# how long will a lender finance a used boat!



## Boogie1 (Mar 13, 2007)

I was wondering how long a lending institution would finance a used boat, say a 2000 model is it a set no of years or are they all different?


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## jtburf (May 26, 2004)

All are different and at 7 years you are getting close to where they will not write a long note....

Try a credit union, small banks, places like that...


John


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## hi2utoo (Dec 4, 2005)

Look on the net and check out Pentagon Federal Credit Union. I get all my loans from them and I find they have the best rates most times.


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## CaptPb (Jan 26, 2005)

It really depends on a few things. 1) Your credit. 2) Value of boat when new. 3) Value of boat based on standard depreciation formulas which are equal to values listed in NADA. 
But the biggest comes back to your credit. If the loan officer likes your score and likes you, they'll loan you the money if they feel the collateral is sufficient. 
Now bearing all this in mind. If this boat is say, a 2000 model Viking 64', it can be financed based on your life expectancy and weather you plan to fish all those years.


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## PHINS (May 25, 2004)

The other side of the question...if you have to ask how long you can finance something, you probably should not get it. I know you don't want to hear that, but having a boat is no fun when you are broke. Just a thought.


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## FormerHR (May 21, 2004)

PHINS said:


> The other side of the question...*if you have to ask how long you can finance something, you probably should not get it*. I know you don't want to hear that, but having a boat is no fun when you are broke. Just a thought.


That's a personal opinion. Does it make smart financial sense to finance a used boat for 7 or 8 years? Does it make smart financial sense to finance anything? For most common folk, it's a fact of life. If you're able to pay cash for your stuff congrats, if not... we'll probably see each other in line at the bank.


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## BIG Flat Skiff (May 25, 2004)

At the boat show some were offering up to 20 years. Thats one way to get yourself into a big mess IMO. All you do in the first years is pay off the interest and I think you would always be upside down in a long term loan. I would find the shortest terms that you can afford.


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## wfishtx (Apr 10, 2006)

I made the mistake of financing a new boat for 15 years just so I could afford the payment. Biggest mistake I ever made. When it came time to sell the boat, because I couldn't use it as much as I would have liked and therefore it was a waste of money, it cost me an extra $2000 just to get rid of it. I'll never buy another boat again, unless I can pay cash for it.


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## troy merrill (May 21, 2004)

PHINS said:


> The other side of the question...if you have to ask how long you can finance something, you probably should not get it. I know you don't want to hear that, but having a boat is no fun when you are broke. Just a thought.


Very wise.

You just want to make sure you are never upside down on it if at all possible.


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## Bobby (May 21, 2004)

I think they are all different. Banks have one set of rules and credit unions have another.

Sure a lot of people on here like to give you advice on how to do it or not to do it even if you didn't ask for it.


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## BertS (May 21, 2004)

have a question, if it is a simple interest loan, cant' it be paid off early, and you could save on the amount of interest paid?

this would keep your required monthly payments down, if an emergency arose, but would let you pay more than the minimum, if you could afford it, to get out under the note earlier?


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## bobber (May 12, 2005)

Bought my 2002 boat in 2004 and financed it for 10 years, so my notes were dirt cheap so I had some play money to fish with and upgrade the boat alittle. Caught some fish, got the boat nice over those 3 years and paid it off last march in less then 3 years. Simple Interest.


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## Bobby (May 21, 2004)

Thanks for the red BIG Flat Skiff


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## PHINS (May 25, 2004)

I am not against financing something, If I were to do that I would be a hypocrite. I was just merely suggesting that if you have to try and find a lender that will finance something for as long as possible, it might be smart to think how much you really need that particular item. I've been there, done that and learned a few things along the way. If a person wants a boat they should try and get one. However, maybe it would be a better idea to consider a less expensive boat for a first boat to really decide if that is what they want. LOL at Bobby.


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## Bobby (May 21, 2004)

PHINS said:


> I am not against financing something, If I were to do that I would be a hypocrite. I was just merely suggesting that if you have to try and find a lender that will finance something for as long as possible, it might be smart to think how much you really need that particular item. I've been there, done that and learned a few things along the way. If a person wants a boat they should try and get one. However, maybe it would be a better idea to consider a less expensive boat for a first boat to really decide if that is what they want. LOL at Bobby.


I agree with you Phins, but go back and read his question. He didn't ask for financial help he asked about how the banks made the loans.


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## Bluffer (Feb 24, 2005)

Most banks will only go 60mo on a used boat. Some have a 20-25k minumum also. Better off with a credit union.


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## Boogie1 (Mar 13, 2007)

Bobby said:


> I agree with you Phins, but go back and read his question. He didn't ask for financial help he asked about how the banks made the loans.


Hey thanks for reading the question Bobby and not assuming that I was bitting off more than I could chew. I financially stable -not independently wealthy! I was just wondering if it was a set amount for used or it varied from place to place. I get large bonus checks at the end of the year along with my tax refund I choose long terms so that i can pay small amounts till I'm ready to pay it off all at once. You never know what may come up! Remember boys and girls you can always pay more but you can never pay less than your monthly note!!!! thanks for the concern anyway I'm sure that your heart was in the right spot! LOL


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