Chevy TrailBlazer, TrailBlazer SS and GMC Envoy Forum banner

1 - 13 of 13 Posts

·
Registered
2002 chevy trailblazer_ltz
Joined
·
790 Posts
Discussion Starter #1
Anybody ever finance a boat? What kind of rates/terms do they usually offer. Assuming you have good credit and all that. Anybody finance a boat in the $30k range? What kind of payments do you have?
 

·
Banned
2006 chevy trailblazer_ss_ls
Joined
·
7,988 Posts
I can't remember if mine was 12 or 15 years. It was right around 30K with payments in the $285/month range. I would strongly recommend paying more than the minimum payment though, as now that I want to sell my boat the balance is higher than the value. :hissy:
 

·
Registered
2002 chevy trailblazer_ltz
Joined
·
790 Posts
Discussion Starter #3
Yeah, I was thinking more of a 10 year loan. I'm thinking of getting maybe a 2 year old boat with less than 50-60 hrs that way I don't take as big of a hit on the depreciation. Looking at Moomba's and Supra's.
 

·
Banned
Joined
·
1,354 Posts
Yeah, I was thinking more of a 10 year loan. I'm thinking of getting maybe a 2 year old boat with less than 50-60 hrs that way I don't take as big of a hit on the depreciation. Looking at Moomba's and Supra's.
Unless you have allmost perfect credit, or your buying a $100,000+. Your going to have a hard time finding a bank to finance a boat for that long. Boats are a MUCH bigger risk for banks then cars
 

·
Registered
2002 chevy trailblazer_ltz
Joined
·
790 Posts
Discussion Starter #5
Unless you have allmost perfect credit, or your buying a $100,000+. Your going to have a hard time finding a bank to finance a boat for that long. Boats are a MUCH bigger risk for banks then cars
Really? Because I've never seen a boat loan that's less than 5 years. They go from 5 years up to 20 depending on the loan amount. And buying a $30k + boat would put me in a bracket much higher than a 5 year loan. I was just asking for personal experiences with boat loans.

FYI: I do have near perfect credit...FWIW
 

·
Registered
2006
Joined
·
4,126 Posts
Unless you have allmost perfect credit, or your buying a $100,000+. Your going to have a hard time finding a bank to finance a boat for that long. Boats are a MUCH bigger risk for banks then cars
Where did this come from? I did minimal research and found you are mistaken.

"While a typical car loan may be for five years or, at the most, six years, boat loans can last anywhere from a few years to more than 20 years. As one may expect, as the cost increase, normally so too does the length of the loan. In boat financing, it is common for a loan to last at least ten years. A ten-year car loan is virtually unheard of. However, a boat loan for that length of time is possible for a number of reasons. First, while boats do depreciate with age, the percentage of the depreciation is not as fast as it is with cars. Second, boats tend to last and remain functional for decades, making it very likely that a person will choose to won the craft for at least ten years. This longevity also explains why depreciation is slower."


Also you may want to think about a boat with kitchen and sleeping area. It can be beneficial with taxes as it can sometimes qualify as a second home.
 

·
Registered
2007 chevy trailblazer_ss_3ss
Joined
·
3,118 Posts
I have had several boat loans that were 15 year loans.
The last one was a 246 rinker open bow ($76,000 new) payment was like $400 month.
If you buy a boat that has a sink, you can claim it on your taxes as a second home..:D
buy a small (fold up)camp stove and keep on board.

You might have a hard time getting a loan without spotless credit now..
 

Attachments

·
Registered
2007 buick rainier
Joined
·
661 Posts
Good to see a fellow boater here. I have a newer Chaparral and actually that is the only reason I have a TV and the main reason I need a V8 in it. I can't add anything on the loan situation since we pay cash for everything which just makes life a whole lot easier for us. If I was a credit utilizer, I'd most certainly check out credit unions. When I get boat ads in the mail such as for Formula boats, they offer some loan lengths that are mind bogglingy long.
 

·
Registered
2002 chevy trailblazer_ltz
Joined
·
790 Posts
Discussion Starter #10
Yeah, I don't think they make any wakeboard boats with sinks unfortunately. lol. I'm looking at '09-'10 boats in the $30-45k range. Credit is spotless, its the showing income that's tough, when you're self-employed you try and write off as much as you can. lol Sometimes that will bite you.
 

·
Registered
2007 chevy trailblazer_ss_3ss
Joined
·
3,118 Posts
Yeah, I don't think they make any wakeboard boats with sinks unfortunately. lol. I'm looking at '09-'10 boats in the $30-45k range. Credit is spotless, its the showing income that's tough, when you're self-employed you try and write off as much as you can. lol Sometimes that will bite you.
hit the boat shows.. if there are any in your area.
They usually have new left over last years models cheap
and on the spot loans..

Boat US is good insurance, but the lizard is cheapest..
 

·
Registered
Ford Focus 2000
Joined
·
2 Posts
I've never heard about Boat loans, more than that, I think a loan is the worst option if you want to buy something. It will take you a lot of time, and for me this is too hard to realize that I am using something that doesn't belong to me. I would rather buy the boat from the dealer or from another person, but I would never go for a loan. I've bought my bought from the dealer, of course I had to have a credit, but this is much better, the only one thing left to do was to return the money. It was pretty easy because I've found a great credit company that offered me a good credit option. They still have some great credit options for all the customers. By the way, here is the company website https://credit-10.com/ro/ferratum-credit/
 
1 - 13 of 13 Posts
Top