30 year Boat Loan????

[5-20]

Just imagine freaking out every time your 90k or 100k bass boat comes near some docks, or near some bluffs, or rip rap... and then being surprised by the wake from one of those massive boats that pushes you close to those rocks or docks... the stress and angst over the first year of ownership alone would probably lead most people to an early death. :)

[catch5]

John Cox seems to be successful and I'm pretty sure he's not spending anywhere near $80,000 for his boat.

Probably not 80,000 but he’s in far from a cheap tin. His tin boat is probably mid $50’s

[cwenbass]

I am slowly shopping for a boat. I am not going to kill myself with that kind of bill. Thatś why Iĺl buy a an 18 or 19 ft ranger or 20 ft. aluminum that has a couple years. $35,000 max. Prices are absurd.

[jessemyers]

Just imagine freaking out every time your 90k or 100k bass boat comes near some docks, or near some bluffs, or rip rap... and then being surprised by the wake from one of those massive boats that pushes you close to those rocks or docks... the stress and angst over the first year of ownership alone would probably lead most people to an early death. :)

I remember the first fish I caught in my boat when it was new in 2016. Hooked in the tongue. Bled everywhere on the carpet....

[bobh4656]

My Dad bought his house on a 30 yr VA loan when he was 88. He died at 93 and didn't have it paid for.
We gave his house back to the bank.

[g352nv]

Pretty insane when you can buy a home same terms as a bass boat. I know it sounds bad but I can't wait for the collapse because with this kind of thing you know it's coming. If you can't afford it with a 7 year loan you can't afford it.

How much do you think a 100k bass boat will be worth in 15 years? 30k maybe? Making payments for another 15 years on a 30k boat. Btw you might need to repower after 10 years. Maybe you can get a line of equity to pay for the 20k motor lol.

Where has common sense gone? Does anyone think about the future?

[Ranger482V]

And people wonder why boat prices are where they are at....free money!

[GregA]

If he's happy, be happy for him, and fish with him. It's not your money

[BMCD]

Pretty insane when you can buy a home same terms as a bass boat. I know it sounds bad but I can't wait for the collapse because with this kind of thing you know it's coming. If you can't afford it with a 7 year loan you can't afford it.

How much do you think a 100k bass boat will be worth in 15 years? 30k maybe? Making payments for another 15 years on a 30k boat. Btw you might need to repower after 10 years. Maybe you can get a line of equity to pay for the 20k motor lol.



Where has common sense gone? Does anyone think about the future?

I doubt many can do this or will do this on a bass boat. We are talking about a select few. Now Yatch financing does go out 30+ year terms.

[g352nv]

I doubt many can do this or will do this on a bass boat. We are talking about a select few. Now Yatch financing does go out 30+ year terms.

What's the longest term on a bass boat?

[g352nv]

https://www.boatus.com/boat-loans

Looks like 20 years. Still seems nuts to me.

[Champ 2001]

If he's happy, be happy for him, and fish with him. It's not your money

Got that right! Plan on doing that. He actually owes me a few fishing trips! LOL!!

[jessemyers]

https://www.boatus.com/boat-loans

Looks like 20 years. Still seems nuts to me.

Did you notice that the interest rate for a 20 year loan is the best of all the terms? Get a 20 year loan, pay it off in less...

[bassnpro1]

Did you notice that the interest rate for a 20 year loan is the best of all the terms? Get a 20 year loan, pay it off in less...

That is the only reason I got a 15yr term on my boat loan. Was completely paid off in 9 months...

[g352nv]

Did you notice that the interest rate for a 20 year loan is the best of all the terms? Get a 20 year loan, pay it off in less...

Yeah I would think that's most people's plan. That said a lot can happen in 10 15 20 years.

[BMCD]

Did you notice that the interest rate for a 20 year loan is the best of all the terms? Get a 20 year loan, pay it off in less...

Yes best rate I could get on my 2019 was a 15 year note.

[ChrisS22]

A 30yr term loan on anything other than REAL PROPERTY (i.e. Raw Land/or a Home) is.... DISREPECTFUL TO YOUR WALLET!


P.S. IMO anything greater than a 5yr term is foolish.

[spinningreel]

Heck my first house I purchased (2002) was only 70k. No way I’m paying that for a boat or a truck.

[jp71291]

I can't imagine having a 10 year old boat and still making a payment on it. You can deal with a payment when it's brand new but the new will wear off in a few years and still paying money for it. No thanks.

[txbass1]

I look at what a new 20 foot rig would cost and think to myself, that is a heck of a down payment on some good acreage (100-125 acres). When I see these early to mid 20 somethings with this rigs, a wife, 2 kids, I just have to ask myself how. These prices are just crazy!

Just to offer a different perspective to some of you older fellas- I have numerous 22-25/26 year old clients that pull between $150K-400K a year. Tons more pulling $100-150K a year at that age. Almost all of them maxing out 401ks yearly, own property, etc. In that context, they're most likely gonna be just fine as long as they keep their wife happy.