For those who bought a NEW BOAT before.

[alphaman]

(I have no experience in purchasing a new boat, luxury item finaced longer that's all I know) don't want another USED boat

The price for the boat I want is $33995 at the most. (Still looking around for a better price).

Ok is it worth it to put 15thousand down on this boat and still finance it for say 10 -12 years. For a lower note. Vs just 10% down and a $300+ note. Plus ins etc.

I'm thinking lower note pay more and pay off earlier?

[Red Devil]

Originally Posted by alphaman

(I have no experience in purchasing a new boat, luxury item finaced longer that's all I know) don't want another USED boat

The price for the boat I want is $33995 at the most. (Still looking around for a better price).

Ok is it worth it to put 15thousand down on this boat and still finance it for say 10 -12 years. For a lower note. Vs just 10% down and a $300+ note. Plus ins etc.

I'm thinking lower note pay more and pay off earlier?

That's what I would do. That way if you can spare more one month, you can double up on the payment. Just my opinion.

[ragincajun]

Originally Posted by alphaman

(I have no experience in purchasing a new boat, luxury item finaced longer that's all I know) don't want another USED boat

The price for the boat I want is $33995 at the most. (Still looking around for a better price).

Ok is it worth it to put 15thousand down on this boat and still finance it for say 10 -12 years. For a lower note. Vs just 10% down and a $300+ note. Plus ins etc.

I'm thinking lower note pay more and pay off earlier?

http://www.bankrate.com/calculators/...alculator.aspx

You could use this calculator to figure out what your note would be with the different scenarios and decide from there.

[alphaman]

I've been playing with that calculator. Thanks

[longcast]

i also placed a large down payment when i purchased my boat. my boat note was very low and i was able to pay it off early. i say place as much down as you can. keep in mine that the taxes on a boat are also very high. i purchased my boat in Texas with a check from the credit union. i then had to pay state taxes and also had to go to the school board and pay them as well. it was around 2500 just to the school board. i also had to pay the state. good luck bro and give me a call if you need more info.

[bmac]

That's why Texas has good schools...

[eman]

BE VERY CAREFUL!!!
I got lied to by boat salesman and my dumb azz didn't read every line of the papers .
Contract had all the right numbers and such and i asked him could i double up on payments if i wanted to pay off early?
Was told no problem. Bank of America will only apply any extra to future intrest . none to the principal. READ EVRY LINE! Don't listen to salesman.

[Slidellkid]

As Eman mentions I would be leary of Bank of America. In case most of you don't know B of A just told McMillan Arms (the folks that make the very best rifle stocks and high end rifles and supply lots of stuff to the police and military) that they do not want their business any more. McMillan asked if this was a political decision and was told that it was. I never liked B of A anyway, but I will forever refuse to do business with them now.

Back to your question, if you have the cash I would put it down. Better to put it down now and pay your boat off earlier than to waste the cash on something else.

[meaux fishing]

It's always smarter to pay down the most you can afford so you can pay the least amount interest possible. An even better idea would be to go get a loan from a bank instead of through the boat dealership. When you walk in there with enough money to pay for the boat right then, you can to get a lot better deal. And remember the first rule of negotiating is whoever says a dollar amount first, is the one that always loses.

[Salty]

Originally Posted by meaux fishing

It's always smarter to pay down the most you can afford so you can pay the least amount interest possible. An even better idea would be to go get a loan from a bank instead of through the boat dealership. When you walk in there with enough money to pay for the boat right then, you can to get a lot better deal. And remember the first rule of negotiating is whoever says a dollar amount first, is the one that always loses.

Thinkin' about it.................this is true.

[Let um land]

X2 on loan fine print. Personnel preference but I rather a lower note with the ability for early pay off, have done this with last boat. They(Credit Union) where offering special loan rates at the time with different interest rates per term lengths. If buying out of state, as I did, check with the Dept. Of Revenue on current rules, I played hell with them in Lafayette getting the state tax's done(I'd get finger cramps going into details), and you will have to pay local tax at the school board. Good Luck with the purchase!

[LaAngler]

You could buy the 30K boat, pay interest (X%) on the loan plus take a huge hit on depreciation within the first 3 years (10+ K). OR..........just buy a nice 15K cash boat and enjoy your extra bait/gas money/taxes then sell it in 3 years for 12K. Once the new boat leaves the lot it's "used"

[alphaman]

Originally Posted by LaAngler

You could buy the 30K boat, pay interest (X%) on the loan plus take a huge hit on depreciation within the first 3 years (10+ K). OR..........just buy a nice 15K cash boat and enjoy your extra bait/gas money/taxes then sell it in 3 years for 12K. Once the new boat leaves the lot it's "used"

The price range for most 21ft -22ft boats range from 23-30000 (2008+) is asking price. My thing is y pay 25k for a used boat that is 3 4 years old. When I can get brand new for 5 grand more w/ warrenty. Correct me if I'm wrong.

[fishinpox]

I would personally not pay interest on a recreational vehicle/ boat for longer than 3-4 years. To me stretching it out longer is a waste of money

[skinman]

Buy new. I bought a used boat a year ago and now have about 12K tied up in it. Now I have a very used boat, and I'm still spending money on it...

[alphaman]

Originally Posted by skinman

Buy new. I bought a used boat a year ago and now have about 12K tied up in it. Now I have a very used boat, and I'm still spending money on it...

The price u paid for the boat and what u have tide up in it now. Prob. = price of a brand new boat! Right

[1fastmerc]

Bank of America messed me up on my Liam too. I WILL not deal with them after my boat is paid off.


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[swamp snorkler]

IDK where you shopping but with the extended warranties offered on the newer Outboards and some with Lifetime Hull warranties you can geta good deal on a used rig.

Just remeber this.... B.O.A.T. =

Break
Out
Another
Thousand

It's never going to be as cheap as you think.

[simplepeddler]

Originally Posted by alphaman

The price range for most 21ft -22ft boats range from 23-30000 (2008+) is asking price. My thing is y pay 25k for a used boat that is 3 4 years old. When I can get brand new for 5 grand more w/ warrenty. Correct me if I'm wrong.

Man you asked for this.........but your wrong.
You mentioned a 33,995 boat.
That's 9K more in my book not 5.

on the financing........look into the Credit Unions in the area, the seem to be simple interest and no pre-payment.

Also, set up your payments to come out your check automatically with what ever extra you can on principle.

I find if you do it automatically it works.........if you don't, there is always another place to spend the "extra"

Bank on yourself.

[alphaman]

Originally Posted by simplepeddler

Man you asked for this.........but your wrong.
You mentioned a 33,995 boat.
That's 9K more in my book not 5.

on the financing........look into the Credit Unions in the area, the seem to be simple interest and no pre-payment.

Also, set up your payments to come out your check automatically with what ever extra you can on principle.

I find if you do it automatically it works.........if you don't, there is always another place to spend the "extra"

Bank on yourself.

Your right. I wasn't specific. Should have said 9 based of of 33995. But 21 ft r more the price is 30k+ in price. From what I've look at.