Financing Ideals

[Glen Summers]

Folks thanks for your help so far. I have a couple of Nitro's out on the internet that I am getting close to making a pick. I have great credit but my bank and credit union don't like the ideals of 12year notes on used boats. Got any ideals of getting good rates anywhere? It was in the mid 60's here in Texas today, I sure what to get ready for the spring run!

 

[Aroldo Hernandez]

Go with your credit union on a 5 year note.

 

[Berry Lindley]

Just my personal opinion, but that is a very long time to finance anything other than a house.

 

[Texas Transplant]

I would tend to agree. The useful life of a 'new' bass boat is somewhere around 4-6 years if taken care of (which unfortunately too many are not). Financing it for 12, would leave the note holder with far too much risk.



For me, I try to finance vehicles, boats and the like at no more than 3 years, if at all possible. And for me, that means no more 'new cars', even if I was willing to go to a 5 year note.



Tex

 

[James Nitro]

get a home improvement loan from credit union,that should go 10 or 12yrs.

 

[Marty Klein]

I guess my 9-tear old boat is set to sink this year? :lol: Any customer of your bank should be pleased that the bank has that policy, specifically for the reason Texas Transplant mentions re: "risk." You will owe more money than the bank can recoup if tragedy befalls your ability to pay.



No really great ideas re: better rates; certainly for that long term.

 

[Herndonpro]

If you are buying through a dealer check with them. I took a 12 year loan on my boat, because that got me the cheapest interest rate, but I paid it off in less than two years. So it could be the way to go if you are not planning on paying for 12 years.



HP

 

[Mini]

The useful life a bassboat is MUCH longer than 4-6 years. My boat will be 9 this year and is running/looking great! Especially after I replace the carpet

 

[Texas Transplant]

My comment about usefull life should have been more explicit. Usefull life in this context is financial worth of re-sale after 5-6 years. That, and MOST of us (including myself) tend to judge the worth of our boats at 'sellers value' vs 'buyers value'.



Buyers value for a 5-6 year old boat, is much, much less (generally), than what is owed - in most cases; or better yet what one will sell it for.



Tex