Boat Financing?

[Josh123]

I've always wanted to have my own wakeboarding boat and was curious on the financing. I heard people usually finance them on 10 year notes sometime so the payments are cheap. Is this a normal thing to do or not? If I did end up buying one it would be a used boat. Any info would be great. Thanks

 

[JeffreyLebowski]

the longer you finance, your monthly rate will be lower, but you pay a lot more in interest. If you can't afford to pay it in 2 years, i would say don't get it. it's a toy and do you want to pay for a toy for 10 years? Plus if you get a boat, you're going to have to get insurance on it, and you're going to have to have a vehicle that can tow it and actually pull it out of the water.

 

[SoulAssassin]

I've heard a saying that if you're considering buying a boat you're better off standing in the shower and lighting dollar bills on fire because it's basically the same effect. Most people spend a crap load of money on a boat and hardly ever use it. Guy I know who has a 33-footer doesn't even take it out anymore because of gas prices, they just go to the marina and hang out on the boat there.

On a more helpful note, and at the risk of officially becoming a shill for them, check out Pentagon Federal Credit Union.

<a target=_blank class=ftalternatingbarlinklarge href="https://www.penfed.org/productsAndRates/loans/vehicleLoans/boatLoans.asp">https://www.penfed.org/prod......oans/boatLoans.asp</a>

 

[OutHouse]

financing is just the beginning of spending money on a boat. I see you are in texas so your season will be a little longer than the rest of the country. boats are fun but are $$$ to maintain.

 

[Josh123]

Ya, I just got done talking with my boss about it. He talked some sence into me but man I REALLY want one.

 

[SoulAssassin]

You married/kids or anything like that? Just get a jetski for starters and try to talk a friend into getting one too so you have someone to ride w. You can get a used one for 3-4 grand and it uses much less gas. Get a two seater so you can throw a hottie on the back.

 

[JeffreyLebowski]

in the end though it is your money do with it as you please.

 

[jwells777]

A wise man once said:

If it flies, floats, or fornicates...rent it.

Just something to think about...

 

[Mxylplyx]

Financing any kind of toy is financially stupid, but people are free to do stupid things.

 

[SacrosanctFiend]

A boat is a toy. Don't finance a toy. Save up for it. In addition to not taking on a debt, it gives you time to think it over and make sure that you really want a boat.

 

[Josh123]

Originally posted by: SoulAssassin
You married/kids or anything like that? Just get a jetski for starters and try to talk a friend into getting one too so you have someone to ride w. You can get a used one for 3-4 grand and it uses much less gas. Get a two seater so you can throw a hottie on the back.

No kids, no wife.

 

[SoulAssassin]

Originally posted by: Josh123
<div class="FTQUOTE"><begin quote>Originally posted by: SoulAssassin
You married/kids or anything like that? Just get a jetski for starters and try to talk a friend into getting one too so you have someone to ride w. You can get a used one for 3-4 grand and it uses much less gas. Get a two seater so you can throw a hottie on the back.</end quote></div>

No kids, no wife.

Get a jet ski first...if you find you use it a lot graduate up to a small boat after a couple years. Just my humble opinion and probably what I'll do when I move to a state I can use it for more than a few months of the year.

 

[CPA]

jeebus, you live once, if you want it and you can afford it, go for it, toy or not. Too many ninnies in this thread.

 

[Phokus]

http://www.youtube.com/watch?v=1rfco1oQpPo

 

[SacrosanctFiend]

Originally posted by: CPA
jeebus, you live once, if you want it and you can afford it, go for it, toy or not. Too many ninnies in this thread.

I agree with you, but if you have to finance it then you really can't afford it. You can afford to make the payments on it, but you can't afford the actual boat. Of course, that's just my view, and if that makes me a ninny, so be it. At least I'm not paying additional money on something that depreciates in value.

 

[kranky]

Yeah, you have to take all the expenses into account and not just look at the payment.

Like SoulAssassin, I have a friend with a huge $50,000 boat (he bought it new, stupidly) and now it's to the point he can hardly afford to run it because of the gas prices. He could easily run $400 of gas through it in one day if he drove it heavily. So for his $500/month boat payment, plus the dock fee, he gets to sit on the boat.

 

[squirrel dog]

Lots of good advice.I've had several boats,8 total.All but one were used,I let someone else take a bath on the front end.Its a buyers market with the gas thing,having said that,a wake board boat is very expensive.Maybe you could research and get a good used inboard ski boat.MasterCraft comes to mind.It produces the kind of wake you are looking for.You should be able to find a good used one for 10k or less.You can pull that type boat with a small truck,or larger car.Dont forget to insure it.Boat insurance is the one thing about boats thats fairly cheap.Good luck.

 

[SearchMaster]

Originally posted by: squirrel dog
Lots of good advice.I've had several boats,8 total.All but one were used,I let someone else take a bath on the front end.Its a buyers market with the gas thing,having said that,a wake board boat is very expensive.Maybe you could research and get a good used inboard ski boat.MasterCraft comes to mind.It produces the kind of wake you are looking for.You should be able to find a good used one for 10k or less.You can pull that type boat with a small truck,or larger car.Dont forget to insure it.Boat insurance is the one thing about boats thats fairly cheap.Good luck.

Very good advice here. My brother-in-law got a really nice wakeboard boat last year ($35K brand new on a $50K list boat)...they're pricey. I bought a two year old runabout with extremely low hours for about half the new price. It will pull a wakeboarder no problem, but will not generate the kind of wake necessary to do a lot of aerial tricks. For that you'll need a boat with a large bladder to suck water up and make it very heavy (or manual weights, but the bladder is more versatile).

 

[Josh123]

Originally posted by: SearchMaster
<div class="FTQUOTE"><begin quote>Originally posted by: squirrel dog
Lots of good advice.I've had several boats,8 total.All but one were used,I let someone else take a bath on the front end.Its a buyers market with the gas thing,having said that,a wake board boat is very expensive.Maybe you could research and get a good used inboard ski boat.MasterCraft comes to mind.It produces the kind of wake you are looking for.You should be able to find a good used one for 10k or less.You can pull that type boat with a small truck,or larger car.Dont forget to insure it.Boat insurance is the one thing about boats thats fairly cheap.Good luck.</end quote></div>

Very good advice here. My brother-in-law got a really nice wakeboard boat last year ($35K brand new on a $50K list boat)...they're pricey. I bought a two year old runabout with extremely low hours for about half the new price. It will pull a wakeboarder no problem, but will not generate the kind of wake necessary to do a lot of aerial tricks. For that you'll need a boat with a large bladder to suck water up and make it very heavy (or manual weights, but the bladder is more versatile).

Ya, I'm not a pro wakeboarder I just love getting out on the lake and having a good time. I found an old Mastercraft right HERE but have no clue what to look for as far as the quality of the boat.

 

[iamwiz82]

Originally posted by: Josh123
<div class="FTQUOTE"><begin quote>Originally posted by: SearchMaster
<div class="FTQUOTE"><begin quote>Originally posted by: squirrel dog
Lots of good advice.I've had several boats,8 total.All but one were used,I let someone else take a bath on the front end.Its a buyers market with the gas thing,having said that,a wake board boat is very expensive.Maybe you could research and get a good used inboard ski boat.MasterCraft comes to mind.It produces the kind of wake you are looking for.You should be able to find a good used one for 10k or less.You can pull that type boat with a small truck,or larger car.Dont forget to insure it.Boat insurance is the one thing about boats thats fairly cheap.Good luck.</end quote></div>

Very good advice here. My brother-in-law got a really nice wakeboard boat last year ($35K brand new on a $50K list boat)...they're pricey. I bought a two year old runabout with extremely low hours for about half the new price. It will pull a wakeboarder no problem, but will not generate the kind of wake necessary to do a lot of aerial tricks. For that you'll need a boat with a large bladder to suck water up and make it very heavy (or manual weights, but the bladder is more versatile).</end quote></div>

Ya, I'm not a pro wakeboarder I just love getting out on the lake and having a good time. I found an old Mastercraft right HERE but have no clue what to look for as far as the quality of the boat.

That's a lot of hours.

I want to get a jet boat, but I cannot swallow the money on upkeep for a toy. I can pick up 2001-2003 Sugar Sands for under $9000 with 270HP around here.

 

[SearchMaster]

Originally posted by: Josh123
<div class="FTQUOTE"><begin quote>Originally posted by: SearchMaster
<div class="FTQUOTE"><begin quote>Originally posted by: squirrel dog
Lots of good advice.I've had several boats,8 total.All but one were used,I let someone else take a bath on the front end.Its a buyers market with the gas thing,having said that,a wake board boat is very expensive.Maybe you could research and get a good used inboard ski boat.MasterCraft comes to mind.It produces the kind of wake you are looking for.You should be able to find a good used one for 10k or less.You can pull that type boat with a small truck,or larger car.Dont forget to insure it.Boat insurance is the one thing about boats thats fairly cheap.Good luck.</end quote></div>

Very good advice here. My brother-in-law got a really nice wakeboard boat last year ($35K brand new on a $50K list boat)...they're pricey. I bought a two year old runabout with extremely low hours for about half the new price. It will pull a wakeboarder no problem, but will not generate the kind of wake necessary to do a lot of aerial tricks. For that you'll need a boat with a large bladder to suck water up and make it very heavy (or manual weights, but the bladder is more versatile).</end quote></div>

Ya, I'm not a pro wakeboarder I just love getting out on the lake and having a good time. I found an old Mastercraft right HERE but have no clue what to look for as far as the quality of the boat.

How often would you see yourself going out on the lake? I live on a lake so I can go out often...if you don't think you'd go out more than a few times a month you should probably look into renting, it would save you a lot of money in the long run.

As has been mentioned before, there is often a lot of maintenance headaches with boats. It seems much more compounded than headaches with automobiles because you drive cars every day, but not that often (usually) with boats.

 

[Josh123]

I don't think there is any rental places at the lake I would be at . If I did get a boat I would LOVE to be out every weekend.

 

[Pacfanweb]

I just bought a new boat this spring. I financed it for a pretty long time....can't remember exactly...maybe 10-12 years.
I over pay on everything, and will pay it off far sooner, but I have the option of making that lower payment in case business hits a slow period. (I'm self-employed)

BTW, a REAL wakeboard boat will cost you well over 30k. Yeah, save up for it, that's realistic :rolleyes ....it would be the best thing to do, but while you're saving up that payment for 6-7 years, you're not on the water.

If I had decided to start saving up for a boat right now, I'd miss 6-7 years on the water with my kids.



BTW, you measure your fun on a boat in Smiles Per Gallon. There are lots of those to be had.

 

[Josh123]

Originally posted by: Pacfanweb
I just bought a new boat this spring. I financed it for a pretty long time....can't remember exactly...maybe 10-12 years.
I over pay on everything, and will pay it off far sooner, but I have the option of making that lower payment in case business hits a slow period. (I'm self-employed)

BTW, a REAL wakeboard boat will cost you well over 30k. Yeah, save up for it, that's realistic :rolleyes ....it would be the best thing to do, but while you're saving up that payment for 6-7 years, you're not on the water.

If I had decided to start saving up for a boat right now, I'd miss 6-7 years on the water with my kids.



BTW, you measure your fun on a boat in Smiles Per Gallon. There are lots of those to be had.

Exactly, I want to have a boat while I'm young and still get out there. Being on the water is the thing I love the most and I hate seeing it pass by because I'm afraid of the negative things that come with a boat.

 

[KK]

what's that old saying: the two greatest days in a boaters life, the day he buys the boat, and the day he sells it.