financing boat

joey · **Joined:** Sun Jul 17, 2005 10:11 pm **Posts:** 120

Do people usually finance through the boat dealership itself or are there other places to get better rates? How are the bank rates for boats compared to dealerships?

biff · **Joined:** Sat Sep 10, 2011 6:30 pm **Posts:** 451

I got better rates by flipping the balance onto a line of credit... found the dealer rates were higher. Get a bank draft for the balance, then straight onto LOC.. done easy peasy

Walleyeone · **Joined:** Tue Jul 20, 2010 9:05 am **Posts:** 234

An option is Chuck Jenkins at Dealerplan in Peterborough, they were through the dealer for me and beat both the bank and my line of credit rate. Everyone's rate is different but remember always negotiate, they will offer a rate but they make money so there is some wiggle room. Good luck and happy boating...

Roblin · **Joined:** Mon Jan 12, 2015 6:53 pm **Posts:** 842

Lines of credit can be good. If a person qualifies for a bank loan, the interest rates are usually 1 or 2 % over the Banks prime rate.

They can be secured or unsecured depending on the amount.

One problem with a line of credit is that it's not structured like a car loan where you have a fixed payment schedule.

If the minimum monthly payment is made, then the loan can run a long time costing more. It's important to create a payment plan and stick to it to get the loan paid off.

A straight loan from the bank might be better. Shop around.

Here's the link to Dealerplan that was mentioned by Walleyeone. They have an online application and calculator https://dealerplan.ca/

Be careful of financial instiutions that aren't chartered banks, their interest rates can be huge and terms may not be clear.

Good luck

ONbuckhunter · **Joined:** Wed Jan 19, 2011 8:00 pm **Posts:** 46

biff wrote:

I got better rates by flipping the balance onto a line of credit... found the dealer rates were higher. Get a bank draft for the balance, then straight onto LOC.. done easy peasy

That's exactly what I do. Your bank should help you with better rates on a line of credit than dealers as they wanna keep customer especially if you have a mortgage and investments with that bank. And like Roblin said plan to make a schedule to pay it off. What's nice is you only make the interest payment so if you have an unexpected financial problem you don't have a payment to make. The way I look at it is a boat is a solid investment. Its not like a snowmobile or atv that loses value quickly. My boat I bought 5 years ago and I could sell it for exactly what I paid for it (except I blew up motor and bought a new one but that's a different story lol).

teppy · **Posted:** Fri Apr 06, 2018 5:54 pm

Stay out of debt, and pay cash... best option.
My boat is 24 years old, due for a new one and saving as I go.

If you go the LOC way or loan, at the very least you should work out the cost of borrowing!
28,000 dollar boat could cost you 43,000 in the end... all the while the boat depreciates every year.

These guys that finance an 85,000 boat kill me, pay 125,000 if not more for the boat.
At some point, they have to come down in price.

I call it the never never plan.... buy it and never pay it off.

ONbuckhunter · **Joined:** Wed Jan 19, 2011 8:00 pm **Posts:** 46

teppy wrote:

Stay out of debt, and pay cash... best option.
My boat is 24 years old, due for a new one and saving as I go.

If you go the LOC way or loan, at the very least you should work out the cost of borrowing!
28,000 dollar boat could cost you 43,000 in the end... all the while the boat depreciates every year.

These guys that finance an 85,000 boat kill me, pay 125,000 if not more for the boat.
At some point, they have to come down in price.

I call it the never never plan.... buy it and never pay it off.

That works. But boats don't depreciate that much if you buy a good one. And people that borrow money don't always sit in debt and never pay it off. Use a line of credit and pay it off in 5 years. It is not nearly as much interest as you just said. a 25000 dollar line of credit for me is an interest of 150 dollars a month. If you have the ability to purchase a bassboat cash for 25 plus grand then knock yourself out. Most people want to be able to at least live a bit before they die. You wanna sell the boat you lose a few grand at most in that 5 year span. Buying brand new yes you lose instantly which is why I don't buy brand new, buy a good boat it holds its value like a Harley motorcycle. Ive never lost much on any boat I bought and sold.

Hogger1007 · **Joined:** Wed Oct 01, 2014 11:40 am **Posts:** 38

Depending on your financial situation and the cost of the boat, get the bank to give you a second mortgage for the amount of your boat. You will get the best interest rate that way and you'll have a set payment.

toddyfish · **Posted:** Tue Apr 10, 2018 10:39 am

ONbuckhunter wrote:

teppy wrote:

Stay out of debt, and pay cash... best option.
My boat is 24 years old, due for a new one and saving as I go.

If you go the LOC way or loan, at the very least you should work out the cost of borrowing!
28,000 dollar boat could cost you 43,000 in the end... all the while the boat depreciates every year.

These guys that finance an 85,000 boat kill me, pay 125,000 if not more for the boat.
At some point, they have to come down in price.

I call it the never never plan.... buy it and never pay it off.

That works. But boats don't depreciate that much if you buy a good one. And people that borrow money don't always sit in debt and never pay it off. Use a line of credit and pay it off in 5 years. It is not nearly as much interest as you just said. a 25000 dollar line of credit for me is an interest of 150 dollars a month. If you have the ability to purchase a bassboat cash for 25 plus grand then knock yourself out. Most people want to be able to at least live a bit before they die. You wanna sell the boat you lose a few grand at most in that 5 year span. Buying brand new yes you lose instantly which is why I don't buy brand new, buy a good boat it holds its value like a Harley motorcycle. Ive never lost much on any boat I bought and sold.

This is fine if your disciplined enough to actually make payments other than the minimum interest each month.

nikolkn · **Joined:** Fri Oct 21, 2022 11:38 am **Posts:** 4

When buying anything, including boats, I always focus on the price of dealerships because I am always there and buy either the same cars or the same boats, so I do that. Yes, many people say that everything is expensive at the dealership, but I know that I bought myself a car or a boat that will last me a very long time because it is new. I've never had any problems with that. I don't like dealing with banks because they always want to make money for you. I recently took out a mortgage in a bank using the services of Mortgage Broker Cheltenham. It's good that I turned to these specialists, I was in the bank only once, and that was enough for me.

BATMAN · **Posted:** Sun Oct 23, 2022 11:39 am

Using a line of credit is only good if you are disciplined enough to make the payments. Not sure if a boat dealer will give you a no interest loan like a care dealer. You should be able to get a personal bank loan that is lower than a boat dealer. It will force you to make your payments and may be more flexible on paying the loan off early. It is good advice to not over extend yourself. Try to have half the cash down even on an $85K boat. Oh ya, If your wife says it’s a bad idea, don’t buy it. Good Luck. BATMAN

allacesoph · **Joined:** Fri Jul 02, 2021 4:33 pm **Posts:** 6

Dealerships will always give better rates to those who want to pay faster and can make payments. But on the other hand, banks can't make concessions if you can't pay. Banks are more stable and beneficial to those who want to make steady payments in one amount and not change it. When I asked for a loan I went straight to the bank. Unlike dealerships, the bank asked for sources of income. I said that it works https://forexstore.com/best-forex-robots robot and brings me money. They appreciated the jokes but took that income into account and gave me a better loan

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