Is a home euity line doable? Deductible and the lowest rate.
Buy almost new. With the home equity line or simialr there is no rate difference. I saved $20K on a boat that is $50K new by going three years old with 90 hours. Took a lot of hunting, but worth it.
You could also try Eboat loans. I had good luck with them once.
The only home I own is my cottage in Maine, but it's not done enough yet to get a loan (because it's seasonable). I'll check out that other place. Thanks
If your financing you'll get a better rate on a new boat purchase vs a used boat purchase. Be sure to check out all the new boat insentive programs also. It may be possible to buy a new boat for the same total payback as a used boat that is only a year or two old. Do your math homework.
I agree with Reel Poor too. Number crunching is the only way to prove it, and you have to calculate in the resale and the total payments to the time you calculate that resale.
IMHO the warranty benefits on a new boat are not that valid unless you have a total failure which is unlikely if the boat checks out. Most of the nitpicky stuff, new or used, will be done by you anyway . . .
If you belong to a credit union or can join one that is many times the best rate and they have a lot more lienent guidelines than a bank. I work at a bank but used the CU for my last boat loan.
If you belong to a credit union or can join one that is many times the best rate and they have a lot more lienent guidelines than a bank. I work at a bank but used the CU for my last boat loan.
Agreed CU'S are probably the most realistic avenue for the average boat purchase, there are a few lenders that dabble in that area but there rate's are generally 2 points higher..........Id also shop CU to Cu they are beginning to vary a bit also.
Alden my CU has the same rates for boats as they do cars until you stretch it out. The longer the term the rates go up about 1 point per year. I just think CU are your best bet.
One other consideration.... most outboard manufacturers have their own financing and on occasion it is not too bad.Honda is pushing 5.99% Suzuki has offers too.
Most major manufacturers have in house finacing too on entire rigs..
IMHO the warranty benefits on a new boat are not that valid unless you have a total failure which is unlikely if the boat checks out. Most of the nitpicky stuff, new or used, will be done by you anyway . . .
Not my experience. We bought a leftover '04 in March this year. We've had a bunch of 'nitpicky' work under warranty. Some canvas issues, some vynil issues, cabin door alignment, a couple of gauges, transom shower hose leaking etc. Mostly stuff that the dealer didn't pay attention to in the time the boat was sitting there.... but to have all these little things be 100% covered... It's great! And it's for two full years from date of purchase...
I personally use the "buy a cheap boat, fix it up, trade it in on a little nicer boat, fix it up, trade it in on a little nicer boat, fix it up........
