Boat loans

  • muskyfish
    Posts: 33
    July 10, 2009 at 10:24 pm #1263595

    Never had a boat loan before. Is it common practice these days to have 10% up front, or can you still get the whole thing financed.

    Dave Koonce
    Moderator
    Prairie du Chien Wi.
    Posts: 6946
    July 10, 2009 at 10:48 pm #789769

    I’d bet Bob Bowman could help you out here…I know he has taken care of several friends here on IDO !!

    Jesse Krook
    Y.M.H.
    Posts: 6403
    July 11, 2009 at 12:53 am #789784

    10% down is a norm if you go through the dealer because then they get there 10% of the sale and the rest goes through the finance company SO if you get your own lender to cover the complete cost then you dont need the 10% down or if you go through the dealers lender you will need the 10% down…..make sense?

    Dave Ansell
    Rushford, MN
    Posts: 1572
    July 11, 2009 at 2:56 am #789800

    Watch the rates. When I bought my last boat the boat loan rates were much higher than auto loan rates. My bank allowed me to borrow against my Explorer as a used car loan rather than borrowing against the boat at a higher rate. Just an idea to throw out there.

    Bob Bowman
    MN
    Posts: 3544
    July 20, 2009 at 1:28 am #791570

    Quote:

    Never had a boat loan before. Is it common practice these days to have 10% up front, or can you still get the whole thing financed.

    Give me a call in the office @ 763-549-6402, I would be more then happy to help.

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