Financing a new boat?

[Nasty]

How many of you'll went with the 12 year financing when purchasing your boat? When you crunch the number it seems like robbery.

[jsmoke222000]

I went 12 years with Bank of the West. I pay double payments though. What did you get?

["W"]

Originally Posted by Big Nasty

How many of you'll went with the 12 year financing when purchasing your boat? When you crunch the number it seems like robbery.

Damn....Did not know you could finance a boat that long???? Most Credit Unions have good rates right now....If your company has one

[Ray]

I have banked with Calcasieu Marine/Hibernia/Capitol One for 30 years.
They wanted 18.5% for a boat loan.
The boat dealer wanted 8%.
I got 6.5% from my Credit Union.
I got a 5 year note, not a 12 year.

[fishinpox]

shop around i did mine with neighbors fedral credit union for 8 years but couldnt stand thinking about all that intrest so i payed it off a year after i bought it. my friend told me there is a credit union called eagle something but they were giving him something crazy like 3.7 percent on 10 years . i know that your rate will go up the longer you streach it out

[swamp snorkler]

You dont have to be a member to get a loan from a credit union. I did it it was very easy.

[exspeck big specks]

JP Morgan just quit doing boat and RV loans--4-those who care
too risk adverse

[Nasty]

I have 6 months to think about it. I am leaning to the blue wave 180 V-bay with 115 Suzuki. It should go 47 at wot. It should get no less than 5 miles to the gallon. I am looking for smaller rig than I have now. I was thinking the credit union route too. Or, paying double payments with the 12 year deal.

[Salty]

Originally Posted by Big Nasty

I have 6 months to think about it. I am leaning to the blue wave 180 V-bay with 115 Suzuki. It should go 47 at wot. It should get no less than 5 miles to the gallon. I am looking for smaller rig than I have now. I was thinking the credit union route too. Or, paying double payments with the 12 year deal.

Blue Wave and Suzuki suck.....ain't what W's got.

[Deadly D]

Salty you know he has that 1200 sea fox with a trolling motor

[Salty]

Originally Posted by Deadly D

Salty you know he has that 1200 sea fox with a trolling motor

Yep, Minn Kota sucks 'cause he's got a MotorGuide and it's a beast....24 lb thrust and 30" shaft.

Wait a minute...I might have the numbers backwards.

[Deadly D]

Originally Posted by Salty

Yep, Minn Kota sucks 'cause he's got a MotorGuide and it's a beast....24 lb thrust and 30" shaft.

Wait a minute...I might have the numbers backwards.

omg you going to have to send me another key board

[MulletBreath]

financing is the way to go. CSE 10 year loan at 5.75 steadily keeps my line in the water any day i choose and from prien lake to the rigs. i love the low notes and get them directly withdrawn, so i never even notice the money is gone. once this one's paid off, its time to sell and finance a 25' shearwater!!!!

[LaAngler]

12 years is a long time on a depreciating asset

[Reel Bender]

Originally Posted by LaAngler

12 years is a long time on a depreciating asset

Thats what I was thinking.

You positive you going to keep it for 12 years?

[all star rod]

Salty I am glad the I have two things that W thinks are the best: Curado Reel and Yamaha 4 stroke!Salty, do you use anything that W uses???? Seems you do not!
Nasty I did mine for 8 years and hope to pay it in 6-7 thru Dow Federal Credit Union. BTW, I do not work for Dow. Anyone can get a loan thru them if your credit is good. Got it for 7.9%.

[Ray]

Thru the Credit Union I uses, they knocked off 1/2% if you put down 20% if the
total price.

[Dink]

Save your money for a year and pay cash.............I'm done giving the banks all that money.........Debt free is the way to be!!!! Except for the house of course.........

[Nasty]

Thanks for the advice guys! I don't think I'll be going down the 10 or 12 year route! The credit union is probably the way I'll go.

[Nasty]

I'm starting to rethink if I really want to buy new. I have always bought 2nd hand. I know there is always a good used boat out there. Anyone familiar with the Wellcraft steplift v20 hulls? I can get one of those dirt cheap and use as a close-in rig boat. Only thing it will look like an antique.