Question about financing......
 

Can I get a 15 year rate on an older boat, I've found a 97 Baja 240 Islander for 18,000. Just curious, Thanks.

I would think it would be very hard to get a 15 year rate on an 18,000 boat. I just finalized my loan yesterday and from my research I found that most of the lending agencies wouldn't consider 15 years on anything under 50k.

15 yrs on $18K......and you'll have to put at least 20% down on a boat.
so that's borrowing $14K for 15 years at what 12% interest if even possible.....$168.00 a month. If you find someone to lend that to you please let us know who it is.......I want to make sure I don't own any stock in that company!!!!!!!

thanks guys, I didn't think it was possible, or a good idea. Someone here at work was telling me a tall tale, lol.

Don't know about 18K but most places offer 15 years on under 50K. Not sure how low they go but financed amounts in the 30's are no problem.

Max term on an $18,000 loan would be 12 years.

Loan Ranger, what would be the rate on that? Also, do you have any recommendations on who to go through.

Thanks

On a loan for $18,000 you are looking at around 10.25% as long as your credit score is 720 or above. At 12 years your paymant would be $218/mo. If you wish to apply, just click on my link and you can complete a secure online application.

I bought a 1991 23' powerquest for 22K (only 100 hrs) in July 2003. We went through our credit union for full amount. NADA valued the boat at 16ish then. But it was spotless and for the money we could find nothing nicer. Anyrate 15 years and 5.75% fixed.

We are currently looking to upgrade to a 34'. So I called the Credit union last week and they said boats are going 6.5% on 25K.

I guess I've heard Credit Unions play by different rules.

Loan Ranger - I mean no disrespect or trying to steer anyone a different direction. I was thinking out loud and sharing my experience. In fact I am sure I'll be in touch this year as I'll be shopping - I Hope

Just signed a loan with my bank for 6.25% there are better rates out there but ya gotta search for em.

What kind of 34 are you looking for? I know of at least 2 excellent choices to consider...

My last boat was 32k. It was six years old when I bought it. 15 yrs no problem. Zero down no questions asked.

Good credit will get you further than you think.

Buck

Vyper 340,
I was down in the Powerquest section. and you said you had a 340, It sounded really nice. Where might I see some pics on it?
Is the other one in classifieds?

I was looking in the 75k range. which there is a 2000 with 380 hours and about an hour or 2 away from me, But it has Volvos in it. - Not thinking so much about it.
From the boad here, I understand 1999 & older Vypers have a tad bit slower hull. So I'ld love to find a 2000 or 2002 with 496 HO's. But I am struggling with 99's w/ 502 Mags for 30K less. Certainly want more than the 7.4's in the 95's

But I am really narrowing my focus on 340 Vypers. I should really be buying a CNC 5 Axis mill instead. but I have not being known to do the smartest things

What bank???? $$$ and term?????

If you want to finance a $18,0000 for 15 years - then you can't afford a boat. Seriously - the maintenance and gas are just as much as the payments. If you can't afford to pay it off in atleast 10 years - then you can't afford gas, maintenance, or insurance.

B-O-A-T - break out another thousand :D

Just put financing together for $38,000 - they wanted me to do 15 years, but I didn't - so absolutely no problem under $50,000 loans.

When I bought my first boat - it was like $13,200 and they told me I could of financed the whole thing for ten years, with no deposit. So I think for lower amount the 20% deposit is not so much required.

Would you finance a used truck, 18k for 15 yrs? that is insane.

Try 7 yrs max. otherwise you will have to write a big check when you want to sell the boat.

Spirit of St. Louis credit union.
They are offering a special til the end of the month for a full 1% off.
Right now their rate is 6.89 with 1% off it would be 5.89 up 210 months and for certain dollar amounts they go 240 months.