Buying my first boat

[LeeFlan7]

Yours deal seems reasonable with your credit...we recently did a 2017 sx210 through huntington national bank @ 5%....remember credit rating dictates what apr you will be offered...if you are comfortable with it, go for it and enjoy the hell out of your new boat.

 

[ExATCer]

Is it a new boat? Yamaha has 2.99% 1st 60 months and 4.99% the remaining 120 months. Or 0% first 12 months and 7.99% the remainder. That is on new boats though

I have a 795 rating and they quoted 15% too. Marketing tool wit their advertised rates.. I got a 10 year and 4% at Bank of America.

 

[OCMD]

Buy used and save a ton of money. As you know, these boats are bulletproof so do not fear a used one. There are plenty for sale on this site and the other site that are in perfect condition and well priced. You will get so much more for your money, and won't lose 20% value the after a year of ownership.

 

[AZDANSX230HO]

I just got finance quote on a yamaha 210 ar at 9 percent 144 months payments are $480 a month on a 40k boat. I haven't signed for the boat at dealer yet but planning to at months end. My credit is at 638 what do you guys think about this deal?

I agree on the credit union aspect, we have been with our credit union for 20 years and my Wife works there as well. We financed our 1st Yamaha back in 2005 and paid cash for our current Yamaha, we bought it gently used with very low hours.

If you look at paying $ 480.00 per month for 144 Months, that's $ 69,120.00 over the term of the loan. I agree with @OCMD to find a good used Yamaha Boat, no need to bury yourself financially in a high interest loan on a depreciating asset like a boat, just my 2 cents.

 

[captras]

I agree Dan....you dont realize how much you are paying total until you calculate it out. We bought our 2016 and rather than cash we got the 12 month no interest, planning on payoff within the 12 months....might as well keep my money as long as I can....and when I figured....even at 4.99% what it was going to cost me over the life of the loan I could buy a second boat with the interest payments!!!!

 

[AZDANSX230HO]

I agree Dan....you dont realize how much you are paying total until you calculate it out. We bought our 2016 and rather than cash we got the 12 month no interest, planning on payoff within the 12 months....might as well keep my money as long as I can....and when I figured....even at 4.99% what it was going to cost me over the life of the loan I could buy a second boat with the interest payments!!!!

Indeed Bob, agree 100%.

 

[OCMD]

On the other hand, if it is free money? Then finance. I just bought a car and was planning on paying cash until they offered me .99% (did I write that correctly? Anyway, less than 1% interest interest for 36 months.) Hell that is basically free money so I took it. Yea, very high monthly payments but I'll make that back and then some in stock funds over 36 months plus I will have yet another write off with my business. But a used boat is the way to go for sure, at least in my book.

 

[robert843]

On the other hand, if it is free money? Then finance. I just bought a car and was planning on paying cash until they offered me .99% (did I write that correctly? Anyway, less than 1% interest interest for 36 months.) Hell that is basically free money so I took it. Yea, very high monthly payments but I'll make that back and then some in stock funds over 36 months plus I will have yet another write off with my business. But a used boat is the way to go for sure, at least in my book.

I always try to do this as well. A few years back when I bought a new jet ski my credit union gave me 1.9% I put few grand down and was waiting on a bonus check to come through to pay it off. Three weeks after that the bonus came in and I went to the bank to pay it off but in the bank parking lot I looked down at the paper work and realized I was only paying a couple hundred bucks interest and realized it wasn't worth paying it off. I won't lie that little payment erks me everytime I pay it as I could easily just pay the loan off but honestly it doesn't make any sense to not pay the loan through the whole term.

 

[AZDANSX230HO]

On the other hand, if it is free money? Then finance. I just bought a car and was planning on paying cash until they offered me .99% (did I write that correctly? Anyway, less than 1% interest interest for 36 months.) Hell that is basically free money so I took it. Yea, very high monthly payments but I'll make that back and then some in stock funds over 36 months plus I will have yet another write off with my business. But a used boat is the way to go for sure, at least in my book.

We pay cash for most everything, unless there is a very low interest rate, with my Wife being an employee of the Credit Union, we get 2.25% interest on our vehicles, our mortgage is 3.25%, everything else is paid for free and clear. We also take advantage of cash back on our credit card, we make purchases on it, earn the cash back, and pay off the balance each month - it's nice getting free money.

 

[Benny Sibbitt]

Try bank of the west or a bank that specializes in boat loans.
Yamaha is actually hard to finance through, they turned me down but bank of the west gave me 4%.
My credit union wanted 6%.
No bankruptcy and my score was mid 700's

Good luck!

 

[BobbyP]

9% seems high for 10+ year loan. I would shop around, it might be your credit score, but will be worth the research even if you drop 1%. I just bought through USAA at 5.25. I think credit unions are the way to go, unless you are buying new and you get a factory deal.