Financing a new boat

[Orlando]

Figured out some time ago...
1. boats are like tractors. Buy what you think you need and before long you will want a bigger one (or different one). So treat it like a starter boat if its your first. Plan on trading within three years.
2. Don't save it all and don't spend it all ...they don't let you go boating once you're in the nursing home. Just don't have so many payments you can't afford to go to the lake.
3. Saddest day in a wanna-be boat owner's life...is standing on the bank thinking about all that water you could be fishing ...if you only had a boat.

[Acameron52]

Credit Union!

[Jason Fry]

In 2004 I bought a 1993 boat for 4K. Sold it in 2011 for 2.5K, and fished 40 days a year.

In 2011 I bought I 2002 boat for 8K. Sold it in 2017 for 5.5K, and fished 15 days a year.

So, I fished roughly from 2004 to 2017 as much as I wanted, for about 4K total, plus a bit for maintenance. A few tires, batteries, etc, but I bought Skeeters with Yamahas that run forever.

No regrets about the finances, although I now regret selling in 2017 when I moved from Abilene. Unfortunately Lubbock has such poor fishing access that it wasn't worth it to keep, and the twins born in March of '17 cut into my fishing time anyway.

[brokeno]

If you have to finance it your not ready to buy a boat

[Jon-Paul]

OP to answer your question boats are not hard to finance if you choose to go that route. Only time it gets a little complicated is when buying a custom boat (i.e. some texas builders) as they can't look up the value.

[junkmanhunter]

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

I don't know why you say this.^^^^^ If I have to finance anything, I pay it off as soon as I can. My last 4 trucks I financed for 24 months and paid them off in 12 months. Hasn't hurt my credit.


To the OP. If you want the boat, I would look for gently used one, much less expensive and you won't lose as much value on it as quick. JMO

[RINCON]

if you have to finance it your not ready to buy a boat

smh...

[trophy8]

I've been a banker for 18 years and I just can't follow this line of thinking. The whole point of having a good credit score is to save you money on interest. You, however, are willing to pay more in interest in order to have a good credit score. You have it backwards.

A credit score is designed to determine a person's ability to repay debt. If you have the ability to repay debt then by all means repay the debt and the credit score will follow. Don't pay the bank more interest than you have to.

Bingo. I think my longest line of credit is my house. Everything else is 1-3 years. Credit score of 830ish. I pay everything off early. No credit card debt. Only owe on the house and 2 vehicles with lots of equity.

[mjhaverkamp]

Buy whatever the **** you want and enjoy your life...

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My motto as well

[Quackerbox]

Just thought I'd mention I'll be heading to the lake for the second time this week in my financed boat.

My 16 year old son along with a jr high skool best friend will be tagging along. If anyone is rolling around 290 west of 99 or on lake Somerville be sure and wave at 21' of will be paid off early financed memories.




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[Slew]

If you have to finance it your not ready to buy a boat

With the price of some boats that's like saying your not ready to buy a house if you can't pay cash for it! I've bought several toys with cash but a Ranger 620FS with $10k of electronics isn't one of them! Life is short! I'm gonna catch as many slabs as I can!!![emoji2]


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[Hoss163]

Go through a credit union if your going to finance it . And don’t let anyone on here talk you out of what you want . You only live once if it makes you happy to get a new boat go get it and enjoy it however you please.

[texasdeerhunter]

Interesting thread. The same guys saying if you have to finance it, you shouldn’t buy it...I wonder if those people are truly debt free. A boat is like a ranger or mule or tractor or any other number of toys. For most people, a boat is a toy, so treat it as much. Don’t get into a payment you can’t afford, you can always sell it if you have to. I would look at buying used to make sure you know exactly what you want before you buy new

[MLank]

Some of these guys pay "#" thousand a year to lease land. Plus all the costs associated with leases. Granted, they aren't borrowing money to do it, but you are essentially creating a "fish lease" payment by financing the boat. So if fishing and boat playing is what you are into, find the best financing and enjoy. The same as others allocating certain amount of funds per year for their hobby.

[Mexico]

Just thought I'd mention I'll be heading to the lake for the second time this week in my financed boat.

My 16 year old son along with a jr high skool best friend will be tagging along. If anyone is rolling around 290 west of 99 or on lake Somerville be sure and wave at 21' of will be paid off early financed memories.




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Living off of plastic ehhh?