View Full Version : Loans
07-20-2003, 07:18 PM
When buying a new competition ski boat. How many years do people usually take a loan out for. I took a loan out for my fishin boat for ten years. But you boys are spending some high dollars on these boats. Any info would be appreciated.
07-21-2003, 10:33 AM
I'd say the most common are 10 & 15 year loans
07-23-2003, 06:48 PM
We have a 12 year loan on our boat and the payment is still around 350.00 a month, even with a decent APR. I think if you try to do it in 5 years or less your payment would be outrageous, but then again you would have it paid off sooner too.
07-24-2003, 12:03 AM
I financed a 2002 mobius for 5 years. Yes the payment is high, but do you really want to finance a depreciating assett for 10 to 15 years. I just can't see it making good financial sense. If you buy a 30-40 thousand dollar car, you would probably put it on a five year note. I would treat a boat purchase the same. Our dealer did offer fifteen year financing, but the interest rates were higher. This is part of the reason we bought a moomba instead of a mastercraft, we did not want to put a boat on a 10-15 year note.
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07-24-2003, 06:30 AM
We did a 60 month also, but recently paid it off using a home equity loan, it cut the interest rate in half and we can write it off.
07-24-2003, 10:02 PM
144 easy payments.
Bank said it would finance up to 105% of the sticker price.
So I had 'em through in some skis and a pylon.
07-29-2003, 09:52 AM
I looked at purchaseing a moomba 2 years ago and ran the numbers. Interest rates suck for items like this and decided to put it off until this year to where i could just pay cash. Love by 2003 Outback and not going to feel bad about putting only about 25 hours on it this year in total. My wife gave me too much shit every time she wrote the check to the bank during the winter. Not to say she didn't give me shit when she wrote the check to the boat dealer for the new one. ha!
07-29-2003, 11:07 PM
Outback-newbe, where are you located in Ohio,and where did you purchase your boat? Brian Raymond
07-30-2003, 11:50 AM
If you are ging to take out a loan - a home equity loan is definitely the right move. Rolling into a refinance at todays rates is a good idea as well.
Personally, we got a pretty good deal on a 1 year old Mobius from a private party. Combined with the sale of our previous boat, we were able to pay cash. Previous boat was an 11 year old 16.5 foot run-about with 110 HP Johnson. After 11 years we got exactly half of our purchase price back out of it.
Bottom line - avoid taking a loan on anyting that depreciates. But if you have to finance a boat and a vehicle at the same time then work on paying off the car first. The boat will probably hold it's resale much better (unless you beat the heck out of it).
08-04-2003, 10:14 AM
I live in Toledo, Ohio
Boat on Lake Diane - In Michigan - About 3 mies from Ohio boarder and about 5 miles from the Indiana boarder
Bought boat from Patona Bay in Leesburg, Indiana
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