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    Financing a new boat

    My credit score is 720 I been thinking of trying to get financed on a new tracker 1860 with a 90hp or a mako pro 17 with a 75hp
    Bit boats are about 22,000 I got 4,000 to put down


    I hear boats are hard to get financed I was thinking of going to my bank first

    What do you guys think

    #2
    With a credit score of 720, I doubt you will have any trouble. As long as your debt to income ratio is good, you should be fine. You have roughly 20% to put down which is even better in the banks favor.

    Be mindful of the interest rate they offer you though.
    Last edited by Trevor73402; 04-18-2019, 12:32 AM.

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      #3
      Not trying to be a downer but boats are hard to get financed because they are $$$ to own. I don’t think I would do it if I could only put 4K down.

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        #4
        Originally posted by TX CHICKEN View Post
        Not trying to be a downer but boats are hard to get financed because they are $$$ to own. I don’t think I would do it if I could only put 4K down.
        Ok how much would you put down....this is why I’m. Asking I want to do it right the first time

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          #5
          It's your money so do what you wish but IMO at least 50% down and pay the rest off within 1 year. I know lots of folks on here follow Mr. Dave Ramsey and he would say pay 100% in cash or don't buy it.

          It's a boat so it will go down in value very very quick. If you don't put a lot down and pay it off very quickly you will be upside down and not be able to sell it without loosing your rear.

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            #6
            Paying it off that fast is going to hurt your credit score though

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              #7
              Biggest problem with both of the boats you are considering is they do not hold value very well even by boat standards.

              Look at the used market for both of those boats and draw your own conclusion. I would continue to save and buy one of those 2 boats used for 6-8K.

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                #8
                Not sure where you are getting 22k from but this is a pretty good deal for that Mako 17.

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                  #9
                  If you're asking for an honest opinion...I think financing a boat is a bad idea in almost every situation. As do the banks and most people who have ever purchased one. They are a money pit but at least if you pay cash for one youre not paying interest on top of it for a bad investment. Everyone's finances are different, but additional monthly payments for something that will never be used as much as you initial think it will, wouldn't be wise. If you are a guide or are using it daily, maybe a different story, but for entertainment alone it will be a really expensive toy to keep up with.

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                    #10
                    I would NEVER buy something like that new, unless I made a living with it. There are too many sitting around used with low hours that owners did use like they thought they would.

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                      #11
                      Don't use a bank financing.
                      Use a Credit Union. CUs are more people friendly.

                      Sent from my XT1650 using Tapatalk

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                        #12
                        Someone had a real nice Blue Wave on the classifieds for 16,300 OBO. I have seen some aluminum boats on there at a good deal too. Seems like 22k for a Tracker or Mako is high, and you still will spend more money on a graph, trolling motor and all the other necessities. Plus a 10% or more interest rate.
                        Last edited by Radar; 04-18-2019, 06:07 AM.

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                          #13
                          If you can buy a 2 or 3 year old boat, will save you thousands.

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                            #14
                            Originally posted by Rick View Post
                            I would NEVER buy something like that new, unless I made a living with it. There are too many sitting around used with low hours that owners did use like they thought they would.
                            This

                            Sent from my Moto Z (2) using Tapatalk

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                              #15
                              It’s not always a bad idea to finance a boat as long as it works for your specific situation. Look into LightStream. I’ve used them for a few toy purchases.

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