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  #1  
Old 12-31-2015, 09:26 AM
Wyo307 Wyo307 is offline
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Default Which way to go on my new boat

Hello I am going to be buying a new lund here pretty quick which is going to cost me somewhere around 44K after all my accessories. So here is my predicament I have enough money saved up so I can put about 15% down on the boat OR put about 1000 down on the boat to get it ordered and then payoff my wife's vehicle. We both have good credit and are expecting to get the boat for around a 5% interest rate for about a 10 year loan and then just pay it off early. I know if we her vehicle off it wont show up on our credit early enough to help us out with the boat loan. The local credit union will loan 100% of the cost of the boat. When she bought her jeep years ago she didn't have the best credit so the interest is higher than what we are expecting the boat to be. Due to this alone my instinct tells me to just pay as little as I can up front on the boat and then pay the jeep off. This would also make it to where my total payments per month is lower because that payment would be gone. What are everyone's thoughts on this situation?

I was also wondering when I go to the boat show to order the boat will my pre approval letter from the credit union be enough to get the boat ordered? I am guessing they will want at least 1000 up front but I don't know for sure.

Also since this will be an order boat it will take 6 weeks or so before it is ready to be picked up. Do I finalize my paperwork when the boat is ready or when I order it?

This is my first real boat buying experience so any help would be greatly appreciated.
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  #2  
Old 12-31-2015, 09:40 AM
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Years ago when I bought a new boat I gave a down payment upon ordering. The balance was due when I took delivery. Be sure you do a walk around on the boat BEFORE taking delivery and giving the final payment to the dealer. Be sure the electronics and anything special you ordered is there and ready to go. The boat should be completely ready to go before paying. Sign the check, take the boat to the lake and go fishing.

Congrats on the new rig!
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  #3  
Old 12-31-2015, 12:53 PM
muzzy123 muzzy123 is offline
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I just ordered a new Starcraft Fishmaster 196. The dealer mailed me a purchase agreement to sign which I then mailed back with my deposit check. I will sign the final paperwork when the boat comes in and I pick it up..
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  #4  
Old 01-05-2016, 12:38 PM
toddr4 toddr4 is offline
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While I have never bought a brand new boat, I have seen some threads on here detailing horror stories of new boats not being as ordered. If you look back through these there should be some very valuable information as to what to look for and expect out of your boat buying experience.
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  #5  
Old 01-05-2016, 02:28 PM
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If the loan on your wife's Jeep is like most, you've already paid most of the interest on that loan, an early pay-off now won't save you much.

Contact her lender, and get the current payoff number, and then weigh your options.

HRG
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  #6  
Old 01-31-2016, 01:01 PM
spyguy spyguy is offline
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My 2cents = pay off the car loan first due to the higher interest rate.
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  #7  
Old 02-03-2016, 11:17 AM
jtulius jtulius is offline
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Quote:
Originally Posted by spyguy View Post
My 2cents = pay off the car loan first due to the higher interest rate.
+1. Pay off the car.
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  #8  
Old 04-14-2016, 10:51 AM
mtwalleyeguy78 mtwalleyeguy78 is offline
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Not sure if you ever got it all figured out. You could always refinance the Jeep at a lower rate since the credit is better. Good luck
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  #9  
Old 04-14-2016, 10:56 AM
Wyo307 Wyo307 is offline
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Turns out I traded the jeep for a new car for her. Then bought the boat with a down payment. Mainly that was just to make her happy because she wasn't happy that I got a new truck and a boat before she got anything.
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  #10  
Old 04-14-2016, 11:04 AM
mtwalleyeguy78 mtwalleyeguy78 is offline
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there ya go! Congrats, and well done!
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