Members Hickabilly Posted October 1, 2017 Members Posted October 1, 2017 Are there any local banks that will do boat financing over a 10 year term?
MrGiggles Posted October 2, 2017 Posted October 2, 2017 Bad idea, you will pay almost double in the end, unless you make larger payments. Hickabilly 1 -Austin
fishinwrench Posted October 2, 2017 Posted October 2, 2017 Depends on the amount financed and the value of the boat. If it has a new Evinrude with a 10 year warranty, and you have 5k+ for a down pmt. then it shouldn't be a problem. Realize that insurance is gonna rape you all along the way. Absolutely do NOT do it on a used rig. Hickabilly 1
Members Hickabilly Posted October 2, 2017 Author Members Posted October 2, 2017 Thanks for the advice so far.
Dutch Posted October 2, 2017 Posted October 2, 2017 It might be worth your time to down load an amortization schedule and plug your numbers into it. That will let you know just how upside down you will be and how long before you may be able to break even. Hickabilly 1
Gavin Posted October 2, 2017 Posted October 2, 2017 A ten year loan on a boat? That sounds like a really bad financial decision. Ham 1
Seth Posted October 2, 2017 Posted October 2, 2017 1 hour ago, Gavin said: A ten year loan on a boat? That sounds like a really bad financial decision. I think that is just about standard from dealers anymore. Cowtown gave me a 10 year loan without even asking when I upgraded to my last boat. As long as there isn't an early pay off penalty, I don't think it's a bad deal. I paid mine off in three years, but I at least had the option to pay the minimum if something came up and I needed to put the extra money I was paying towards the boat to something else. Hickabilly 1
Gavin Posted October 2, 2017 Posted October 2, 2017 Wow! That's a really long term on a toy loan but if no prepayment penalty...OK...Still think that you should be able to pay it off in 3 or you really cant afford it. Seth and Ham 2
fishinwrench Posted October 2, 2017 Posted October 2, 2017 I have only financed a boat twice in my life, and regretted it both times. But that was mostly because my income was not stable. Too many months of eating eggs and potatoes and stressing out over it. Never again. dan hufferd 1
Seth Posted October 2, 2017 Posted October 2, 2017 2 hours ago, Gavin said: Wow! That's a really long term on a toy loan but if no prepayment penalty...OK...Still think that you should be able to pay it off in 3 or you really cant afford it. Something tells me that a lot of the guys running new bass boats aren't paying $2k a month in payments for 3 years. Daryk Campbell Sr, CadeWompus and Flysmallie 2 1
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