What to expect for a boat payment?

[schustrings32jg]

I will be graduating college in may and plan on buying a boat. I will be making a bout 55-70k my first year. I am looking to buy a 2006 or newer walleye boat a 1900-2075 lund, ranger 620/621, or triton of similar lengths. I have been seeing some deals around for about 30k give or a take a few. My question is what kind of boat payment should I expect if I get a 30k loan with a co signer with a good credit score and my score should be pretty average.

[MN_Moose]

Before you agree a long lasting commitment, listen to Dave Ramsey. So many people struggle their way through life trying to find a way out of debt. Please don't diminish your success before your career takes off. If you want a boat real bad save up for it and pay cash. Making 60k a year you could save up 30k in a couple years.

http://www.daveramsey.com/tools/new-to-dave/

[schustrings32jg]

I am just kinds of looking for what is an average payment amount for say a 30k lund or ranger boat.

[JOE WALLEYE]

it is very easy to find a loan calculator online. call you bank and see what they will give you for an interest rate. lets assume you finance 30K for 5 years at 7.25% your loan payment is $597.58/month

[reclending]

Very hard for anyone, including a bank, to give you a rate over the phone without looking at your credit bureau. We get asked this question all the time. People see a posted rate and then find out that about 5% of buyers really qualify for that rate. We can do a soft pull on your credit and see what is there. It does not act as a pre-approval but would give you a good idea at what would be available. Let us know, Ken

[Mark Komo]

If you set on helping the economy grow, and many thanks for that I might add, then look for a good rate. I got 3.9% from my local credit union. Also, put down a solid downpayment. My case the boat was 30K, I put down 15K. So financing 15K. Budget in the other items for your purchase, eg, repair and maintenance, gas, oil, insurance, title fees, tax on purchase, licensing etc. You want to get a true, or as close as you can get, total cost of ownership. TCO.

Be sure to fund your long term obligations first. So, if you are gonna knock down 55K to 70K (sounds like sales with commissions), get started on that 401K. Dont defer the 401k. Set it up, and make some quality payments. At least max out until the company match, if any, ends.

My 15K financed at 3.9 for 5 years (you can get 10years or 15years) is about 350 a month. I direct deposit every payday (every 2 weeks) $200. So, I have a little savings cushion. My boat was less than 3 years old (considered new by credit union standards), so got a nice low rate.

Good luck.

[walleyedmike]

But we all know that you print your own money in the basement, Mark........ LOL

[1860Angler]

You can find loan calculator's online and there are tons of apps for the iPhone and Droid's. Your going to be making 55-70K right out of college and you can't figure out how to calculate a loan payment?? Welcome to the real world!! I'd get a lot of things in order before I spent 30K on a boat just out of college!! I learned the hard way and spent like a drunken sailor right out of college, take my advice, if you want a boat, buy something cheaper to start with and upgrade over the years.

[zummy]

Originally Posted by 1860Angler

You can find loan calculator's online and there are tons of apps for the iPhone and Droid's. Your going to be making 55-70K right out of college and you can't figure out how to calculate a loan payment?? Welcome to the real world!! I'd get a lot of things in order before I spent 30K on a boat just out of college!! I learned the hard way and spent like a drunken sailor right out of college, take my advice, if you want a boat, buy something cheaper to start with and upgrade over the years.

Listen to this guy, he speaks the truth. I spent like a drunken sailor myself right out of school. I had way more money than I ever had in my life, and didn't know what to do with it all. Bought a fishing boat, new truck, computers, etc. My roommate used to tell people Cabelas delivered daily to our apartment. Heck after I moved the UPS lady delivered a package at work. After I signed for it she looked at the signature and said "You used to live at 2314 W. 7th didn't you". I wish I had saved half the money I pissed away my first 2 years out of school.

If you are set on getting a boat, go to the bank and ask for rates. The prices Cabelas advertises as "As low as" is based on a 12 yr loan at around 12% interest. My bank treats it like a car loan and when I am ready to buy next spring the rate will be around 4.5%.

[SVT1]

I don't think 30k is that much if he's got a decent paying job. I mean maybe that is and will be his only payment. Now of you said your getting a brand new ranger 621 I'd call you crazy.

I hate debt so much I paid off a 2012 F150 in 5 months and 2010 escape in 2 yrs so now maybe I'll treat myself to a fishing rig.