What Finance Rates are you finding?

[batshouse]

Must be a surprise to some that a dream boat nowadays is 60-70k and average guy can't own now without those loans. I did a 10 year. Will probably be my last boat. I'll be buying a pond hopping bluegill rig next along with a walker or cane.

[CKM]

I just had no idea they would finance for 20 years. I thought ten was the longest. The rate we're going we'll see 50 year home loans and thirty year boat loans very soon.

[Lonewolf52]

Thoughts on a 35K @ 5.50% zero down 144 months? Would come out to $340 a month

[MarbleEyez]

$35k @ 5.50% interest for 144mo (12yrs) is paying a total of $47,888.68.
You're giving the bank $12,888.68 in interest. Thats 36% of the actual cost of the boat.

[ifish267]

Just had a buddy pass at 56. If you want a new boat and can afford the payment without getting hurt go for it. If the interest bothers you pay a little extra every month (it doesn't have to be a lot) and you'll cut the interest paid way down. Just my 02

[snopro31]

19 years at 5.9% in canada.

Open ended. 39K boat with tax.

Will pay it all off next year.

[cal74]

My opinion but if someone needs to finance a toy for anything more than 5-6 years than they probably should be looking at something more reasonable.

[JDS]

Originally Posted by ifish267

Just had a buddy pass at 56. If you want a new boat and can afford the payment without getting hurt go for it. If the interest bothers you pay a little extra every month (it doesn't have to be a lot) and you'll cut the interest paid way down. Just my 02

You hit the nail on the head, I too had my closest friend pass at 42. I wasn't waiting any longer to get the boat I wanted. It's all fine and dandy if you are are sitting on a pile of cash, but a decent rate and paying more every month equates to about half the interest over the term of the loan. Plus it gives you a cushion if you run into unforeseen expenses. At least that was my justification and is working out perfectly...."knock on wood" lol

[Baseline]

Stopped by my company's credit union today

Boats 0 to 48 2.49
49 to 84 2.99
84 to 120 6.90

Zero Down

[black white face]

Home equity loan is the way to go for financing boats if needed and or if the equity is available. Interest deductible and pay as much as you want as long as the interest is paid each month. It's like having a "line of credit" at your bank

Some banks will require you to renew the loan every 5 years