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bikenskijerm
10-20-2010, 09:43 AM
Hey guys/gals, I am looking at a 2000 Sportstar. Most banks will only loan on boats that are at max 4 years old. I'm relatively young and dont want a $1000 boat payment hence the slightly older but what I believe to be great ski boat. I am sure some of you have bought older boats before and unless you want to drop abt $10k out of savings probably have financed them. Any suggestions on routes to use other than getting a personal loan and paying a zillion percent on interest? I am looking to put half of it down and finance the other half. Any resources or suggestions would be appreciated. Thanks!

CantRepeat
10-20-2010, 09:46 AM
Join a credit union. They seem to do some non traditional stuff like older boats, cars and planes.

06197ttlq9-footer
10-20-2010, 09:46 AM
Do you have equity in your home? Use a Home Equity Line of Credit....The interest you pay is tax deductible....for now anyway.

east tx skier
10-20-2010, 10:04 AM
Join a credit union. They seem to do some non traditional stuff like older boats, cars and planes.

That was the best option for us, too. Interest rates were much better, too (at least back then).

CantRepeat
10-20-2010, 10:10 AM
That was the best option for us, too. Interest rates were much better, too (at least back then).

They still are. I called my bank, which holds my deed to the house, and ask about a loan. I've been banking with them for close to 30 years and they told me 13.35. I've got a score in the low 800s so I was kind of lost on that. I called my credit union and without even going over there I got 4.50.

TXMC-06X2
10-20-2010, 10:31 AM
I would call Bank of the West. Their number is 1(800) 488 2265 We have our boat financed through them and they have been great. Our boat was a little newer, but I think it would be worth a shot. This is one of the banks that the Texas Mastercraft dealer uses in their finance department. Let me know if you need any contact info and I can put you in touch with the person who handles our loan.

pmkkdx
10-20-2010, 10:44 AM
credit unions usually will have the better, if not best, rates and are typically very easy to join. My son recently needed to buy a new (to him) truck and found a clean one owner 2001 with very low miles ... at a dealership. after the dealer ran his credit, he needed a co-signer and would end up with a 12%+ rate ... we toodled to my credit union, he opened an account for $25, filled out loan application and was approved for a 3 year loan at 4.9% within a couple of hours for that old of a vehicle.

likewise, I purchased my '04 X2 last summer thru same credit union, got a 5 year loan at 4.3% and they would finance up to 70% of value of the boat... of course I have been a member for about 30 years with a very high credit score.

would definately be worth checking into at various local credit unions ...

titleist93mc
10-20-2010, 10:51 AM
I may get railed for this one - but I believe what I believe. I don't like debt - so if it were me - I would probably continue looking around and keep piling up the savings. I looked for 2+ years before I found my boat. And considering the condition and price I paid, it was more than worth the wait. I can now put money into the boat for things I want (stereo, interior, toys for the water, etc.) without having to worry with a payment. And as we all know with a boat - your next maintenance expense is right around the corner. Those are my 2c - but sitting here now, I am very pleased with my decision and no worries about money.

JD

ctjahn
10-20-2010, 01:57 PM
I am a LandMark Credit Union Member (even though I work at a bank). My home is financed though the Credit Union. (Better rates and benefits for a 30 year fixed home loan)

Boat, Truck, and Enclosed trailer though the bank in two loans for 6% fixed short term loans. (They were able to be more reasonable with rates since the stuff was used {typically used items have a higher rates; the older, the higher the rate})

Credit Card is 6.99 and I was going to use a paypal to pay for the boat until I was able to negotate a better rate with the bank....

Remember everything is negotiable.

Cj

east tx skier
10-20-2010, 04:15 PM
They still are. I called my bank, which holds my deed to the house, and ask about a loan. I've been banking with them for close to 30 years and they told me 13.35. I've got a score in the low 800s so I was kind of lost on that. I called my credit union and without even going over there I got 4.50.

I should have specified "back then." I'm talking 2003. Got 4.5 on a car in 2005. Got 2.9 on 10 year old boat in 2003. Haven't checked their rates lately.

91tri190
10-20-2010, 04:50 PM
Unsure if you can join however Wings Financial Credit Union just reduced loan rates from 4.5 to 3.5. Not stumping for them but theyt have treated us right over the years.

https://www.wingsfinancial.com/asp/services/service_5_4.asp

CantRepeat
10-20-2010, 04:56 PM
I should have specified "back then." I'm talking 2003. Got 4.5 on a car in 2005. Got 2.9 on 10 year old boat in 2003. Haven't checked their rates lately.


Those are all very nice rates. Who's you CU?

east tx skier
10-20-2010, 05:32 PM
Those are all very nice rates. Who's you CU?

Kelly Community FCU. I refinanced the boat and truck at the same time when they were offering that 2.9% rate. Did both for 5 years and paid off early.

I so often read the advice not to finance "toys." I must agree that such advice is quite sensible. However, I don't regret for a second spending that extra money to finance the boat for the years on the water it got me that I would not have had a boat otherwise.

TX.X-30 fan
10-20-2010, 05:51 PM
Get it while you can my guess is the fed-funds rate will not remain a zero forever, wait hold the presses the target rate is -0.025......... Haaaaaaaaaaaaaaaaaa.


None of the #'s here speak well about our future.

cordark615
10-20-2010, 05:57 PM
Try US BANK, they just financed our 04 xstar. Although we have not picked the boat up yet:(

CantRepeat
10-20-2010, 06:40 PM
Kelly Community FCU. I refinanced the boat and truck at the same time when they were offering that 2.9% rate. Did both for 5 years and paid off early.

I so often read the advice not to finance "toys." I must agree that such advice is quite sensible. However, I don't regret for a second spending that extra money to finance the boat for the years on the water it got me that I would not have had a boat otherwise.

Indeed! The amount of smiles from my wife and daughter more then out weigh the 4.50% of my wallet the CU takes from me.

pmkkdx
10-20-2010, 06:54 PM
I so often read the advice not to finance "toys." I must agree that such advice is quite sensible. However, I don't regret for a second spending that extra money to finance the boat for the years on the water it got me that I would not have had a boat otherwise.

that's kinda where I was ... had a sweet '83 S&S that had clear title but the kids got into wakeboarding/surfing & tappered off going with us, wife still loves to slalom (non-agressive), my knees & back don't allow me to ski and we really needed the extra room for the number of people we normally have with us ... looked for a year or so, found a sweet '04 X2 with ~150 hours for a very reasonable price... weigh the options ... pull money out of investments that are turning in respectable 12% apr return or finance thru credit union for 4.3% apr with payment I can easily manage and pay off early. was a no brainer for us anyway. we have been on the water 5x as much the past 15 months as the previous 2-3 years prior.

yeah, had the money to pay cash, but other financial options proved smarter ;)

TX.X-30 fan
10-20-2010, 07:28 PM
Wow we all need your portfolio manager................ 12%.......... :eek:

JPK
10-20-2010, 08:46 PM
Check out Costco.com. They finance boats (older ones too) and have great rates.

03 35th Anniversary
10-20-2010, 08:56 PM
See if any of them offer Cash Rewards!!!

gimmemoedmb
10-20-2010, 09:58 PM
Another vote for the credit union. My fiancee just got a new car. Wells Fargo gave her a rate of 9.9%, while the credit union was 4.8%. The other thing that was really nice about the credit union is how personal it is. The lady we were meeting with is the one that actually approved us, whereas at the bank they had to call up some corporate place and we sat and waited while our banker made several phone calls trying to figure crap out. The lady at the credit union looked at our credit for 20 to 30 seconds and said yep, I'll approve you.

bikenskijerm
10-25-2010, 10:01 AM
Thanks for all the imput folks....checked with my local credit union, Oak Ridge National Labs CU and they offered a pretty sweet rate even on a boat this old. Was able to join for a $5 deposit too. THEN.....The dipweed selling the boat decides he isnt ready to part with it. Doofus. Oh well....not in any kind of hurry to buy a boat unless the deal is awesome. THis was a 2000 sportstar with 256 hours for $8500 so the circumstances dictated that I was ready to buy.

The8Ball
10-25-2010, 11:53 AM
I would go up to, but not exceed, 50% of a HELOC (personal level of comfort). You can deduct the interest. Interest rates are usually much lower than a boat loan as well. That said, it may be hard to getting any new HELOCs these days. But if you have an existing line of credit... might as well use it. Boat loan or HELOC... it's debt both ways.

EDIT: Also... if you are buying an older boat, 10+years old... you don't have to hassle with the bank or seller as much. It will be a CASH DEAL. You get the title. Makes the transaction much easier.