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  1. #1
    Join Date
    Aug 2015
    Location
    Mn
    Posts
    705

    Default How come no special finance on boats?

    I was asking myself this today. How come boat manufactures have not decided to secure special finance rates for their customers to stimulate sales. You look at auto manufacturers offering 0% APR and no payment fo 3 months or more. I would think boat purchasing would be a far lower priority purchase fo most consumers than a car. With the economy tanking as it is, one would think boat manufacturers would try to set up some special financing rates to move inventory. I think sales for these boats are going to tank worse than automobiles during these tough times.
    2020 Supra SL 400
    2015 Moomba Mojo(Sold)
    2018 Yamaha Waverunner(Just to fool around)
    2018 F150 Lariat
    sport edition, 3.5lt ecoboost

  2. #2
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    7,020

    Default

    no bank wants to be left holding the bag on a 20 year note and no interest being made on it. auto manuf. usually only offer zero financing on in-house loans not from outside financing and most boat companies are not in the business of being banks.

    keep in mind the auto manuf. are not offering cash off AND zero financing. choose 1 or the other. there was a cnn article a few weeks ago talking to do the math. in some cases a low interest note from a bank/cu AND cash back will be cheaper in the long run than msrp AND zero%.


    as an example, show me a chevy dealer offering zero for 72 months AND 20% off on a truck. I'll show you a dealer that will be out of business in 6 months or less.

    there is no free lunch.
    '06 Supra Launch 20SSV-gone but never forgotten

  3. #3
    Join Date
    Jun 2012
    Location
    Crosby TX
    Posts
    257

    Default

    I was at the dealer yesterday and the service guy said they had sold 20 boats in April.


    Sent from my iPhone using Tapatalk

  4. #4
    Join Date
    May 2018
    Location
    DFW, Texas
    Posts
    167

    Default

    I received an email from a Moomba dealer a couple weeks ago touting Zero Down and the summer months (presume 3 or 4 payments) paid by the shop/financing arm.
    2018 Max - Ultrablue flake/Gray - 4400 lbs water (720s midship), 750 lbs lead somewhere

  5. #5
    Join Date
    Aug 2015
    Location
    Mn
    Posts
    705

    Default

    I'm not suggesting 0% APR but a more attractive APR that may get some people off the fence. 3.5% -4% on a 20 yr loan is not a stretch considering the average is around 5%, but if someone was looking at upgrading but decided to put it off another 1-2 yrs due to economic uncertainty, a low APR may be enough to convince to buy since you may not be able that get that low APR on a boat again. Furthermore, most discounts on a boat are negotiated with the dealer, Supra currently has 2500$ in free upgrades ,but my dealer offered far more than that, and they would not care if in addition I got a low APR. Heck, they would very much like to have a low apr to offer their customers in addition to their dealer discounts, they just want to move inventory. I'm sure they make a significant portion of their revenue through their parts and services dept. The more boats, more services. I would rather have low APR than the 2500$ directly from Supra.
    2020 Supra SL 400
    2015 Moomba Mojo(Sold)
    2018 Yamaha Waverunner(Just to fool around)
    2018 F150 Lariat
    sport edition, 3.5lt ecoboost

  6. #6
    Join Date
    Mar 2003
    Location
    Springfield Missouri
    Posts
    3,391

    Default

    I see the GESA Credit Union has 60 month for 2.99%. Their checking account was 3% interest until recently and down to 2%.


    https://www.gesa.com/borrow/vehicle-...e-and-rv-loans
    1998 Mobius
    310 HP PCM
    SOLD

  7. #7
    Join Date
    May 2018
    Posts
    4,920

    Default

    Supra builds were sold out this year and I don’t think boat sales are slow everywhere.

    I tried to build a late 2020SA and the incentives just were not there. SC would have built it, but no deals compared to 2018.


    Sent from my iPhone using Tapatalk
    2021 Supra SA 400
    2018 Supra SA 400 (SOLD)
    Michigan

  8. #8
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    7,020

    Default

    this downturn is much different than the last one in 2008ish. buddy at work has been shopping for a c6 or c7 vette and cars are selling in a few days/weeks and dealers here are reporting sales have not slowed much at all.
    not surprising at larry's comment on boat sales not slowing down. I don't think that most making the kind of income these boats require were impacted by the covid and frankly most probably saw a boost in spending monies from not commuting and working from home...

    that said I believe there is going to be a housing recession end of this year/beginning of next as those that have been impacted are at the end of the 12 months of forbearance and don't have any way to pay the mortgage. foreclosures end of 2020/beginning of 2021 I expect to jump.
    '06 Supra Launch 20SSV-gone but never forgotten

  9. #9
    Join Date
    May 2018
    Posts
    4,920

    Default

    I predict 21 might actually be a slower boat buying season than 20, most boats were ordered before pandemic hit.

    I will say with the lack of travel options, boating is one of the best family things available right now.


    Sent from my iPhone using Tapatalk
    2021 Supra SA 400
    2018 Supra SA 400 (SOLD)
    Michigan

  10. #10
    Join Date
    May 2010
    Location
    Salt Lake City, Utah
    Posts
    1,693

    Default

    Quote Originally Posted by zabooda View Post
    I see the GESA Credit Union has 60 month for 2.99%. Their checking account was 3% interest until recently and down to 2%.


    https://www.gesa.com/borrow/vehicle-...e-and-rv-loans


    that is a freakin low rate on a boat!


    I too think/hope there will be some good deals to be had on used or new boats towards the end of the year or early next year.
    Scott
    2021 Craz
    2007 Mobius LSV
    1997 Sea Ray 190

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