16 replies to this topic

[fishingfanatic172]

Looking into getting into a pro quality boat. Found on kijiji will need financing for sure any one know private lenders or anything. Never looked at spending this much on boat before not sure where to start. My bank said they could do loan but only for 5 years. Was looking for 15 year type marine loan.

[Paul1913]

How about a line of credit. Not sure how much you are looking to borrow ....

[Giuga10]

If you can't afford it don't buy it.

[Joel52]

No one will give you 15 years on a boat. Too risky. Problem with the line of credit is you need something or someone to back it with. The boat won't work so you'll need a co-signor. Your parents or a rich friend/relative might work there.

[fishfreek]

For a 15 year loan I would look at getting a new one from a dealership.

[fishingfanatic172]

Most marine loans can be from 15 to 20 years. That's how so many people can afford the bigger yachts the value
either gets purchased with home equity or purchased with a 20 year marine loan. Just wanted to see if anyone had been able to get a marine loan and have purchased the boat from a private seller.

[DILLIGAF?!]

It all depends on why you want one.
If it's for luxury, take note that most people who get yachts have $$$ kicking around house.
For sports / tournaments...there is a possible revenue from sponsors & winnings so this serves as somewhat of an investment.
Most anglers would wish to have a boat....just like me.

Go for it if you don't have any other outstanding loans.

Edited by DILLIGAF?!, 25 August 2016 - 09:33 AM.

[Hucho Hucho]

Yes do not buy if you can not afford it. Don't forget you have to insure boa,t store it, winterize it, and maintenance is not cheap. Boat owner celebrates twice.

first time when they buy it and second time when they sell it.  

[fisherman2280]

I can't imagine not having a boat anymore.

 

She may only be a tin beast but I never have to paddle.

[Joel52]

"Most marine loans can be from 15 to 20 years. That's how so many people can afford the bigger yachts the value
either gets purchased with home equity or purchased with a 20 year marine loan."

Good luck with that, I doubt you'll get that length of term. How old is the boat ad what's the value?

[DILLIGAF?!]

Honestly, unless you have a home equity or a collateral to back your loan. I don't know how you can get approved on a loan that has luxury / hobby attached to it. Most lenders always consider anything including situations where borrowers can afford to default a loan and walk away.

[alwayscatching]

"Most marine loans can be from 15 to 20 years. That's how so many people can afford the bigger yachts the value
either gets purchased with home equity or purchased with a 20 year marine loan."

Good luck with that, I doubt you'll get that length of term. How old is the boat ad what's the value?

 

That term is easily found. Bass Pro has that term as well as other big dealerships across Ontario. I would advise if you want a boat and willing to go that far for a term, buy brand new. New wont break.

[Joel52]

That term is easily found. Bass Pro has that term as well as other big dealerships across Ontario. I would advise if you want a boat and willing to go that far for a term, buy brand new. New wont break.

Never on a used boat private sale, not a chance. Unless the seller is willing to finance? Doesn't sound like that's possible here. I agree with you on the "new" - you also have a warranty that comes with new.

[fishfreek]

As long as you get the motor , body and trailer checked by a professional don't fool your self , there is a lot of deals out there. Same as cars. I always buy my cars used ( for the wife new) , so when I find something I like I go straight to my mechanic for his opinion.

[MuskieBait]

New boat - Break Out Another Thousand

Used boat - Break Out Another Ten thousand

If you can't afford to pay for the boat now, with cash, you can't afford to fix that boat in the next few years...never mind paying for your yearly payments to finance it...

[Kleiner]

Ouch, I'd hate to see the interest you pay in 15-20. Like many others have said, if you can't afford it don't buy it, start with something smaller if you really want a boat that bad. Then upgrade down the road when your financial situation changes.