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View Full Version : Financing a 10 yr old MC


Jpbvizsla
01-07-2013, 10:26 PM
Hey guys, I'm new to site and have a couple of questions. I'm looking at purchasing a 03 MC Pro tournament team 197. It's in great condition with 300 hours. It has the LQ9 upgrade, tower and perfect pass. Asking price is $26K. Is that a decent price? Also will I have trouble financing? My credit is good so that's not a issue just wondering if age will hurt me. Thanks!

mikeg205
01-07-2013, 10:50 PM
Shouldn't be a problem - friend financed a 2000...

kalamalka
01-08-2013, 01:13 AM
I would have to see some pics, but that sounds okay. my brother in law just got a loan for a 2001, there was no issues.

Jerseydave
01-08-2013, 03:46 AM
Take out a home equity loan if possible, it will be a lower finance rate and you can deduct it off your income taxes at the end of the year.

Double D
01-08-2013, 08:09 AM
Take out a home equity loan if possible, it will be a lower finance rate and you can deduct it off your income taxes at the end of the year.

Yeah, what JerseyDave said. That's what I did.

CantRepeat
01-08-2013, 08:34 AM
Join a credit union, they normally have better rates then any bank would.

east tx skier
01-08-2013, 08:42 AM
+1 on the Credit Union. Mine did my 10 yr old MC at 2.5% for 5 years 10 years ago. Paid it off early and no regrets on financing a toy even though I know there are those who will say you should never do that. The memories are so worth the interest paid.

scott023
01-08-2013, 08:51 AM
Credit Union. X3

cwarndahl
01-08-2013, 09:37 AM
i bought my o1 x-10 in 09, and i have good credit was able to get a 5 yr loan through a credit union at 2.9%. so X4 on credit union. i too paying off early. and have loved every minute of it, and so glad i paid more for the MC quality, partially due to this forum as well!

Hogwild
01-08-2013, 09:42 AM
Credit union x4 although i wish i could have gotten a rate as low as some of u. Mine is at 7.9%

02ProstarSammyD
01-08-2013, 09:43 AM
I use a credit union but they did limit the boat to being 10 years old. If it was older it was going to be a personal loan which they are more pissy about

TxsRiverRat
01-08-2013, 09:44 AM
My credit is good so that's not a issue just wondering if age will hurt me. Thanks!

How old are you? :D

02ProstarSammyD
01-08-2013, 09:46 AM
How old are you?

The smile after that question might be alil creepy lol. Just sayin

92 190 PS
01-08-2013, 09:49 AM
Credit union here as well. I financed it because the rate was 2.9%, it's now paid off, but at the time it was cheap money. The boat was 15 yrs old when I financed it and there were no issues.

TxsRiverRat
01-08-2013, 09:50 AM
The smile after that question might be alil creepy lol. Just sayin

hey, at least i didn't use the wink smiley! LMAO!

02ProstarSammyD
01-08-2013, 09:56 AM
hey, at least i didn't use the wink smiley! LMAO!

...........Credit Union Van. Dollars and loans inside

snork
01-08-2013, 10:42 AM
Hey guys, I'm new to site and have a couple of questions. I'm looking at purchasing a 03 MC Pro tournament team 197. It's in great condition with 300 hours. It has the LQ9 upgrade, tower and perfect pass. Asking price is $26K. Is that a decent price? Also will I have trouble financing? My credit is good so that's not a issue just wondering if age will hurt me. Thanks!

If this boat doesn't work out for ya I might be interested

02ProstarSammyD
01-08-2013, 10:48 AM
My credit is good so that's not a issue just wondering if age will hurt me

I guess I can actually put a real 2 cents in here. Your age will not be an issue. Your age of accounts does matter. Without knowing your credit profile it would be like shooting in the dark but low dti, good status on your revolving accounts, and previous installment accounts are going to be your biggest positives. The weight of these factors varies by bank but credit unions have been traditionally easier to get recreation vehicle loans for at a better rate. if any of these items are out of whack you can expect a higher rate or no loan at all. The market as it is isn't very conducive to sloppy lending like it was years and years ago. What will also help is a nice down payment. My credit union required nothing down but believe most will. If you can give me your location I can see who is playing nice in that area.

TxsRiverRat
01-08-2013, 10:55 AM
If this boat doesn't work out for ya I might be interested

Coming back to MSC? :cool:

tideengineer
01-08-2013, 11:25 AM
2 years ago I financed my 96 Prostart with Credit Union...almost paid off now so i can really start dropping some money into it!!!

Jpbvizsla
01-08-2013, 11:35 AM
I live in Northern WI near Wausau.

Jpbvizsla
01-08-2013, 11:37 AM
Oh and when I said age in my original post I meant age of boat. With it being 10yrs old was curious what rules are with banks.

bzettler83
01-08-2013, 12:30 PM
X4 on a credit union....

With an older model the available finance terms will be limited. I know a lot of people finance thier boats 15yr loans, on something more than 10yrs you might be limited to a 10yr term.

02ProstarSammyD
01-08-2013, 12:34 PM
believe my CU limited me to a 4yr loan for the age/value

VP46
01-08-2013, 03:17 PM
I bought my 02 xstar with 96hrs on it financed via a credit union last July....no limits....except on how much they would loan me.

Good luck!

clrussell
01-08-2013, 04:16 PM
Super dumb question... What's a credit union?


Tapatalk

02ProstarSammyD
01-08-2013, 04:18 PM
Super dumb question... What's a credit union?
basically a member owned bank

ex:penfed
coastal federal credit union
state employees credit union
etc

There's about a million of them

clrussell
01-08-2013, 04:20 PM
O ok.. Thanks... Gotta keep options open for the next boat


Tapatalk

02ProstarSammyD
01-08-2013, 04:23 PM
Usually sport lower rates than the big box banks are are open to more "toy" loans.

snork
01-08-2013, 07:07 PM
Coming back to MSC? :cool:

IDK, every time I hit a wake I want to get inverted
was wanting a DD for my barefoot runs, I need more time on long line for the Dam2Dam tourni :D

CantRepeat
01-08-2013, 08:01 PM
O ok.. Thanks... Gotta keep options open for the next boat


Tapatalk

When I was looking to buy my 06 Bank of America want to charge me 13.75 APR on it. My beacon score has been in the high 700s to low 800s range and at one point was at 828 before I bought the boat. I could not believe a bank wanted to charge a home owner that kind of interest on an loan.

Called my credit union that I had not used in 15 years and they gave me 4.25 over the phone on a 7 year loan. After doing the paper work they gave me 4.0 and I went 5 years. Of course your mileage may very and I'm sure other members have plenty of info to share.

jk13
01-08-2013, 09:33 PM
I live in Northern WI near Wausau.

Huh. Me too. Planning on using Lake Wausau or Du Bay or somewhere else?

We used a signature loan (no collateral or lien on the boat) for the money on our 1994 that we just paid off. Substantially less money, though.

TxsRiverRat
01-09-2013, 10:14 AM
IDK, every time I hit a wake I want to get inverted
was wanting a DD for my barefoot runs, I need more time on long line for the Dam2Dam tourni :D

Come back to the club, Kyle and I will pull you. Seriously!

ctjahn
01-09-2013, 11:40 AM
National Exchange Bank & Trust (Fond du Lac, Wi) did my 78 at 5% (5 year deal; paid off in 1). Landmark CU does my truck, enclosed trailer, car, and house at a good rate too - Truck is an 05, car is 07, trailer is an 05, house is a 42) :)

cj

Jpbvizsla
01-09-2013, 07:23 PM
We usually go to Lake Minocqua, Lake Nokomis or Lake Tomahawk. Thanks for the replies guys. Going to pull trigger on boat. Checking with Credit Unions and my local bank for best rates.

ctjahn
01-09-2013, 07:51 PM
Remember....In this Internet time.... you dont have to even visit your bank. I bought an Audi TT (USED) and never set foot in a branch that I got the loan through. (FifthThird bank - based out of ?)

Cool to see another Tommy resident/visitor. My folks are on Bridge Lake (Connected to Nokomis)We will be up in July (14-24?) with the 78 Green over Green S&S... (assuming I get it running after all the upgrades/changes!). I dont leave it in typically due to water levels on Bridge Lake but do go out quite a bit....

Cj-Oconomowoc resident; Tommy visitor

jk13
01-09-2013, 08:07 PM
Nice. My brother is on Nokomis with a white/blue '91 PS190. We go on the Minocqua chain once or twice a year, as well.

Can't wait to see it, love those 197s. Post up pics when you get it!

bikenskijerm
01-10-2013, 08:50 AM
Times 32 on the credit union. We financed a 96 PS 190 in summer 11 for 5 years and the rate was about 6% if I remember correctly. (It is paid off now or I would know for sure).

O2BESOHUGE
01-10-2013, 09:39 AM
I Bought A 1991 On A Personal Loan For 2 Years...do Whats Best For Your Situation And Funds! You Gotta Have A Boat!

kbrighton
01-13-2013, 12:08 PM
Picking up my 91 today, credit union financed @ 2.9%

neil.anderson63
01-13-2013, 12:34 PM
When I was looking to buy my 06 Bank of America want to charge me 13.75 APR on it. My beacon score has been in the high 700s to low 800s range and at one point was at 828 before I bought the boat. I could not believe a bank wanted to charge a home owner that kind of interest on an loan.

Called my credit union that I had not used in 15 years and they gave me 4.25 over the phone on a 7 year loan. After doing the paper work they gave me 4.0 and I went 5 years. Of course your mileage may very and I'm sure other members have plenty of info to share.

Watch out for those Bank of America programs!! In addition to their loan shark rates, they compute interest for the full term so there is not a financial benefit to pay the note early.:eek:

east tx skier
01-13-2013, 04:49 PM
After 20 years, I got away from BofA altogether. Patronize local banks and credit unions where you can. Good service is a valuable thing.

GoneBoatN
01-14-2013, 11:59 AM
Watch out for those Bank of America programs!! In addition to their loan shark rates, they compute interest for the full term so there is not a financial benefit to pay the note early.:eek:

Not my case with my BofA loan. No pay off penalty (other than paperwork fee of a small amount) and decent loan rate. Not that I'm recommending BofA, it just depends on rates and terms at the given time. I check around in my area and Credit Unions were not offering competitive rates for boat loans.

neil.anderson63
02-16-2013, 05:55 PM
Bof A does not penalize for paying early. There is no benefit of paying the note off early. Even if you pay the note ahead of schedule you still pay the full term total amount of interest.
So, if you pay your 10 year note off in 5 years - you're still gonna pay 10 years of interest to BofA.

mikeg205
02-16-2013, 06:04 PM
Bof A does not penalize for paying early. There is no benefit of paying the note off early. Even if you pay the note ahead of schedule you still pay the full term total amount of interest.
So, if you pay your 10 year note off in 5 years - you're still gonna pay 10 years of interest to BofA.

Always look at amortization schedule to before signing if you think you might pay off early.

StudLEE
02-16-2013, 06:35 PM
Wow.. what a small world.. I'm from Wisconsin Rapids! And were constantly up north at the cabin on lake thomahawk! We financed a 88 Tristar last yr.. credit union borrowed 5k an I paid the rest cash.. good luck on your purchase!

51timber
02-16-2013, 06:56 PM
I had nothing but problems in trying to buy a house with BOA even with great credit since I owned a business (president of a corporation). They on every level are a nightmare to deal with. My Local bank financed me in a minute! No problems and I have a great relationship with them ever since.

I financed my MC with http://boatbanker.com great company great rates no pre pay penalty.
Ask for Chris Stevens. He was a huge help!

GoneBoatN
02-17-2013, 01:31 AM
Bof A does not penalize for paying early. There is no benefit of paying the note off early. Even if you pay the note ahead of schedule you still pay the full term total amount of interest.
So, if you pay your 10 year note off in 5 years - you're still gonna pay 10 years of interest to BofA.

Not according to my paperwork - "You may prepay all or any of the unpaid principal balance at any time without any penalty which may reduce the number of payments you will make". It then describes how interest is calculated on the "outstanding balance...until the full amount of the principal has been paid". I've also contacted them and obtained a payoff amount from time to time each time I consider just paying off the boat loan; I assure you it is not the full value of the loan with interest but rather just the remaining principal. However, since I earn greater interest on having money in investments than the interest that I'm being charged on the boat loan, I continue to have the boat loan.

neil.anderson63
02-18-2013, 01:04 PM
GoneBoatN - That's good news for you - BofA is very tricky to deal with in any type of transaction. Is it spring yet???

mikeg205
02-18-2013, 01:54 PM
Not according to my paperwork - "You may prepay all or any of the unpaid principal balance at any time without any penalty which may reduce the number of payments you will make". It then describes how interest is calculated on the "outstanding balance...until the full amount of the principal has been paid". I've also contacted them and obtained a payoff amount from time to time each time I consider just paying off the boat loan; I assure you it is not the full value of the loan with interest but rather just the remaining principal. However, since I earn greater interest on having money in investments than the interest that I'm being charged on the boat loan, I continue to have the boat loan.


Great!! - then it's a simple interest note that calculate interest on the daily average balance...but it the maximum term is 120 payments...you're largest interest payments will still be front loaded. So paying off faster is still in your best interest.

GoneBoatN
02-18-2013, 02:01 PM
GoneBoatN - That's good news for you - BofA is very tricky to deal with in any type of transaction. Is it spring yet???

I know. I'm dying waiting too. Lack of snow in the mountains is making the winter season not that appealing.

I think the key in any financial transaction is to pay attention to the details. Last time I bought a home the financial institution did not provide me an advance copy of the loan documents. The load officer was not that happy sitting there while I read the loan documents word for word. Too bad for him as he could have listened to me when I warned him about that ahead of time. Plenty of organizations/people willing to have the far better end of the deal. I'm trying to buy a cheap car from my 16 year old son and one thing I said to him yesterday is "if I hand you $100 dollars, would you just turn around and give it to that person". The answer was of course no. I then asked why would you want to over pay for that car then. It was of course a little sportier car so he was more interested in it. Unfortunately all the cars in our price range that are a little sportier looking have also been beat to crap. Good lesson for my son to be learning; including patience. Our search continues...

clrussell
12-26-2013, 02:38 PM
I've seen a few things on boatus for insurance and I got to playing around on the ole interweb and see that they do loans also. Does anyone have a loan through them? Do you have to be a member of some sort to be able to use boatus?

jbkriss
12-26-2013, 02:59 PM
Lowest rates I've seen lately are at USAA but obviously you have to be a member. Depending on the loan amount and credit history you could get [boat] loan rates from 4.25 and up.

thatsmrmastercraft
12-26-2013, 03:47 PM
Boat US membership is $24 per year. I have my boat insurance through them.

atihanyi
12-26-2013, 06:16 PM
I severed all ties with boa a few years ago in my opinion the suck . I took a short term note on a 91 prostar this summer and paid it off in 6 weeks (she's all mine) but the bank would have been more than happy to finance for up to five years . as long as it books for more than the loan shouldn't be an issue getting one

TN Skier
12-26-2013, 06:31 PM
Bump on the Credit Union...2.5% here in TN through my employer credit union!