Go Back  Offshoreonly.com > General Discussion > General Boating Discussion
typical boat financing terms >

typical boat financing terms

Notices

typical boat financing terms

Old 05-12-2007, 10:53 PM
  #1  
Registered
Thread Starter
 
Join Date: Apr 2006
Location: Grand Lake (E-Dock Junior Varsity)
Posts: 3,017
Likes: 0
Received 2 Likes on 2 Posts
Default typical boat financing terms

Just curious what the typical terms for boat loans are, i cant seem to find anything on the internet. Im looking at 93 model thats asking 35k. What kind of down payment is the bank going to ask for on monday and what kind of length of payments can i expect, and interest rates?

Any help?

Not perfect credit, but not poor by any means.
waterboy222 is offline  
Old 05-13-2007, 01:01 PM
  #2  
Charter Member # 55
Charter Member
 
Griff's Avatar
 
Join Date: Oct 2000
Location: Omaha/LOTO
Posts: 19,518
Received 1,784 Likes on 885 Posts
Default

It will depend on the bank's policies, value of boat, credit score, down payment, and amount borrowed.
My bank always just refers to chart with the information and I negotiate from there.
Griff is offline  
Old 05-13-2007, 01:16 PM
  #3  
Registered
 
Shorgasm's Avatar
 
Join Date: Apr 2001
Location: On the back of a chicks M3..If you're gonna ride my ass at least pull my hair!!
Posts: 1,212
Likes: 0
Received 0 Likes on 0 Posts
Default

Credit unions do ok but there is a 7yr cut-off for a decent rate.I'm pretty sure everyone in here just wrote a check..
Shorgasm is offline  
Old 05-13-2007, 02:57 PM
  #4  
Registered
 
BDiggity's Avatar
 
Join Date: Feb 2005
Location: Palm Bay FL
Posts: 1,801
Received 33 Likes on 24 Posts
Default

We did ours thru eboatloans, which was a 97. For that yr & dollar amount, u will prolly need 10-15% down, & max term length 8 yrs maybe 10.
BDiggity is offline  
Old 05-13-2007, 07:04 PM
  #5  
Forum Regulator
VIP Member
iTrader: (1)
 
Sydwayz's Avatar
 
Join Date: May 2001
Location: Worldwide
Posts: 23,820
Received 1,188 Likes on 515 Posts
Default

You need to speak with Loan Ranger here on OSO aka Kyle.

www.newcoastfinancial.com

He is a GREAT guy with a LOT of programs. You can find him all over the board, and he posts his cell phone number too. I can dig it up if not.
Sydwayz is offline  
Old 05-13-2007, 07:20 PM
  #6  
Registered
Thread Starter
 
Join Date: Apr 2006
Location: Grand Lake (E-Dock Junior Varsity)
Posts: 3,017
Likes: 0
Received 2 Likes on 2 Posts
Default

thanks, ill see if i can round him up.. Im trying to find out if im going to be able to get the loan i want for ~$500 a month with 10 % down and 8-10 year term...
waterboy222 is offline  
Old 05-13-2007, 09:29 PM
  #7  
Charter Member # 55
Charter Member
 
Griff's Avatar
 
Join Date: Oct 2000
Location: Omaha/LOTO
Posts: 19,518
Received 1,784 Likes on 885 Posts
Default

Originally Posted by waterboy222
thanks, ill see if i can round him up.. Im trying to find out if im going to be able to get the loan i want for ~$500 a month with 10 % down and 8-10 year term...
I don't see why you would not be able to get that.

32k at 8% for 7 years is $499/month, 8 years is $452/month
Griff is offline  
Old 05-13-2007, 09:44 PM
  #8  
Registered
 
Join Date: Aug 2005
Location: St. Peters, MO
Posts: 111
Likes: 0
Received 0 Likes on 0 Posts
Default

The original financing for my '92 model (thru a local credit union) required 10% of the book value down, and choice of 10 or 12 years, at 7.99%.

A couple of months ago, a CU in KC offered a "special" deal, up to 10yrs for 5.9%, so I refinanced.
h2oboy is offline  
Old 05-14-2007, 07:18 AM
  #9  
Registered
 
Join Date: Jul 2004
Location: Palm Harbor, FL
Posts: 438
Likes: 0
Received 0 Likes on 0 Posts
Default

Originally Posted by waterboy222
Just curious what the typical terms for boat loans are, i cant seem to find anything on the internet. Im looking at 93 model thats asking 35k. What kind of down payment is the bank going to ask for on monday and what kind of length of payments can i expect, and interest rates?

Any help?

Not perfect credit, but not poor by any means.
Waterboy,
As long as the loan amount is at least $25,000 we can go as long as 15 years. With "not perfect credit" it would be tough to quote you a rate so please give me a call or click on my link and complete an online application and I will see what I can do for you. Thanks.
Loan Ranger is offline  
Old 05-14-2007, 07:35 AM
  #10  
Registered User
 
Join Date: Oct 2003
Posts: 9,495
Likes: 0
Received 4 Likes on 4 Posts
Default

Originally Posted by Shorgasm
I'm pretty sure everyone in here just wrote a check..

...and continue to do so every month.
Chris Sunkin is offline  

Quick Reply: typical boat financing terms


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.