be easier. The key is to get right back on the wagon and pay additional. Some lenders that offer the real long terms will actually have a slight rate drop for selecting shorter terms. It is not a huge difference but lower rate is a saving.
The other thing to consider is condition. Although condition and book value for boats are not tied together, it sure helps things sell if the boat is clean and maintained. I am sure you all have seen newer boats that are trashed and older ones that look showroom. Again, NADA does not really have a condition adjustment but helping sell quickly can be priceless.
Let us know if we can help.
Thank you,
Ken

[J D]

If I could add a couple of questions to the discussion...

When figuring out a loan value for a used boat will a lender take into account options on the boat that are not included in NADA option lists? Say 2 or 3 large depth finders GPS?
a higher priced motor Yamaha SHO or G2 vice a Merc ProXS? A 112 Ultrex trolling motor vs a standard 80?

what if the boat is 15 model but has a '16 serial number (made late in the year) and that model is not included in '16 list in NADA

thanks

[Bass AHolic]

JD think of a car dealer's way of thinking... scary huh? lolo well take any kind of car, OEM as rolled off factory and into dealer show room.. x amount of $.. Now you go take off tires & wheels ,, slap on a $6,000.00 Set of after market, yank out stereo and put in a $5,000 K system.. Beef up the tranny & motor and who know's what else add on over time.. Trade that car in going to get Wholesale trade in value of that car as it came off/ sold OEM from Dealer.. Not a Dime for the add ons... All the added items of course Dealer will make extra $ off it.. and you again.. It's just the way Dealers Operate

[reclending.com]

The problem with "bolt on items" is that they can just as easily be "un-bolted items". Not all lenders are the same but most do not really care much about additional items. Those things will certainly help the boat get sold but don't do much for the basic value. If you ever saw a repossessed bass boat you would understand real clear. We have only seen a couple over the years (thankfully) but they tend to have holes where that equipment once sat. Things can easily be sold for cash when the end is near.
Thank you,
Ken

[J D]

Thanks for the info.... it only makes sense