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Old 05-26-2017, 09:31 AM
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144 months at 5% 0 down $28,000 financed I am ok with paying the bank interest otherwise I might not get a boat. I am not disciplined enough to save for one thing hunting land might come for sale or something else.
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Old 04-08-2018, 01:20 PM
Millerlite Millerlite is offline
Join Date: Jan 2018
Location: Brainerd Mn
Posts: 23

If the interest rate is what everybody is worried about, isn't it lower on a new boat then it is on a used boat?? I know it was for me when I bought my new truck last year.
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Old 04-12-2018, 08:58 AM
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reclending reclending is offline
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Join Date: Jun 2011
Location: Office is in Michigan
Posts: 85

Originally Posted by Millerlite View Post
If the interest rate is what everybody is worried about, isn't it lower on a new boat then it is on a used boat?? I know it was for me when I bought my new truck last year.
Boat loans and auto loans are most often different. Most lenders we work with have no difference with used. Others will have a slight bump at about 10 model years. Even then, the difference is not terrible. The auto stuff is different because the builders need to keep the factory going so the specials are often on the new. A used car sale does not directly feed the factory.
Let us know if we can help.
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Old 04-17-2018, 10:55 AM
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Homegrown1 Homegrown1 is offline
Join Date: Apr 2018
Posts: 35

$35,000 for 6 years - 3.99% from a local credit union, best I could find.
2018 LUND 1875 PRO-V, Merc 150 4 stroke, Minn Kota Terrova, Humminbird Helix 9, Trailmaster "C" channel trailer, Dexter E-Z Lube axle
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Old 09-26-2018, 10:24 PM
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Billebob5 Billebob5 is offline
Join Date: Sep 2018
Location: FIB
Posts: 36

Any updates out there? Looking to grab an 18 or 19 in the next few months
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Old 09-26-2018, 10:33 PM
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Farmerj Farmerj is offline
Join Date: Jul 2018
Location: Meeker County, MN
Posts: 377

When I got my boat in June, I found it was easier to just fill out the dealers application and go with it. Came back with several options. And the cheapest interest rate for the deal. I tried calling around and couldn't touch the package they came up with.
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Old 08-03-2019, 07:54 PM
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TrollMasterCalculator TrollMasterCalculator is offline
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Join Date: Jul 2019
Location: Annapolis, MD
Posts: 86

Originally Posted by black white face View Post
ditto! I bought my HOUSE/ ACREAGE for 15....
(to each their own I guess)

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Old 08-04-2019, 02:25 PM
3M TA3 3M TA3 is online now
Join Date: Jul 2005
Location: Burt Lake
Posts: 2,153

Originally Posted by black white face View Post
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
There are so many reasons for not doing this. For one,your income level has to be pretty darn good and you have lots of deductions already to be able to deduct the interest if you choose to itemize deductions. The Standard Deduction (at least for a married filer) eliminated a very large number of itemized tax returns. Itemizing your boat interest because of home equity loan for a toy is just plain nuts and very unlikely anyway unless of course you're already itemizing. Curious as to why anyone would place their home at risk when faced with financial difficulty because they bought a boat or any other 'toy' with a home equity loan. Makes no sense to me. The fact that you're adding the boat loan at the front end of a home mortgage makes even less sense. Just my opinion.
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