Offshoreonly.com - Mercury Bolsters Outboard 'Repower Revolution' With Aggressive Financing Program

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Quote:

Originally Posted by pstorti (Post 4276137)

I saw the headline and expected 2% financing or something big, like when the economy was in the crapper and GM offered 0%, that's aggressive! Being as you can get a HELOC for 4% or less and deduct the interest from your income, who would bother paying Mercury 5%? I never understood that deferred for 90 days payments, what is the benefit? You still have to pay.

Honestly if you have to finance to repower you probably shouldn't be doing it anyway. :)
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I had set up financing with many customers who had good to below poor credit scores. the economy hit some people harder than others, some of which are now back on their feet doing well but their credit suffered through the tough times. People with good credit were happy with 4.7% financing. ones with less were happy with around 7%. Mercury is offering a system with a good percentage and a nice rebate (like Matt said) which is more for Mercury to bring to the table. And the the advantage to 90 days deferred is that you can put a larger down payment to bring down monthly payment, and have time to recover your bank account before having to start shoveling out again. And someone may not be doing as well as they were prior to the recession so they could be in a situation where they need to repower and don't have the cash to put up front. Things like this are making it possible for many different people to stay on the water. Thats the goal.

While an "ok" start to a program, I'd think it would fit our performance boater segment better if it included the 400r and 300xs motors in the program.

Quote:

Originally Posted by nofastboat (Post 4276360)

... And the the advantage to 90 days deferred is that you can put a larger down payment to bring down monthly payment, and have time to recover your bank account before having to start shoveling out again.

You make my point, if you need to empty your bank account and finance the motors you shouldn't be doing it. Period.

You should have 6 months reserve at least, probably even more as a boater with the extra monthly expenses a boat creates.

Quote:

Originally Posted by pstorti (Post 4276805)

OK Susie Orrmond, I do have a problem keeping 24K in my savings account but I have almost no debt besides my house so I am very comfortable IF I took on a loan for motors. And my motors run great so hopefully this is amoot point.

Financing is better for some people. Cash is king. Yes. However this could keep some cool older boats out on the water for people that can't drop 15-30k

Quote:

Originally Posted by Jupiter Sunsation (Post 4276194)

5% financing on "boat parts" is aggressive.......it would be really interesting if they carried that over to I/O stuff....150K motor/drive packages vs. 15-20K outboards.

I agree 100%. You can't compare financing a boat engine to your home or auto. The fact that they offer financing at all is impressive. This is all about marketing, and offering financing is a great way for them to sell more expensive engines.

I have a 1989 hull and 1998 and 99 outboard motors all paided for with CASH because thats' what I could afford and maintain without much skilled support. Screw financing anything but a home.I am saving and investing for retirement.Financing outboards..........silly......flame away

When financing boats and homes, always make the boat payment first when money gets tight. You can sleep on your boat, but you can't take your house to the sandbar.

Quote:

Originally Posted by bulletbob (Post 4277246)

100% agree, I've been plowing money into my 401K for 18 yrs, my company has also never missed a profit sharing so retirement is all set in 20 yrs. i have no HELOC, No credit cards, no boat loan, a small auto loan under 10K, therefore IF I financed a pair of OB's I would be fine with it.

some people's financial positions are different than others. not everything is perfect for everyone. some people on here think it is their way or the high way and you're going to go broke if you don't go by their rules. You are not financing your house so 2% is not quite a percentage for a boat. Its a lot more of a risk to the bank. It is the first luxury to go, and the boat can be difficult to repossess. I think this is a pretty good opportunity.