Please share your monthly payments on SX190 for 15/20 year term

[Pandabear90]

Just trying to figure out payments and what insurance would be. I’d get quotes but I’d figured it be easier to just post here and get you guys information. Credit is not an issue. Also would you suggest going through a credit union instead of the place of purchase?

 

[djetok]

Just trying to figure out payments and what insurance would be. I’d get quotes but I’d figured it be easier to just post here and get you guys information. Credit is not an issue. Also would you suggest going through a credit union instead of the place of purchase?

It really would depend basically on rates at the credit union. We did finance ours for 3 years, I would have just paid cash but the market was so down, I did not want to have the losses in the market. Sometimes CU is better sometimes its not.

Essex Credit, a division of Bank of the West - Essex Credit Marketing Site - Essex Credit

The nation's leading financial services firm offering the most flexible RV loans and boat loans packages in the business.

www.essexcredit.com

Essex Credit, a division of Bank of the West - Essex Credit Marketing Site - Essex Credit

The nation's leading financial services firm offering the most flexible RV loans and boat loans packages in the business.

www.essexcredit.com

 

[jEt_jAk]

Too many variables here. How much down payment?

 

[VaMarine]

When you look at Boat insurance, check with BoatUS. I had Progressive through USAA and had initially paid 1800 for the year for the boat and jet ski. Needed an MMSI number so paid for BoatUS membership, and contacted them for insurance, Boat and Ski are now 850 a year for more coverage than before.

As for financing, I went in with an approved rate from my bank (7% 15 years) told the dealer if they could beat 6% I'd go with them (they dont need to know what rate I have). They got me a loan with Bank OZK at 5.25% for 20yrs. I wont need the 20 years, but appreciate the savings for the year it'll take to pay off.

 

[biffdotorg]

I realize you guys are playing the market, interest rates and the like, but 20 years on a boat loan? Holy crap.

So if for some god awful reason you actually didn't pay it off in the 3-5 years expected, that $40,000 boat is costing you $67,399.20! Is my math right?

I get taking a longer term, to allow some flex in slow times, but 15-20 years probably means someone is buying beyond their means. I'm not your parents, but you may want to re-evaluate.

Not to mention, you will be upside down on your loan at any point in that loan period. So if you decide to sell it within that 20 year period, you will always owe more than what it is worth. That's never a good feeling. Especially when we see the seller responses to their for sale posts, "But I owe more than that to my bank" Yup, you always will doing your finances that way.

 

[Thats]

Twenty years?!?!

I think this is a question where you need to sit down with your significant other and deliberate if you truly need a boat if you can't pay that sucker off over 6 years or less.

Just my two cents.

 

[VaMarine]

I realize you guys are playing the market, interest rates and the like, but 20 years on a boat loan? Holy crap.

So if for some god awful reason you actually didn't pay it off in the 3-5 years expected, that $40,000 boat is costing you $67,399.20! Is my math right?

I get taking a longer term, to allow some flex in slow times, but 15-20 years probably means someone is buying beyond their means. I'm not your parents, but you may want to re-evaluate.

Not to mention, you will be upside down on your loan at any point in that loan period. So if you decide to sell it within that 20 year period, you will always owe more than what you have left to pay. That's never a good feeling. Especially when we see the responses to the classified ads, "But I owe more than that to my bank" Yup, you always will doing your finances that way.

Twenty years?!?!

I think this is a question where you need to sit down with your significant other and deliberate if you truly need a boat if you can't pay that sucker off over 6 years or less.

Just my two cents.

Here is the thing with boat financing. When I asked for shorter terms the interest rate increased. So with USAA who offered 7% for 15 years if I wanted a 3-5 year (which I though was reasonable time, similar to a car) the interest rate went to 14% and my credit score is above 750.

So by financing the boat for the 15/20 years and paying it off earlier it saved me a ton in interests. Additionally, rather than taking out of my savings/investment accounts and paying the boat off up front. I chose to use the banks money for the purchase and leave mine in the market. Year to Date the market is up 16% or 10% over the interest on the loan. So I'm making more money with my money in the marketplace than I am paying for borrowing the banks money. I and my financial advisor believe this is the best practice at the moment.

 

[biffdotorg]

Thank you, that response makes financial sense.

When the OP asks what the payment may be.... 1. They don't know how to find a loan payment calculator 2. They are shopping for a payment that fits their budget, and not thinking about the downside of that term. You are obviously not that guy.

PS: My Credit union gave me 5 years at 3.25% Not sure why, as having a better credit score than 750 should not have made any difference.

 

[VaMarine]

@biffdotorg I do agree with you we are playing the market. I'm prepared to pull the cash and pay the bill if need be. Its just not a sound investment strategy at this point.

It also drops the boat payments substantially, so if someone hits a hard spot they aren't that bad and should be able to be made. I think mine is in the $300 range, even though im paying close to $5K a month for it. Everyone has a different view on how to play the credit game. I don't think anyones is wrong, just they are all different,

 

[VaMarine]

Thank you, that response makes financial sense.

When the OP asks what the payment may be.... 1. They don't know how to find a loan payment calculator 2. They are shopping for a payment that fits their budget, and not thinking about the downside of that term. You are obviously not that guy.

PS: My Credit union gave me 5 years at 3.25% Not sure why, as having a better credit score than 750 should not have made any difference.

I think he may be asking, because that the is the term most places are offering on boats. I could see a 20 year term on a 43' Midnight Express Cuddy but on these I was shocked that's was an option.

 

[Brad460]

We did 15 years on our loan through a local credit union and got 3.5%. We always pay things off in half the time, but in case of an emergency our payments are lower @ $350.

Also, keeping money in our investments which are pulling upwards of 15%+ ROI I rather let it grow in there..

Sure we could have paid cash for our boat, but I also like to keep a large safety reserve ..

 

[Beachbummer]

Man, I always hear these 10%+ ROIs... Anybody willing to share how that's done without losing your pants in the attempt?

 

[Thats]

Man, I always hear these 10%+ ROIs... Anybody willing to share how that's done without losing your pants in the attempt?

I'm in a reallllly aggressive fund or two and I'm curious. For the past year I'm only up 2% due to the market that tanked last October. Yes this calendar year I'm up, but from last year I'm not even close to those 16% numbers.

 

[Matts18]

Man, I always hear these 10%+ ROIs... Anybody willing to share how that's done without losing your pants in the attempt?

Maybe you are hearing BS.....not everything you read on the internet is true........

As to the OP's question, if you have decent credit you should be able to get a 6 year loan under 4% and 10 year loan under 5% (maybe lower) from a credit union or bank you have a relationship with. If you don't have good credit or you can't put say....20% down on a $30k boat I would recommend you not buy one. Even on the relatively low maintenance Yamahas, your monthly payment is only a portion of the price to own and operate a boat.

 

[2kwik4u]

They offered me a 20yr on my little 190. Would've made the payments like $200/mo or something like that. We took a 15yr loan at 3.25% I think (I need to check that rate, it might be 4.25%) from our local credit union. had exceptional credit at the time, and enough savings to be comfortable on all fronts.

I almost always take the longest term offered. I rarely use the longest term (have once on a 60mo car loan). If the fit hits the shan (like it did for us about 18mo ago), it is a lot easier to make that $300/mo payment for 6-12mo while we recouped and got reorganized than it was to have made a $900/mo payment for that time. The low minimum was nice for that short period of time, so I could make ALL my payments and not have to sell the boat as a short term solution, or miss payments and wreck my credit, or deplete my on hand cash any faster than I had to. That low minimum bought me time, and was worth the potential to have an exorbitantly high total cost of purchase.

It's all about calculated risk IMO. I'm betting that I can pay off my loan faster than they can charge me interest on it. Might win, might break even, might lose a little. Not going to lose my butt on it, but I could certainly have used that money to make more money along the way. For me, the boys will only be young once, and if getting them into boating means I have to spend a bit extra, then so be it.

 

[the MfM]

Man, I always hear these 10%+ ROIs... Anybody willing to share how that's done without losing your pants in the attempt?

Ell oh elle

 

[Noko]

I got a 20yr loan through Yamaha at 2.99% 4 yrs ago. The money I invest continually makes more than 3%. So, it's better the sit on a 20yr loan at the low interest rate and make more money investing in the market. I can alway pay off the boat whenever I want. So I think it depends on the loan interest rate and if you have the cash to payoff the boat outright. I think you'd make more money in the long run saving the money instead of paying it off.

 

[rrmidden]

I got a 20yr loan through Yamaha at 2.99% 4 yrs ago. The money I invest continually makes more than 3%. So, it's better the sit on a 20yr loan at the low interest rate and make more money investing in the market. I can alway pay off the boat whenever I want. So I think it depends on the loan interest rate and if you have the cash to payoff the boat outright. I think you'd make more money in the long run saving the money instead of paying it off.

I got 2.99% for 15 years in August/September 2015 through Yamaha/Synchrony. I'm in the same boat, it's my second lowest interest rate loan, my money is making more than the interest, and if need be I could pay it off, but why would I!

 

[Thats]

I got a 20yr loan through Yamaha at 2.99% 4 yrs ago. The money I invest continually makes more than 3%. So, it's better the sit on a 20yr loan at the low interest rate and make more money investing in the market. I can alway pay off the boat whenever I want. So I think it depends on the loan interest rate and if you have the cash to payoff the boat outright. I think you'd make more money in the long run saving the money instead of paying it off.

See @ these rates it makes sense.

 

[Beachbummer]

Yes, 2.45 I know how to get, but having great credit I'm always turning down money at 4-8% if It was a sure 10% return it would be easy to borrow to earn that. Beware of the risk invoked in those rates.

Someone I know lost his retirement with these guys... They were awesome, until the house of cards fell.

Stanford International Bank - Wikipedia

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I wish everyone on this board big bucks and high returns!