looking at the skeeters, how long is normal for finacing a new rig ?

[mswings]

looking at new rigs and some few year old rigs..

this is going to be my first real bass rig and im just wanting to know what you guys did on term lenght (year wise) for financing your rigs??

thanks

[MindenSkeeter]

I did mine for 100% down and 0 months!

If you have to finance, you can't afford it!

[xb03fs]

No longer than th engine warranty would be the rule of thumb for me

[The Next KVD]

Depends. How big of boat and motor are you looking at getting. How much can you put on a down payment? There are guys that I know that financed for 15 years, but in the long run they almost pay for the boat 2-3 times in intrest.

Now I don't know how much money you make and I don't want to know for fear of being jealous. Just know that you don't need the biggest, latest and greatest rigs to catch fish. I personally went out, did a lot of searching and test driving to find a rig that was in great shape with a good motor ( even though it was way out of warranty) and didn't cost an arm and a leg for a rig that is now 11years old. Alot of good boats can be had for $10-25k. I can still beat many of the guys out there that can afford the latest and greatest boats. I just upgraded all the electronics during the off season and a power pole and I have the ultimate 18.5 ft Skeeter for a a total investment of roughly $12,100. This includes a 101 motorguide, 2 Humminbirds (1 SI), and a Powerpole. I payed it off in less than 6 months on a 5 year loan and I don't have a high paying job.

Just my .02 cents. Good luck and hope you get a nice boat!!

[Neilslure]

I wouldnt go any longer than 5 years. If you cant swing that, save up a bigger down payment.

[fishin couillon]

I'd say no longer than 5 yrs. When i bought my boat 6 yrs ago (brand new) they were financing up to 12 yrs. Given what happend to the market and all the past few years, i'm not sure how much they would go now. On used boats don't expect to get 12 yrs. I want to say maybe 6 yrs. Also i think the longer the loan, higher the interest rate is. When we bought we still had a car payment and that was about to be paid off. So we went with 12 yrs to get the note low in $$$. Then once the car got paid off a several months later, i doubled up on the note and paid it off in 5 yrs.

[mswings]

All I need is a 18.5 to 19.5 foot rig 150-200 hp motor... Used is fine with me ... What do y'all consider high hours on a motor?

I see some good deals on 06'-08' skeeters?

[ccm]

I would consider putting down as much as I can and take the loan out for as long as I can. Then make double payments each month and extra payments when when cash flow is good

[SkeeterJohn]

OR save yourself about 10-15k+ and get one 2 years old

[dwa]

I bought a new one last year. I put 5 grand down and had them finance for 12 years. I am on pace to pay it off in less than 4 years, but went went ahead and did it for 12 years to keep my debt to income ratio low. So if I need to finance something else I could, or even if something happens and money gets tight, I wouldnt have to sell it.

I was wanting to buy used, less than 2 years old, but I found a 09 leftover at a dealer for only 4k above the cheapest used boat I could find. With Skeeter, original owner gets 3 years warranty on everything on the boat and lifetime hull. Second owner it becomes 1 year and 10 years. So I used that along with the additional 2 years of motor warranty I got for buying a new boat to justify buying new.

[zr7cat]

Wow, easy big money. Not everyone can pay cash for their boat high roller.

[pbmang]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by zr7cat &raquo;</td></tr><tr><td class="quote">Wow, easy big money. Not everyone can pay cash for their boat high roller.</td></tr></table>

Not everyone can afford a boat. IMO one of the biggest reason our economy has tanked as bad as it has is due to the mentality that financing = affording. If you can't pay cash for toys, you can't afford them.

[rodbender1]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by MindenSkeeter &raquo;</td></tr><tr><td class="quote">
If you have to finance, you can't afford it! </td></tr></table>

Whoa! Big money man!!

just wonder how many boat companies would still be in business with just cash sales. I'll take a guess .... "0".

Middle class America has no option but to finance if we want anything, our houses, or trucks, our land. Key to getting what we want and having our toys is good credit.

I'd be willing to bet I have had more new boats than you, and have financed them all.

[MindenSkeeter]

Definately not a big money man! Live on less than i make, invest and pay cash for everything. Middle class stay in middle class because they give the banks all their money! Think about all the new boats you have owned. Now add up the interest payments, invest that in mutual funds at 12% (which a complete novice could do) and suddenly you have enough money to pay cash for your toys instead of feeding the bankers kids.

[pbmang]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by rodbender1 &raquo;</td></tr><tr><td class="quote">Middle class America has no option but to finance if we want anything, our houses, or trucks, our land. Key to getting what we want and having our toys is good credit.

I'd be willing to bet I have had more new boats than you, and have financed them all.</td></tr></table>

And that is why middle class Americans stay middle class Americans.

You may have more new boats, but I bet I can guess who has a better retirement plan and who is closer to not being stuck in the middle class.

MindenSkeeter, it's good to see someone on the right track. I'm guessing you are a Ramsey convert (as am I).

You guys who think financing = affording should check this out: http://www.daveramsey.com/medi....html

You don't have to believe it, but my wife and I changed the way we though, and our life is exponently better. It's awesome to look in the bank account and you have to double check if all the bills have been paid because there is so much money in the account. I think the day my wife and I did that was the day we realized how wrong we had been living, and it's only been getting better since.

[rodbender1]

Each to his own. I guess money doesn't mean as much to me as it does to you. The new has probably wore off of that '06 skeeter of yours, and you are ready for a new one, but haven't saved up enough yet.

I like a new boat every 2-3 years and manage to do that, been doing it since 1993, and in the process of selling my '09 to get in a 2011, with financing. Just never thought it was to cool telling someone what that can and cannot afford. But hey some of us are financial genuses, at least they think they are.

[pbmang]

Rodbender, check out the link I posted. Replace car with boat and just try and keep an open mind. The almost 20 years of boat payments has cost you a lot more money than you think. Not knowing the payment amounts you were making, but if you invested $475 a month in a mutual fund you would have almost $500,000 in 20 years. If you financed at 5 years, I would imagine that is pretty close to your payments. Personally, a new boat every few year is not worth that kind of money to me. I can settle for a used one

[ccm]

wow this thread made a wrong turn.....Thanks for the mini seminar on finances!

[dwa]

is $500,000 worth not fishing for 20 years?

I understand I am going to pay about 4k back in interest over 4 years. But it was worth 1k a year to me to have the boat now. Also, I'm young and it is helping me build my credit (which I guess you don't need). To each his own...

[ZXskeeterB]

I fnance mine for 6 years and put down $10k. I buy a 1-2 year old boat every year and keep rolling the same $10k into them. I make 10 payments a year of $280 per month. My boat and engines are always under warranty and I don't have to worry about $6k for blown engine, $3500 for a lower unit or $1k for electrical issues. I put 100-120 hours a year on a boat and if I had an older boat it would be costing me money left and right, I know I've been there. I think the main thing with financing a boat is putting enough $$ down so that you don't end up owing far more than the boat is worth.