I have been interested in getting a new boat for a couple of years but just wondering what you guys do have far as financing goes? It is just crazy how some guys are getting new $60000 boats every couple of years.
My credit union is offering 3.5% financing right now, so borrowing is pretty cheap if your credit rating is good.
Wings Financial has good rates on loans for boats. I can’t answer your question on a 60k boat though because I’ve never tried to finance one.
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Wings Financial has good rates on loans for boats. I can’t answer your question on a 60k boat though because I’ve never tried to finance one.
X2 with Wings for all your outdoor needs 
X3 with Wings. Very easy to deal with as well.
I was looking my credit unions web site the other day for something else, and seen they have vehicle rates from 2.99%… was surprised to see the boat rates were a solid 3% more.
There was a commercial on recently, with a certain payment on a new mid level Lund. Paused the DVR long enough to look at the half hidden disclaimer….. 180 months. Really….. fifteen years. Can’t even imagine that thought process, but I’m guessing it works for some.
That was I am thinking a lot of people are doing too, taking out these long loans just to get into the boat of their dreams.
I have financed all my boats on a 15 year loan because it gives me the lowest possible payment. Then I make double or triple the minimum payment every month. I had my last boat for 4 years and only had about 2 years left to pay on it when I sold it on a 15 year loan.
My logic is that in the event that something happened and I lost my job, I am far enough ahead after a year that I could skip a couple years of payments if I needed to. With good credit and a fairly low interest rate, it is pretty cheap money to borrow.
Of course, my logic is mine, and will make no sense to some, but it works for me.
Some people use the logic of saving up enough to pay cash. It is what they are comfortable with, but in the 6 years they were saving to pay cash, I had a boat for those 6 years and have it paid for.
In the end, you end up in the same place.
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X3 with Wings. Very easy to deal with as well.
Give Bob Bowman a call at Wings and he will set you up! He works at the Minnetonka location off of 394. He is a long time member of IDO.
The boat I bought last year I went through my credit union and got the loan at 3.9%. Of course I only borrowed a small percentage of the total cost.
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I have financed all my boats on a 15 year loan because it gives me the lowest possible payment. Then I make double or triple the minimum payment every month. I had my last boat for 4 years and only had about 2 years left to pay on it when I sold it on a 15 year loan.
My logic is that in the event that something happened and I lost my job, I am far enough ahead after a year that I could skip a couple years of payments if I needed to. With good credit and a fairly low interest rate, it is pretty cheap money to borrow.
Of course, my logic is mine, and will make no sense to some, but it works for me.
Some people use the logic of saving up enough to pay cash. It is what they are comfortable with, but in the 6 years they were saving to pay cash, I had a boat for those 6 years and have it paid for.
In the end, you end up in the same place.
Exactly You just have to be disciplined enough to make the extra payments.
Wings X5. Great service
Jason…. I agree with your thoughts for sure. Didn’t mean to sound like the 15 year loan was a bad thing…. Just can’t imagine going by the full payment schedule, but it was a personal thing that may have come across wrong. I use the same general safety net on my home…. and make double payments to assure I have a comfort zone.
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My logic is that in the event that something happened and I lost my job, I am far enough ahead after a year that I could skip a couple years of payments if I needed to. With good credit and a fairly low interest rate, it is pretty cheap money to borrow.
Never heard of a bank that let’s you skip payments. Who is your loan through? How does that work?
-J.
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My logic is that in the event that something happened and I lost my job, I am far enough ahead after a year that I could skip a couple years of payments if I needed to. With good credit and a fairly low interest rate, it is pretty cheap money to borrow.
Never heard of a bank that let’s you skip payments. Who is your loan through? How does that work?
-J.
North Shore Bank. When my statement comes, the payment due date is in the future, years into the future.
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My logic is that in the event that something happened and I lost my job, I am far enough ahead after a year that I could skip a couple years of payments if I needed to. With good credit and a fairly low interest rate, it is pretty cheap money to borrow.
Never heard of a bank that let’s you skip payments. Who is your loan through? How does that work?
-J.
I had a loan through Bank of the West. If I wanted the extra money to go towards the principle of the loan, I had to specifically make note of that. Otherwise, they would just assume it was the next month’s payment. After a year of making double payments you could essentially take the next year off. The bad part of this deal is that you are not saving any interest with this plan. I found this out after the first year. 
From that point on I had them “Make note” that the extra payments were to be directed towards the principle.
This was in 2004. I don’t know if it is still the same.
FDR
Ok, I see. All of the loans I have had extra payments always went to principle.
-J.
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Ok, I see. All of the loans I have had extra payments always went to principle.
-J.
I have to say I was not a happy camper after finding out that the extra payments had not gone to principle.
I had a car loan through Wells Fargo before that and all of the extra payments went to principle without me saying a word. So I was very surprised to find out there were other ways of delegating the extra payments.
FDR
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I had a loan through Bank of the West. If I wanted the extra money to go towards the principle of the loan, I had to specifically make note of that. Otherwise, they would just assume it was the next month’s payment. After a year of making double payments you could essentially take the next year off. The bad part of this deal is that you are not saving any interest with this plan. I found this out after the first year.
This was in 2004. I don’t know if it is still the same.
FDR
. Correct. Making extra payments (if any form) vs. saving the money isn’t the best financial advice.
I have all my loans on 1/2 payment schedule. By that I mean if my payment is $400 I make a payment every 2 weeks of 200 dollars. That means I make 13 full payments a year instaed of 12. Doing that cuts a 5 year loan done to 54 months. Then once a year I make a payment on the principle. Usually my 5 year loan is paid off in 3 years I take advantage of the lower payment just in case some emergency comes up. Another way to get a lower interest rate is to allow your finance company to use automatic payment withdrawal. My credit union will drop the interest rate.25% if you do and you can set whatever day of the month for them to take the payment out. Everyone has to do whatever they are comfortable with in their situation.
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