Those who financed their Bu

[SSG3K]

If you are in Michigan try Independant bank. I will use them for my new Wakesetter. Now if the boat ever comes in... These are just simple intrest loans. I plan to pay the boat off in less than 5 years. The first Malibu I got was used, it was a great boat but it never felt like it as mine.

Rich

[JTech]

Yep USAA here same terms described above....

30% down & trade in... and then financed the rest. Yep nasty payment.

3yrs in Iraq... life is too short to wait. I am not doing Tantrums and inverts when I am 50 and can drop 70-90K cash on a boat. And not waiting another 5-10yrs till my boys 15yrs+ to start either.

I agree. A good friend died last year at the age of 39. You never know!

Nope, but you can spend yourself into bad positions.

I try to stick to the Phil Mickelson rule of money management (Heard this on a CBS broadcast). He supposedly divides his *small* paycheck into 1/3rd's... 1/3 Living Expenses, 1/3 Fun Money, 1/3 Retirement & Charity. Granted he pulls in major coin but say you and your spouse net 6-9k a month. 2-3k a month is a bit excessive for fun money but it's a lot easier when you are putting that amount away every month.

my .02

-J

[Michigan boarder]

Used boat prob. an 08 or 09. I will be putting like 20% down. My local CU has a current apr of 8.25

That should enough to buy a good '94 - '98 with cash. Sure it's an older boat, but there are some beauties out there. Then it's yours!

Edit: Mine is a '94, I've had it for 3 years, taught my two boys how to wakeboard behind it and taught the daughter to ski skim at age 3. I learned how to barefoot off a boom on it, and the boys (ages 10 and 12) will too this season. We are setting it up for surfing this year. Including purchase price, maintenance & repairs for 3 years, all accessory equipment, I have $13,500 into it. I had a loan for a year and paid it off. It feels good to have a paid-for asset, like mentioned earlier, you never know what life may deal to you!

Edited March 25, 2011 by Michigan boarder

[Mikeproc]

My first boat was a 1972 aquasport 17' with a evinrude 65hp. A friend had it sitting for years and said it needed a motor, gave it to me and 2 weeks later I had that big evinrude purring. Great boat, had a lot of fun on it and had no money invested. Now I decided to step it up and moved onto a malibu. Kept the aquasport and bought a $2500 84 malibu skier! lol. I would love a nice new boat, but right now its just not in my cards. I'm 23 years old and Im on the lake! I'm a firm believer in not financing toys. (ask me that same question in a few years)

[WakingMeHappy]

Malibu payment $0

Bass boat payment $0

3 cars payment $0

Credit card payment $0

Only loan I have is a 15 year fixed rate mortgage at 4.5%

If you're going to take a loan to by a boat then just don't buy/borrow the max you can get. That is setting up for failure the first time cash is needed for something...car transmission goes out, house needs a new roof, neighbor sues because your dog bit him....the list can go on. The point is be conservative and buy/borrow within reason to your income. That's why my Malibu is a 99, the bass boat is an 88 and my newest cat is an 03.

[85 Barefoot]

Malibu payment $0

Bass boat payment $03 cars payment $0

Credit card payment $0

Only loan I have is a 15 year fixed rate mortgage at 4.5%

If you're going to take a loan to by a boat then just don't buy/borrow the max you can get. That is setting up for failure the first time cash is needed for something...car transmission goes out, house needs a new roof, neighbor sues because your dog bit him....the list can go on. The point is be conservative and buy/borrow within reason to your income. That's why my Malibu is a 99, the bass boat is an 88 and my newest cat is an 03.

WMH, I agree with your financial planning. Though it wouldn't seem that it makes sense to waste money on something as useless as a bass boat.

Only kidding.

[BorderBoarder]

6.2% for 7 years from my credit union with 0% down. CU requires 15% down from the NADA value, but I found it for less than that, therefore 0% down. With the extra $ I had, lifejackets, anchor, and cleaning supplies were bought. BTW its an '06 Vride purchased in '10.

[noonewakeboards]

my credit union 4% fixed

[Soon2BV]

I got a great deal at a smaller credit union.