Boat Finance

[malmana]

I'm new to this group. I plan to pull the trigger on a 195S in November. Hopefully finance $38,000 15 years. I have 750 credit score. Any input on lenders is greatly appreciated. This is my first boat finance. Good, bad experiences??? Just trying to get my ducks lined up. Thanks

 

[Cyclonegrey]

If your not planning to pull the trigger until November then just wait until late October. In financing things change quickly. Your score could change. Rates will definitely change.

 

[2kwik4u]

Local credit unions have been my go to for finance on cars. I went with Yamaha for the boat. Terrible decision. Yamaha financial us a PIA to deal with. Find someone local to lend for you.

 

[TimmyH]

My credit score at the time was low 700’s. Yamaha came out originally with 7.99%. I told dealer no way. Get me in the 5’s% and I’d sign if he still honored the price we discussed. He called Yamaha got me 5.74% My credit union was 5.99 new and 7.99 used. Another local dealer came back with 7.99 with Yamaha financial. Funny. This was pre Covid and since then rates dropped. So have your dealer fight for you. There is room for negotiation. I wish I went with the 195S. Enjoy

 

[Yamahaul]

I'm new to this group. I plan to pull the trigger on a 195S in November. Hopefully finance $38,000 15 years. I have 750 credit score. Any input on lenders is greatly appreciated. This is my first boat finance. Good, bad experiences??? Just trying to get my ducks lined up. Thanks

I just signed on Saturday. Similar credit score. 180 months Yamaha offered 4.99% my local credit union where I have 2 vehicles was at 5 for same 180.

 

[Cyclonegrey]

I was told you can’t lock financing without a vin. How did you lock your rate?

 

[Yamahaul]

I was told you can’t lock financing without a vin. How did you lock your rate?

Sorry for confusion. By signed I ment I’m done. The Boat is mine.

 

[Epsmith19]

I couldn't stomach paying interest for 15 years on on boat

 

[mrcleanr6]

Mine is through yamaha @3.99%. For 10yrs or 2.99 for 5yrs. Dealer told me however i wanted to do it. Hell they were even good with only $1k down on 130k lol. Kinda crazy. The yamaha credit app was the easiest and shortest thing i ever filled out for a loan. Emailed it to my dealer and got the approval and rates in 30min. Any bank or boat lender it would have been a load of paperwork and copies of taxes to prove everything. Didnt have to supply yamaha with anything other than my name, address, ssn and income.

 

[EricE]

We went with USBank after they matched Yamaha at 3.99 for 180 months. That allowed us to keep the YES warranty incentive they were offering at the time. This was in early July.

 

[WetWillie]

Yamaha offered 2.99% for the first 60mo. when we bought in ‘17 and it stair steps to 5.99% for the remaining 10 years... We only signed this knowing we were putting half down on the balance up front and planning to pay the loan in full by the 60 month mark before the rate jumped... Glad to say we will own our boat at the end of next summer!!! But then I’ll be looking hard at a 255X as an upgrade after they are out for a season or two after we upgrade our tow vehicle first...

 

[SandfleaDDH]

I couldn't stomach paying interest for 15 years on on boat

Same. We've always been the " save up then buy it" type. Even on the big things.

 

[rrmidden]

I couldn't stomach paying interest for 15 years on on boat

I bought my 212x in 2015, $0 down, 15 years at 2.99%. I could pay it off at a moments notice and pay cash for a new 212x, but why would I? My money has been making 10%+ for the last 5 years.

 

[mrcleanr6]

Exactly. If you have the money to pay cash and you have a good enough credit rating to get a low interest rate then your way better keeping the money invested

 

[Brad460]

Interest rates are not going up anytime soon....at least not for the next 12 months +

Credit unions tend to have the best rates...

 

[pcriley]

Same. We've always been the " save up then buy it" type. Even on the big things.

This is why I have a 2006 model! 4-5% interest on mid five figures adds up to a huge sum. And that doesn't even factor in depreciation!

 

[HangOutdoors]

Cash is king.

 

[Brad460]

Cash is king.

It’s not though...used to be that way, but not so much anymore. Went to buy a new car last summer and gave them a cash offer- they weren’t at all interested in giving me a cash bargain..

Interest rates are lower than what investments can make..why use your own ?

Guy bought my last truck for $20k cash...depositing that $20k in cash caused extra scrutiny at the bank.

 

[rrmidden]

It’s not though...used to be that way, but not so much anymore. Went to buy a new car last summer and gave them a cash offer- they weren’t at all interested in giving me a cash bargain..

Interest rates are lower than what investments can make..why use your own ?

Guy bought my last truck for $20k cash...depositing that $20k in cash caused extra scrutiny at the bank.

Dealers like financing too because it’s a money maker for them. I’ve been told they could offer a better price if I financed, and just paid the loan off in a month. Ended up getting 0.9% Financing (for a car), so I just made payments.

 

[HangOutdoors]

Cash is always king..... The true meaning is based off of liquidity, not that you can buy something with cash... If you are liquid and you have cash flow as well as cash float then you basically should be able to handle anything that comes at you and be financially resilient. Equity in highly depreciable assets could go in a wrong direction quickly without the cash liquidity. The key is balancing both, liquidity and leveraged assets.

Now with that said, there are different types of people. Each to their own. Not all strategies work or are in everyone's comfort zone.