Financing a new boat

[Jmsck12]

I don't understand sitting at the house wishing you could go fishing just because you can't pay cash for a boat. Life is way too short to sit around and wish..
I finance my boats through my credit union. I call and tell her what I want to buy she emails the paperwork to me and I sign on line.. I've never had a problem with a new or used boat.

One thing I would pay attention to is resale value. I've never had a problem selling a boat as long as it's a desirable boat..

This right here!!! A lot of people are saying don’t do it but it’s your choice. I’m not sure what resale is on those boats your looking at, just take care of it and Keep it well detailed to help resale. We traded in our 5 year old boat to get a new one in 2017. It was very clean and well maintained so we got top dollar for the trade in. Lots of people who own boats don’t take care of them like they should then wonder why they don’t get hardly anything when they try to sell.


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[Phillip Fields]

I don't understand sitting at the house wishing you could go fishing just because you can't pay cash for a boat. Life is way too short to sit around and wish..
I finance my boats through my credit union. I call and tell her what I want to buy she emails the paperwork to me and I sign on line.. I've never had a problem with a new or used boat.

One thing I would pay attention to is resale value. I've never had a problem selling a boat as long as it's a desirable boat..

Absolutely.

[TexasBob]

They will finance a used boat just like a new one, securing that financing will be easy if you have the income to support the loan you want. Let someone take the depreciation hit and get some add ons for free. Plan to pay more than the note. Interest rate will be rough either way even with great credit because its a toy.

[txhunter90]

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

Paid 1 truck off in 5 months, another truck in 13 months, 3 months on another truck, and 8 months on a boat.

This is all within year and a half. My score is higher than it has ever been and all accounts are posted on my credit.

May be true in some cases, but it has yet to hurt my credit only help.

[BitBackShot]

Not having much money to put down.
Item in question being a boat.

Sounds like a great idea!

Walk away.

[jcamp]

IMO some really good posts on here, and some that i do not agree with. If you are in a position to do it comfortably without changing your lifestyle and by gosh you want to be out fishing,, finance the boat. Everyone knows its not a investments, good debt, etc... Dont stretch yourself to do it. I find myself in the middle of.. "dont do it at all because Mr. Dave Ramsey said not to".. and "do it no matter what because life is short and YOLO."

Put enough down where you will at minimum be able to pay the note off with the resale years down the road.

Im with the guys saying look into used. Lots of good used boats sitting out there. check the compression on the motor!

[Tx_Wader]

There are much better boats out there for sale used, that are like new. Tracker boats do nt have a great reputation these days...Google is your friend on things like this.

I bought my first boat when I was 13 and have not been without one since and would advise you to shop the used boats instead. Some will say that when buying used that you are buying someone else's problems, but if you have a competent mechanic check the outboard, know about soft spots and transoms you should be okay.

Just my .01 cents worth.

[Slew]

I couldn't imagine life without a boat or 2!!! Sorry no help on financing. I would look for a good used rig and get it checked out before I bought a new tracker. They come bare bones. If it was me it would take another $8-10k to get it where I was ready to fish.


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[Trevor73402]

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.

[DamonJ]

You want a boat - Yes
You have down payment - Yes
Will bank Finance - I say yes
Can you make the payment - ???

If answer to all of the above is Yes, go get you a boat and have fun!!!

[-HIC-]

Like others, I would buy a few years back. Basspro has flooded the market with these smaller boat/motor packages, you should be able to get a great deal if you are patient.

The bust out another thousand has only been true in my experience when you step up to offshore fishing. Then it may be more than that to fill err up, and service on twins or trips is no fun!

[Roy]

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.

Agreed!

[newmathewsfan]

Happiest 2 days in every boats owners life: the day you bought the boat and the day you sold it. I’ve owned many and it has been true of every one.

[Traildust]

If you can afford the note....go for it! Use the banks money and save the cash for new gear! You only go around once. Just get pre-approved from your CU or bank....then go shop!

Bet there are a ton of TBHers' that have a $100K in car/truck debt!

[kevin nicholls]

I bought a 2012 Mako 17 Pro Skiff in 2015 through Reclending.com. I've owned boats my whole life, I don't care if I lose money reselling, and yes I'll break out another thousand. I wouldn't trade my Mako for nothing. It's been more dependable than any boat I've owned. Buy a boat.