financing options

[ceharris21]

recommendations on a great financing company for boats ie rates and terms etc...???

[SkiTower]

RE: financing options

uh oh. I guess you want recommendations instead of the usual 5 page debate on whether or not to finance a toy?

[ceharris21]

RE: financing options

yea im financing ill be applying a decent amount down but will finance the remaining balance

[TRDon]

RE: financing options

I would be interested. I couldnt care less about someone else's opinion of how they would do things. If I want to finance, that is my biz, not theirs.

[Shooter]

RE: financing options

Financing is hard right now (even with good credit). I just got 8.5% for the term of my choice (15 year max). The year of the boat and its sale price in relation to the NADA guide is a big factor on how much you need to put down. Plan on putting 20% down. I heard of people with good credit unions getting better rates (6%), but my credit union wouldnt do a boat loan.

To all you anti-financing people...I feel i'm very finacially responsable and make a good living. It must be nice to make enough money to buy a "toy" with no financing, but im not in that boat (no pun intended). So I get stuck with some loan fees and interst, eventualy it will be mine.

[TRDon]

RE: financing options

Mine would do a 5 year at 7.5. I found another credit union that would do 5,10,15 year terms at 7.5,9.0 and I didnt care about the 15 year one. I figured there has to be something better out there than 7.5 or 9. I plan on puting down about 1/3 and can do much more than that. I dont want to pay outright because if money is cheap to be loaned, it is more security than taking a major chunk from savings to buy outright. Even if I had 100K in the bank, I would have a hard time dropping that kind of money. I guess it is all in what you are comfortable with.

[TRO]

RE: financing options

try Bank of the West

[ceharris21]

RE: financing options

couldn't agree more with all of you...i seriously didnt post that topic to start a debate...i just know i will be financing my boat and out of all the members on this forum i figured there were at least a few of you that have yours financed with someone....sooooo i was just wanting a few good places to check on rates etc...

[AirTool]

RE: financing options

Fellow Texan. These guys are always at the Houston Boat Show. I've shopped them several times and they always win. There are a couple of tricks they use to get the advertised low rate. One is a life insurance option and the other is a one of those "make your payment just in case" features. Even without those, they still beat everyone I shopped.

They probably don't care that you live in Midland....just Texas. So call them.

[AirTool]

Re: RE: financing options

Fellow Texan. These guys...

Oops. www.acutx.org

[east tx skier]

RE: Re: RE: financing options

Check the rates with your local credit union. Mine has always beat the competition with cars and boats.

[DanielC]

I too financed my boat through my Credit Union. I could of sold stock I held from the company I worked at the time, and paid cash for it. That stock was worth about $10 or $15 a share at the time I bought my boat. I just checked the price, $91.15. I would have a whole lot less shares if I had sold it all to buy the boat.
Now that I am a semi retired boat bum, I am glad I still have those shares.

The previous paragraph was about money.

I have no children. If you have kids you want to spend time with out in a boat, I challenge anyone to put a price on the time being in a boat, now, that is financed, with your children, compared to missing out that time, while you are waiting to be able to pay cash for a "toy".

[AirTool]

.... while you are waiting to be able to pay cash for a "toy".

That's right. Nobody pays up front for thier kids...why pay up front for the toys.

My deceased grandfather was born in 1908. With only a high school diploma, he became the treasurer of a credit union. He too was a boater/fisherman.

He always said something like..."If I had to pay fully for everything I had before I could use it, I would have nothing."

He died a wealthy man and left me with many memories to talk about.

[ceharris21]

well ive got two of my own and a wife that loves to wakesurf and im extremely anxious to get my kids on the water before they get any older...gonna have a memory moment myself...my best friend dan's dad had a boat and we always wanted to go to the lake with him...thats what i want my kids friends to say i always want something better for them than i ever had..we couldnt afford it growing up but i can now and i cant take any of it when i leave

[TravisFling]

I agree completely with all those statements. You don't buy a boat as an investment financially, you buy it as an investment in your family. If a 30 year fixed Owner Occupied home loan (probably the safest loan - from an actuarial standpoint) is at 5.25 today, and a non owner occupied is at 6.25 then a point over that (7ish) probably isn't too bad for a depreciable asset based loan. Best rate here is 7.25% for 700+ credit with 10% down. 144 month term. If the rate is the same, take a longer term in case you get in trouble and make the lower term's payment. If the rates the same it doesn't cost you any more money and you have a nice safety net.