Boat Loan Question

[ReelBigJ]

Ok---just thought I would ask here to get a general idea---its been over six years since I last purchased a boat.

I sold my past boat this spring for $7500 and have up to that amount for a down payment---but if possible I would like to leave $4500 of that in my savings just for emergency money. So with that being said, I was thinking of spending in the 15,000 range, putting 3k down, and financing 12k. What kind of rate should I expect, and do you have a ballpark on the payment for financing a 2001 year boat and for how many years would a bank go?

Which would be better, put the full $7500 down or keep that money in my account---wife and i are planning on building a house in a few years...........

Thanks for all the input/suggestions.

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by ReelBigJ &raquo;</td></tr><tr><td class="quote">Ok---just thought I would ask here to get a general idea---its been over six years since I last purchased a boat.

I sold my past boat this spring for $7500 and have up to that amount for a down payment---but if possible I would like to leave $4500 of that in my savings just for emergency money. So with that being said, I was thinking of spending in the 15,000 range, putting 3k down, and financing 12k. What kind of rate should I expect, and do you have a ballpark on the payment for financing a 2001 year boat and for how many years would a bank go?

Which would be better, put the full $7500 down or keep that money in my account---wife and i are planning on building a house in a few years...........

Thanks for all the input/suggestions.</td></tr></table>

Thank you for the question. You are looking in dollar amount that can make a big swing. Most lenders have a line at the 15K area where terms get shorter and interest gets higher. Sometimes it works best to take the lower rate and longer term, then send in a lump with the first payment. That way the principle goes down and the interest is charged on the lower amount (simple interest). The other bonus is that you get the advantage of the lower interest for how ever long you hold the loan.
Let me know if you have any other questions. 2001 model year is getting toward the end of most lenders window. You will pay a bit of an interest rate premium with that year but not too bad. The big thing is how the boat "books" and we can help with that.
Let us know how we can help. Our office phone is 517-543-6921.
We look forward to working with you.
Ken, Todd & Chris

[ReelBigJ]

Thanks for the reply---I will let you know when I'm ready to pull the trigger on a new to me boat. I have had a few people around here speak highly of your service (which goes a long way in my book), I will send you all my info and see what is the best way to go.

Thanks.
Jeremy

[driftingsenko]

Hi, I'm planning on getting a boat in the near future, and wandering can I get a loan without putting money down. My credit score is towards the good to excellent range. Also, I will be a new boat owner and planning on getting me a 19-21' bass boat. I have driven boats and launch and load them also but wandering if it would be good for me to get something that big for a first boat.

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by driftingsenko &raquo;</td></tr><tr><td class="quote">Hi, I'm planning on getting a boat in the near future, and wandering can I get a loan without putting money down. My credit score is towards the good to excellent range. Also, I will be a new boat owner and planning on getting me a 19-21' bass boat. I have driven boats and launch and load them also but wandering if it would be good for me to get something that big for a first boat.</td></tr></table>

The down payment amounts do depend a bit on what kind of "buy" you are getting on the boat. Lenders will not let you borrow more than the boat is worth. Sometimes how a deal is structured and presented does make a difference. As for size of boat, that is up to you and your comfort zone. You should also think of size and comfort on the lake, not just getting it on a trailer. I am sure you have a few buddies that can show you some tricks to loading, but they can not help you get more fishing room once on the water. Let us know when you are ready. We might also be able to help with a value of what you are looking at.
we are ready when you are.
Ken, Todd & Chris

[driftingsenko]

What to you mean by "kind of buy" on the boat loan. The boat that i am looking for is a 20' boat. From the years of mid 90's to 2000 since anything over 2000 starts getting pricey for me. But i do plan on getting a lot of extra gear as in tubbing, skiing and top safety gear cause for me. The fun is ruined if something is to happen.

[reclending.com]

By the term "kind of buy" I mean the price of the boat vs. the amount wanted to borrow. Lenders will base loan amounts on a "book" value of the boat, motor & trailer. It means simply this, no matter how good someones credit is, banks will not lend more than a boat is worth. They look at things through repo eyes. If they need to take it back, they want to be somewhat assured they will get most or all of the money back. In the last one to two years, the loan picture is including more and more things.
Let us know if this helps.
Ken, Todd & Chris

[driftingsenko]

Wow, thanks a lot for the info guys. That helps me a lot as i am still young and will help me into finding and getting the boat i want. Will give you guys a call once im ready to get a boat.

[reclending.com]

<table width="90%" cellspacing=0 cellpadding=0 align=center><tr><td>Quote, originally posted by driftingsenko &raquo;</td></tr><tr><td class="quote">Wow, thanks a lot for the info guys. That helps me a lot as i am still young and will help me into finding and getting the boat i want. Will give you guys a call once im ready to get a boat.</td></tr></table>

Glad to help. If you find something and want help with a value, let us know and we can do some book work for you.
Ken, Todd & Chris