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boat financing question

Discussion in 'The Lounge' started by Fish4Fun, Aug 11, 2004.

  1. Fish4Fun

    Fish4Fun Relaxing.

    Ok anyone on here have any ideas on how long they will loan money for on boats. I know some new boats can have 10yr and 15yr but how quick does that drop if you buy one thats say a 98, 95 etc, are you looking at a short 4 or 5yr loan. Just getting some ideas may consider new boat for the spring.
     
  2. ive seen up to 30yrs on boat. 15 and 20 are not uncomon. Check with a local credit union, they seem to have more attractive rates.
     

  3. captnroger

    captnroger OGF Webmaster

    depends on price. Generally speaking you have to spend over 10K to get a 10 year loan on a used boat. 10-12-15 are common up to 50K.

    Recommend you consider a home equity loan if you have the means.
     
  4. captnroger

    captnroger OGF Webmaster

    depends on price. Generally speaking you have to spend over 10K to get a 10 year loan on a used boat. 10-12-15 are common up to 50K.

    Recommend you consider a home equity loan if you have the means. Also, check the google bar to the right of this thread for good lending sources!
     
  5. ShakeDown

    ShakeDown OGF Staff Staff Member Admin

    From what I've seen (I've financed 2 boats in the past) boat loans can be VERY creative. I don't think the new/used is a factor in the term, but the loan amount is. Also, the more you borrow, the better the rate...usually theres a significant difference between financing 10k, versus $9,999.

    The key thing is, do you really want to lock into something that depreciates that quickly, with such high maintenance with a short warranty, for 10+ years? Sure, it knocks down the payments per month, but once you figure out how much extra you are paying in interest over such a long term, you'll puke!
     
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