Boat financing

[badluck]

Who’s the go to and what are the rates? I’m assuming rates suck, but how bad?

 

[hallett21]

I think 7-8%?

@Englewood

 

[manxman]

South East Financial was 8.54% on a $50k loan for 20 years. Pretty crappy interest rates right now. If you have equity, its probably cheaper to do a heloc.

 

[Englewood]

The best rates on the market are in the mid-high 7’s.

In the event rates drop, we will do a free refinance (no cost/no added loan balance).

We can go back to 2004 model year.

www.Boatloanguy.com
(619)699-9900

 

[Runs2rch]

The best rates on the market are in the mid-high 7’s.

In the event rates drop, we will do a free refinance (no cost/no added loan balance).

We can go back to 2004 model year.

www.Boatloanguy.com
(619)699-9900

20 years old is wild to me.

 

[Richard.E]

20 years old is wild to me.

Really cuts off a lot of the boats if you think about as the vast majority of performance boats out there were built pre recession 2009 or older.

So basically within a couple years the only boats you can finance are production wakeboard boats or pontoons.

 

[Runs2rch]

Really cuts off a lot of the boats if you think about as the vast majority of performance boats out there were built pre recession 2009 or older.

So basically within a couple years the only boats you can finance are production wakeboard boats or pontoons.

Financing a 20 plus year old boat is dumb to me. Should be 10 years.

 

[Richard.E]

Financing a 20 plus year old boat is dumb to me. Should be 10 years.

You can finance classic cars no problem that are much older than 20 years.

Argument could be made classic cars hold their values longer.

 

[Englewood]

Financing a 20 plus year old boat is dumb to me. Should be 10 years.

If it’s a “custom” boat 2004-2009, the max term is 10yrs. Banks hate custom boats for some reason.

It will soon be impossible to finance a 2009 or older custom boat.

 

[D19]

If it’s a “custom” boat 2004-2009, the max term is 10yrs. Banks hate custom boats for some reason.

It will soon be impossible to finance a 2009 or older custom boat.

I wonder if that will have an effect on resale values.

 

[badluck]

Looking at a 2023 ski boat

 

[Englewood]

Looking at a 2023 ski boat

That will qualify for the best rates. Banks love newer boats.

 

[Cobalt232]