Looking into financing for this upcoming spring. Where did or does everyone recommend for financing? I had my as one done through my wife credit union but i would only be able to finance my new boat for 6 years. So far the best interest rate that i have found would be an equity home loan.
Ah, be prepared for the, only buy a boat with cash, if you cant pay cash, you cant afford a new boat. Then the big spenders who brag they can buy any boat they want, without a payment…blah, blah, blah
I financed my boat a week ago. Through my local credit union… that being said, I saved a ton of money buying this time of year. Alumacraft Trophy 205
I found the best rate at Bell Bank, but would recommend shopping around. If it’s a used boat you may have some restrictions on loan length, but new or newer shouldn’t be an issue.
I financed half of my Canam last year through a credit union. 3.something% interest for 5 years however I just paid it off after 16 months. Hardly paid any interest compared to the cost of the machine.
I bank through wings financial. Was able to get a 7 year loan at 2.99%. But Idk why you would consider doing this as IF YOU HAVE TO FINANCE ANYTHING IN LIFE YOU ARE A LOSER AND ARE JUST A PLAGUE ON THIS COUNTRY! Blais touched on it but I thought I’d give you the full treatment 
Easy there crappie, the OP gunsmith89 may not have read through those other previous threads and might not have any clue as to the intent of your humor. I suppose if he he curious now, we can attach the link to that thread.
One thing about the home equity option is (if I’m correct on this) you may be able to deduct the interest come tax time. The nice thing about that is you benefit from deducting it off the highest tax bracket. You’d likely stand to get something like 30% of it back (or whatever your tax situation is). Might be worth looking into and crunching some numbers.
Disclaimer: This of course may be pending the outcome of the tax legislation currently being thrown around.
Easy there crappie, the OP gunsmith89 may not have read through those other previous threads and might not have any clue as to the intent of your humor. I suppose if he he curious now, we can attach the link to that thread.
my attempt at humor was an exaggeration (although only slightly) on the responses provided by previous posters in the past responding to a similar question. I meant no ill will toward you gunsmith and wish you the best in your search. I have found credit unions to provide the best rates and have had good service with Wings for 20 years. Good luck
Shop around, CU’s and community banks will likely be your best option; I’ve had good luck with Think Bank the last 6-8 years.
Note on using home equity loans – benefits that Tegg mentioned apply but you should also consider what may happen when the time comes to sell your house. Much easier to manage transactions when they are separate vs trying to wiggle around that extra $30K-$50K you’ve added to your mortgage obligation when you’re trying to set a sales price for your house. It may not be a concern now but things change fast.
Hope this helps, good luck.
I’d look into area Credit Unions. I was involved in previous posts and did finance about 1/3 of my boat’s cost over 2 years. I could have paid it upfront, but with a 3% interest rate it wasn’t worth strapping myself.
I wouldn’t give anyone advice on how to/not to spend their money. However, when you start talking about 6+ years…keep in mind what can and will change over that time. Jobs are lost, technology changes, cars need to be replaced, repairs need to be made, etc.
ne thing about the home equity option is (if I’m correct on this) you may be able to deduct the interest come tax time. The nice thing about that is you benefit from deducting it off the highest tax bracket. You’d likely stand to get something like 30% of it back (or whatever your tax situation is). Might be worth looking into and crunching some numbers.
Lenders have tightened up considerably on HELOCs and what they will allow them to be used for since 2009. Not saying what can/cannot be done, each lender is different, just saying one better understand what one is doing and keep between the lines.
Credit Unions are often going to be the best deal and don’t be afraid to negotiate and play one lender against another.
Grouse
I wouldn’t give anyone advice on how to/not to spend their money. However, when you start talking about 6+ years…keep in mind what can and will change over that time. Jobs are lost, technology changes, cars need to be replaced, repairs need to be made, etc.
I too, don’t mean to lecture, but after having co-workers and other people I know pretty well actually lose houses during the last crash, I totally agree. I just want everyone to remember what we were all supposed to remember after the last crash. Don’t count on today being repeated tomorrow. Not saying this as a lecture, I just don’t want to see anyone go through the misery that I saw back in 2009-2011.
Grouse
buckybadger wrote:
I wouldn’t give anyone advice on how to/not to spend their money. However, when you start talking about 6+ years…keep in mind what can and will change over that time. Jobs are lost, technology changes, cars need to be replaced, repairs need to be made, etc.
I too, don’t mean to lecture, but after having co-workers and other people I know pretty well actually lose houses during the last crash, I totally agree. I just want everyone to remember what we were all supposed to remember after the last crash. Don’t count on today being repeated tomorrow. Not saying this as a lecture, I just don’t want to see anyone go through the misery that I saw back in 2009-2011.
Grouse
Excellent and fair points and the correct way to go about giving advice without passing judgement
Thank you for the info, I was not trying to bring up the old threads I had just seen some people on other sites post some pretty good interest rates and wanted to see if anyone had any updated news on their recent purchases.
I am very surprised more boat companies don’t do their own financing with better rates. I work at a company where we sell tractors, skid loaders and excavator and the financing packages are pretty good.
Seriously, check out Wings Financial. They are so easy to deal with, have cheap rates, and I believe are one of the lenders Skeeter Boat Center works with. I’m sure other dealers do as well.
With the price of boats today, I sure hope that even the haters are starting to realize that unless you have a newish boat to sell or trade-in, most guys are going to have to finance boats. With the price of new trucks and boats it’s just a different world we are living in now.
I don’t comment in these topics anymore because of the high and mighty cash only guys.
It is bizarre that I see trucks (that I would use everyday) with $50k price tags and laugh, but I see a boat for $50k and think, not too bad….
Just some info. If you have a good working/financial relationship with a credit union when you check interest rates they will match or even go a tad lower to keep your business. I know this first hand and my credit union has lowered their rate for me 3 times on different purchases.
It’s easier to buy an expensive boat when the combined value of your commuter car and tow vehicle is less than 2k. I have my priorities right. 
No need to justify to the cash dorks, crappie.
I don’t comment in these topics anymore because of the high and mighty cash only guys.
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buy what you can afford. interest on a rec vehicle loan isn’t attrocious, but basically you can get approved for anything its up to you to make sure you can afford it.
i have only had a loan on our home and paid cash for our vehicles and my boat but have been blessed to be able to do so.
but the reality is that for every 10k borrowed to buy a boat you are paying about $250 bucks a year in interest. not a bad deal.
If the only people that bought houses/cars/boats were people buying cash, there wouldn’t be any boat manufacturers anymore.
Wings Financial
Talk to Bob Bowman
Easy and Fun guy to work with.
952-997-8000
I’d love to get deeper into this but this is what is happening in higher education. The reason boats are getting more ridiculous in prices is that banks offer these loans and people take them. If banks became responsible, or held liable, these loans would never be available. But hey, if I sold you an arts degree at the the U of M for 100k but u couldn’t get a loan, I’d be screwed or have too lower my price. But if I could get you a loan…
I wasn’t in the market for boats after the 2008 crash. Did boats actually become any cheaper in the years after? I highly doubt it as once the prices are set, all of the costs leading up to that price are now baked in. It’s like with the high gas prices throughout the past 10 years, when Fedex, UPS, etc raised their rates. Now that gas prices are half of those $4/gal prices, did any of those carriers lower their prices? No. They had their costs/profit margins baked in.
But, I do kind of agree with your point. Over the long-term, with the current trend towards 21 foot boats with 300 HP engines on it, the shock of a 60K boat is starting to wear off and as it becomes more normal for consumers to digest and say, oh I’ll just got a 10-year loan, no biggies, then these expensive boats will stay.
There was just a poster either on here or another forum regretting locking into that 20 foot boat with a 15-year!!!! loan.
<div class=”d4p-bbt-quote-title”>philtickelson wrote:</div>
If the only people that bought houses/cars/boats were people buying cash, there wouldn’t be any boat manufacturers anymore.I’d love to get deeper into this but this is what is happening in higher education. The reason boats are getting more ridiculous in prices is that banks offer these loans and people take them. If banks became responsible, or held liable, these loans would never be available. But hey, if I sold you an arts degree at the the U of M for 100k but u couldn’t get a loan, I’d be screwed or have too lower my price. But if I could get you a loan…
There is definitely a circular nature to it. But if I had to guess, a small percentage of boats in the $20k range get sold outright, let alone the $50k+ market. Same goes for cars.
My point was more on the, “it’s okay to finance things” side of this, in today’s world it’s necessary.
You know the average home prices in most zip codes of the twin cities is over $200k, with some(a lot) areas being significantly more than that. How can a 25, 30, 35 year old afford that when they are still paying off student loans, or cars, rent, daycare(!!!), etc. I make good money now and did when I got out of grad school, and it still took me quite awhile to save up enough for a down payment on a house.
Wings Financial
Talk to Bob Bowman
Easy and Fun guy to work with.
952-997-8000
I tried to call their 1800 number last night but will give him a call direct! Thank you!
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