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Discussion Starter #1
Just wondering if any of you have financed
a USED boat in the 20-35k range and what your experience is with that. Ive always paid cash for my boats but 30k is lot to shell out. I'm mostly interested in the loan terms and how much you fiananced and if boat age was a factor. Feel free to pm me if you dont want it out there in the open.
Thanks guys
 

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Discussion Starter #3
If you financed a 20-30K used boat-
what are your payments,
for how many years,
how much did you put down
Is the year of the boat a factor at all on the amount of years financed since the boat price seems to dictate the length of term.
 

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Generally everything will depend on your credit rating. If you don't have excellent then you will buy a boat twice. Pay min 20% down.

I used USAA...

Best information to give yourself is credit report before buying and amortization chart.

Good luck out there.
 

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:cool:Your best bet during a boat purchase will be a pre approval from a bank or credit union. This is good ammunition in case you deal with a dealership finance department. Do thorough inspection of the watercraft you are interested in and insist on a demo on the water. Use the experience of the guys on this site to help. Hell, Tracker Marine on 183 will inspect a used rig for you!:cool:
 

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I don't have exact numbers for you but for me what started as a similar price range for a used boat turned into getting a brand new boat several thousand dollars higher than my original used boat budget. The interest rate was lower and the payments stretched out further on the new boat, which allowed me to maintain the monthly payment I wanted while getting more boat than I could have afforded otherwise.
 

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I don't have exact numbers for you but for me what started as a similar price range for a used boat turned into getting a brand new boat several thousand dollars higher than my original used boat budget. The interest rate was lower and the payments stretched out further on the new boat, which allowed me to maintain the monthly payment I wanted while getting more boat than I could have afforded otherwise.
I wouldn't be able to afford the 20% off at BPS you get from your boat purchase:)
 

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I financed an 18 year old boat. The bank looks and the blue book value for financing. If the blue book is only $20 for the $30 boat, that's all they will finance.
 

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I go with into all boat or vehicle sales pre approved. United Heritage is the best. I dont put down anything. With A+ credit you can get down to 1.89 %. I financed my Skeeter for 84 months at 676.11. If I don't pay any extra each month I'll only pay around $3750 in interest. You can search the Internet all day but the best rates are not advertised, they are earned! Plus it only took me a 10 minute phone call to my loan officer.
 

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Discussion Starter #15 (Edited)
I go with into all boat or vehicle sales pre approved. United Heritage is the best. I dont put down anything. With A+ credit you can get down to 1.89 %. I financed my Skeeter for 84 months at 676.11. If I don't pay any extra each month I'll only pay around $3750 in interest. You can search the Internet all day but the best rates are not advertised, they are earned! Plus it only took me a 10 minute phone call to my loan officer.
I have Aplus myself, and excellent credit. My thinking is there are some good deals to be had on some nice boats if you look hard in the 20-30K range that even after 10yrs the boat is still worth 20K on the market. So if my total depreciation is 10K on 30K and I can have a boat for a reasonable payment it makes sense to me. I also may pay it off in 3-4 yrs if everything else is going well for me. With low interest rates on a long term loans inflation is your friend.
 

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Yep inflation is good for me. The price of my boat went up $4k in one year model. So with that and my low interest I already have equity.
 

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I wouldn't be able to afford the 20% off at BPS you get from your boat purchase:)
Yeah that's cost a couple grand by now lol. Actually it saved me some decent dough on my fish finder. I bought my boat with the stock FF and used the VIP card to get 10% off my $500 unit. For everything else it allows me to go to BPS instead of academy but I get the same prices as academy.
 
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