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  1. #1
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    Jan 2015
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    Albany, NY
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    When do you pay for new boat?

    I'll be in the market for a brand new boat in January 2019. I'll have my down payment completely saved in that month. Given the length of time to meet with the dealer, pick out all your options and then wait for the build, when do you sign the agreements and make the down payment? Is it right when you order the boat? Do you make boat payments in the 10-20 weeks that the boat is being built? I'm trying to get an idea as to when the earliest I can order the boat is. I want to build in time because of all the delays in production you guys are writing about and I want to have it ready to roll as soon as the water thaws here (Late March- Early April).

    Also do you guys usually go through the dealer to get financed, or is it better to shop around on your own for best rates?

    Thanks for the help.

  2. Member
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    Mar 2017
    Location
    Knoxville, TN
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    #2
    Most dealers are 10% down when you order then the rest(cash,loan,first born) when you pick up

  3. Member
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    Feb 2014
    Location
    Chicago, IL
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    665
    #3
    When I bought my new Phoenix, I gave the dealer $1,000. That basically insured that I'd come back and get the boat once it'd been built. This varies from dealer to dealer, but I haven't seen dealers that require 10% up front. I didn't give them the check for the downpayment until the boat was finished, inspected, etc. That protects you from having too much cash out front if something goes sideways. When the boat was delivered, I picked it up and gave the dealer the downpayment check. My bank then sent the check for the difference (the loan). I found a better financing deal outside of my dealer. Typically dealers have percentage agreements with their in-house financiers, so it's going to be a little higher. Im sure things will differ based on your history, and the dealer, but this has been my experience.

    Also, you won't start making payments until you have the boat in your possession.

    2022 21PHX

    Previous boats:
    2017 Phoenix 721 ProXP
    2000 Triton TR186

  4. Member
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    Dec 2005
    Location
    kokomo
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    1,151
    #4
    Usually $1000 down when you order.. pay balance upon delivey. Shop your financing , let the dealer give you a quote then see if you can beat it somewhere else.. you'll have time..

  5. Member
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    Jan 2015
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    Albany, NY
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    331
    #5
    Thanks guys!

  6. USAF and DOD retired Phoenix Jim's Avatar
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    Aug 2007
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    Bellevue Ne
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    19,203
    #6
    Got a Phoenix on order pick it up soon and put 2k down as down payment back in October
    2018 Phoenix 920 Pro XP

  7. Member
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    Mar 2014
    Location
    Ottawa Canada
    Posts
    2,447
    #7
    When I originally was going to order a Phoenix, our dealer up here recomends a 10% down but will take less. The rest is due upon delivery.

    For the boat I bought (2016 new old stock Ranger) I put a down payment and differed payments for 6 months.

    What it boils down to is 1, your dealer and how they operate and 2, the type of boat loan you qualify for (credit rating. Etc)

    Only
    People that can tell you for sure are the people you are planning to use for the boat loan or the marina you are buying from.
    Last edited by Lape0019; 01-12-2018 at 08:30 AM.

  8. Member Jasonrs's Avatar
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    May 2009
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    Wixom Lake, MI
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    3,087
    #8
    If you have one, check your local credit union too

  9. Member Jim Dunn's Avatar
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    Nov 2008
    Location
    Pacific, Missouri
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    4,077
    #9
    I gave my dealer a $60,000 certificate and $10,000 down with my order. Didn't have to, but following the BBC code, I'm almost paying cash.
    I got nothin

  10. Member
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    Nov 2016
    Location
    Roseville, Michigan
    Posts
    133
    #10
    When I ordered my boat, the dealer required a $1k deposit to hold my spot in the build line and to make sure that I will be back to pick up the boat once delivered. When I picked up my completed boat a couple months later, I added a down payment of 20% by choice.

  11. Member haus9393's Avatar
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    Mar 2013
    Location
    Plattsburgh, NY
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    4,013
    #11
    I put 500 bucks down at the dealer. Then 7k down at the bank for my loan to cover tax and initial depreciation.

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  12. Member Jeff Hahn's Avatar
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    Oct 2011
    Location
    Alliance, Ohio
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    31,335
    #12
    The percent down might depend on the colors you pick. If you choose some Frankenstein colors, the dealer might want a higher percent down than if you choose colors that make the boat easy to sell to someone else if you bail! Just kidding...mostly!

    As others have said, usually $1K down and the rest at delivery.
    "The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments

  13. Member Roosterman's Avatar
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    Jan 2017
    Location
    Booneville, AR
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    #13
    When I ordered my Ranger last year, I didn't pay a dime until it came in. My dealer doesn't take any money until the customer is 100% satisfied. Now if someone ordered some crazy arss color, he may want a deposit.
    .

  14. Ranger Boats Moderator jc2bg's Avatar
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    Sep 2009
    Location
    Findlay, Ohio
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    12,932
    #14
    Quote Originally Posted by Roosterman View Post
    When I ordered my Ranger last year, I didn't pay a dime until it came in. My dealer doesn't take any money until the customer is 100% satisfied. Now if someone ordered some crazy arss color, he may want a deposit.
    Same way at my dealer. I do believe, like you, that you have to be ordering something “mainstream” enough to make for a reasonably easy sale (if something goes sideways) in order to get the zero-deposit treatment, but generally, both parties trusting each other is a good way to do business. I always offer to pay a deposit, though, and would not be at all disappointed if asked to front some money on a first-time purchase from some dealership.
    John Clark — Findlay, Ohio

  15. USAF and DOD retired Phoenix Jim's Avatar
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    Aug 2007
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    Bellevue Ne
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    19,203
    #15
    I am doing all my business with my dealer by email including price for my trade In because he is 3 hours away so don’t blame him for asking 2k down
    2018 Phoenix 920 Pro XP

  16. Member
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    Jun 2017
    Location
    Ct
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    590
    #16
    Seeing that you are from Albany, give Bryan a call at Reynolds Garage and Marine. He will answer all your questions and get you rolling in the right direction. Their finance rates are pretty good. Most likely $1000 down to order, and then 10% down payment at the time you pick it up, which your deposit will go towards (down payment depends on credit score). First payment is usually 45 days after signing.

  17. Member
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    Jan 2015
    Location
    Albany, NY
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    331
    #17
    I'll most likely be going through Reynolds or Thayer's depending on whether I decide on Triton or Skeeter. Right now leaning toward Triton TRX 20.

  18. Member
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    Jun 2012
    Location
    Brookings, SD
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    5,366
    #18
    My dealer had me put 5k down which was close to 10% when I ordered mine to put the order in. I had built and priced the boat out with all my options first and then lined up my loan as a preapproval before making the order. Once the boat was built and had serial numbers the dealer sent them to my bank to excute the loan. I went and signed the loan and got a cashers check to pay the dealer as well as a check for the rest of my down payment. I went this route so that way I knew I had all the money lined up for the purchase and knew what my loan terms were ahead of time.

  19. Member
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    May 2014
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    Northeast Michigan
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    860
    #19
    Quote Originally Posted by Jasonrs View Post
    If you have one, check your local credit union too
    Agreed!!! The current interest rate on a boat loan for a "New" boat through one of our local Credit Unions is 2.45%!! This is a killer rate compared to a lot of other rates I have seen.

    I firmly believe you should set up your own financing and not leave it up to the dealer.

    M

  20. Member Midnight Rider's Avatar
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    Feb 2015
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    Valley Grande, Alabama
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    595
    #20
    My dealer only required a $500 deposit. They use Blue Water for financing. My boat has a MSRP, so they can work the numbers so that you don't have to put down any money. It all depends on how long you want to finance and what your credit score is. Most marine finance companies will go 15 years or more on a new boat. You can always pay more every month to pay it off quicker. Any extra money sent goes directly to reducing the principle, so you can whittle away on it as much as you can afford to do.
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