Another loan inquiry........

[Lookn4five]

I have the opportunity to buy another boat as I just sold my Skeeter. I am sure that I will be joining the Bass Cat family. I will be buying a Puma FTD. I now am having to decide if I want to buy a new one if I can get payments right, or if I want to buy a used 2009 or 2010. I will be paying a down payment of $25,000. If I buy new, I am not wanting to finance more than 20k. If I buy used, I will be able to finance only no more than 15k. My first question is do you finance used boats for up to 180 months just like you would new boats? Next question is...about how much would I need to finance to keep my payments 200 dollars or less. That way I can have a set payment drawn out and be able to always pay more if not double to pay off sooner. I guess what I am asking in a more simple term is what amount can I purchase a boat for to get the terms that I am looking for as mentioned above? Sorry so lengthy, and thanks in advance for all of your help.

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by Bugrunner &raquo;</td></tr><tr><td class="quote">I have the opportunity to buy another boat as I just sold my Skeeter. I am sure that I will be joining the Bass Cat family. I will be buying a Puma FTD. I now am having to decide if I want to buy a new one if I can get payments right, or if I want to buy a used 2009 or 2010. I will be paying a down payment of $25,000. If I buy new, I am not wanting to finance more than 20k. If I buy used, I will be able to finance only no more than 15k. My first question is do you finance used boats for up to 180 months just like you would new boats? Next question is...about how much would I need to finance to keep my payments 200 dollars or less. That way I can have a set payment drawn out and be able to always pay more if not double to pay off sooner. I guess what I am asking in a more simple term is what amount can I purchase a boat for to get the terms that I am looking for as mentioned above? Sorry so lengthy, and thanks in advance for all of your help.</td></tr></table>


Thank you for the question. Most lenders have a term line at $25K. To get the longer terms the amount financed would need to be above that level. What we normally advise people to do is take the higher finance amount and longer term them put a lump in with the first payment. For example instead of financing $20K, take the loan for $25K and send the extra $5K in with the first payment. That way the additional money comes off the principle and you get the advantage of the lower interest rate. As for rates, staying with 08, 09 or 10 used, it would be the same as a new rate. If you get older than that you may pay 1/2% or so higher.
We are ready when you are. You can find a credit app on our website at http://www.reclending.com . Once we get it, we will contact you for the SS number and go to work. Or call the office at 517-543-6921 and we can help that way.
Thank you,
Ken, Todd & Chris

[Lookn4five]

Thanks for the quick response. It will be in the very near future so I will be calling then completing a application at that time.

[reclending.com]

We are ready when you are. Things ar e selling so once you find THE boat, we suggest putting in a deposit and get the ball rolling.
Thank you,
Ken, Todd & Chris