Financing a new boat

[jcamp]

I wanted a boat and found me a used 16 foot ranger aluminum with a 50 horse on it for 6k. Best little boat ever. Never spent 1 dime on any repairs or anything broken down. I did the lower unit oil changes and preventative stuff myself. It was definitely NOT a BUST OUT ANOTHER THOUSAND situation,in fact i found it to be very inexpensive and a blast.

Good luck and enjoy!

[999]

I’m not going to comment on financing. I’ve had my boat 9 years and bought it when it was 3 years old, and financed it used. I knew I would have it long term.

I would caution you to look at the reputation of the boats basspro has bought over the years. I don’t think they hold up as well and even if they do, that’s the perception in the market. It will take a hit if you sell within a few years.

[jds247]

This board must be full of millionaires.......I had no idea. My last boat was $60,000 USED. Yeah let me just go pull $60K out of my savings for absolutely NO reason because someone said “pay cash 100% or don’t buy it”. What a load of horse fecal.

I'll use the banks money at 4 or 5 percent before I spend my savings on something I'm gonna sell in a few years.. I fish several times a week and look at the note as rental.. if we enjoy it and I can sell it for enough to pay it off or have the money for the down payment on the next one I'm good.. but I'm not pulling 50 or 60k out of savings because a millionaire who became a millionaire by financing realestate tells me that's the best way to go..

[eastxhunter]

All I can add is that Amegy was the biggest PITA when I boat financed..

[Rubi513]

This board must be full of millionaires.......I had no idea. My last boat was $60,000 USED. Yeah let me just go pull $60K out of my savings for absolutely NO reason because someone said “pay cash 100% or don’t buy it”. What a load of horse fecal.

Some folks finance boats for 15 years.
A 60k loan at 8% would be around 43k in interest paid over the life of the note.
You ain’t making that kind of interest with money sitting in the bank...

[BitBackShot]

This board must be full of millionaires.......I had no idea. My last boat was $60,000 USED. Yeah let me just go pull $60K out of my savings for absolutely NO reason because someone said “pay cash 100% or don’t buy it”. What a load of horse fecal.

The point those people were making is buying a $60k boat if you can't afford it is stupid. Boats should be toys. You don't buy toys until everything else is taken care of and you can easily afford them.

If you're a fishing guide or need it for work, it's a different story, obviously.

[CoolArrow]

Live life. Enjoy yourself have a good time. Good luck

[wudduk]

Find a good used one and pay cash

[Traildust]

Find a good used one and pay cash

This! Plenty of good $4K boats out there!

[Colonel_Reb]

Paying it off that fast is going to hurt your credit score though

How is this true?

[skinsfan]

This board must be full of millionaires.......I had no idea. My last boat was $60,000 USED. Yeah let me just go pull $60K out of my savings for absolutely NO reason because someone said “pay cash 100% or don’t buy it”. What a load of horse fecal.

Personally I think that unless you are using a boat to earn a living spending $60,000 is just nuts. Obviously this is different for everyone but even if you have a $1,000,000 net worth do you want 6% of it tied up in a boat. To each his own, and to those of you making 8-10% on your money consistently please share how!

[Rubi513]

How is this true?

It’s not.

[duckmanep]

How is this true?

because it's on the internet, DUH!!

[Colonel_Reb]

because it's on the internet, DUH!!

I know better than that. I just wanted to hear what he had to say. Reminds me of the day I took out my truck loan and mentioned I planned to pay off a 3 year note in 1.5 years. Mr. Banker said that wasn't a good idea because you want longer credit history.

[KyleW]

If you can afford to pay in cash, that is ALWAYS better than financing (unless, of course, you can get a 0% rate), but there is nothing wrong with financing a boat.
I would take a look at the used market first. There are a lot of nice boats to be had out there. We bought our 2003 ski boat in 2016 with only 32 hours.