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Boat loan terms?


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I've got a deal locked in on my next boat and was just curious what others' experiences with loan terms have been? 

I've been quoted 20 year, 10% down on 100k at 4.49 %.  Boat is a used 2020.  My credit scores are 820+

All my research online indicates this is about the best I can do, but I'm obviously not opposed to saving a little money.  20 year and 10% down max are terms I'm locked into at this point until my current boat sells.  Any input is appreciated.

 

 

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That looks pretty good from what i have seen lately.  What institution are you financing through? 

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Posted (edited)
On 4/24/2021 at 4:48 PM, Maxiect90 said:

That looks pretty good from what i have seen lately.  What institution are you financing through? 

Thanks for the reply.  The offer is from US Bank through Intercoastal Financial Group. I'm impressed with the rep.  Solid guy and happy with the terms,but just wanted to check with the Crew.  Lots of good people and experience here.  I've only had one boat loan and it was with USAA (current boat and recently paid off) who I do most of my banking with.  Since Covid they reduced their max loan on watercraft to 35000 which I wasn't expecting and had to quickly begin searching elsewhere to lock in the deal. I'm pretty sure it's good terms, but wanted to check and put my mind at ease before I made a 100k mistake! Appreciate the reply.

Edited by bovhica
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Seems strong, better than I got (closed this month) but I have a higher overall loan amount so that may have been a factor!

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6 minutes ago, jsmith26 said:

Seems strong, better than I got (closed this month) but I have a higher overall loan amount so that may have been a factor!

Thanks for the input 👍.   Never would have thought I'd ever spend 100k on a boat 10 years ago, let alone a used "budget" boat. 🤣  sheesh!!!!

Budget creep was not my friend!  Started at 75k.

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16 hours ago, bovhica said:

I've got a deal locked in on my next boat and was just curious what others' experiences with loan terms have been? 

I've been quoted 20 year, 10% down on 100k at 4.49 %.  Boat is a used 2020.  My credit scores are 820+

All my research online indicates this is about the best I can do, but I'm obviously not opposed to saving a little money.  20 year and 10% down max are terms I'm locked into at this point until my current boat sells.  Any input is appreciated.

 

 

That's not bad.  I closed in March on our boat loan.  Our rate is slightly higher (couple 10ths of a point) our loan amount and credit scores were similar.    

 

My former loan was through US bank.  It was all good, no issues.  

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4 hours ago, Slayer said:

That's not bad.  I closed in March on our boat loan.  Our rate is slightly higher (couple 10ths of a point) our loan amount and credit scores were similar.    

 

My former loan was through US bank.  It was all good, no issues.  

Appreciate the info!  I thought it was a good offer, just needed a little confirmation.  Thank you.

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I say that's pretty good.  

12 hours ago, bovhica said:

Thanks for the input 👍.   Never would have thought I'd ever spend 100k on a boat 10 years ago, let alone a used "budget" boat. 🤣  sheesh!!!!

Budget creep was not my friend!  Started at 75k.

Good job, that's good terms!  Don't worry about the loan, if buying the boat makes you and the family happy that's all that matters!

Edited by dwc032
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Posted (edited)
1 hour ago, dwc032 said:

I say that's pretty good.  

Good job, that's not terms!  Don't worry about the loan, if buying the boat makes you and the family happy that's all that matters!

That's what it's all about!!!!  

This will be our 3rd boat.  First 2 were Bu's.  I'm usually a pretty brand loyal guy and looked hard at used Malibu and newer to lightly used Axis.  Unfortunately no model in our price range checked all the boxes.  Wife had to have pickle fork bow and I wanted 23 ft+ for more room and storage in the main cabin.  That left us with older 24 mxz or newer axis A24.  But those options required different storage.  I have a 24 ft shelter logic enclosure that would fit a 23 lsv or T23 if I took off platforms but couldn't talk wife into traditional bow, my preference. The 24 ft enclosure is largest I can fit in my rv parking area so can't upgrade to 28 ft unfortunately, which left me looking at other brands.  Decided to go with a Supreme ZS232, which checked almost every box for us.

Edited by bovhica
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Posted (edited)
2 hours ago, djheywood said:

I know it can be a challenge, but you should really try hard to move up to a 15 yr loan.  Chances are you will learn to live with the slightly larger payment, but you will appreciate saving thousands in interest.  

100k @ 4.49% for 20 years = $632 per month (Total Interest paid = $53,005)

100k @ 4.49% for 15 years = $764 per month (Total Interest paid = $38,529)

100k @ 4.49% for 12 years = $899 per month (Total Interest paid = $29,531)

I recognize we all have different finances, but I hate seeing people paying enormous amounts of interest.  The 15 year loan is only another $140 a month and is such a better financial move.  OK i'll get off my financial soap box now. :-)

 

Congrats on the new boat!

Thank you for taking the time to crunch the numbers and lay it out for me.  15 really looks like a no brainer and still fits into my monthly budget.  The payments will be a bit lower than those (with down payment it makes the loan is just shy of 90k including taxes and fees) but that really puts it into perspective.  Thanks!

The smart move financially, would be to keep my current boat which is free and clear!  But, that's just not in the cards.  Wife is too excited to back out now.

Edited by bovhica
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Its always smart to keep the old boat but no fun!  Glad I was able to help show the savings.  Congratulations again and good choice!

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That’s solid deal. We closed earlier this week on a new 23LSV. 800+ credit, low debt to income and put down 20% and rate was 4.99%. 

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1 hour ago, Merk said:

That’s solid deal. We closed earlier this week on a new 23LSV. 800+ credit, low debt to income and put down 20% and rate was 4.99%. 

Thanks!  And congrats on the new boat!!!  Did you buy off the lot or build?

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10 hours ago, bovhica said:

Thanks!  And congrats on the new boat!!!  Did you buy off the lot or build?

We built it.

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Flip side is money is cheap right now, even at 4.99%.   For the most flexible cash flow scenario, get the 20 year loan and pay extra when you can, and pay it off early if you feel like it.  If things get tight, etc you can stay with the 20 year payment no big deal.  Realistically, there is zero chance you keep the same boat and the same loan for the next 20 years anyway. Only thing I didn't like about US Bank is when I paid off a boat loan early they charged me something like $300 for early prepayment - hopefully that has changed, but that bugged the crap out of me.

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Thanks for all the advice!  The seller decided not to sell last minute yesterday, so now the search continues.....ugggggg!  I'm considering building a 2022 to be delivered mid to late summer and just enjoying our boat and no payment for the summer.  I'm waiting on approval and terms for the new amount.  I assume it will be the same, just higher payment.  Appreciate all the input!

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Posted (edited)
12 hours ago, bovhica said:

Thanks for all the advice!  The seller decided not to sell last minute yesterday, so now the search continues.....ugggggg!  I'm considering building a 2022 to be delivered mid to late summer and just enjoying our boat and no payment for the summer.  I'm waiting on approval and terms for the new amount.  I assume it will be the same, just higher payment.  Appreciate all the input!

I appreciate you creating this thread as it gave some insight for us and our “patiently waiting” ‘21 23LSV purchase. 
 

Not to be a pessimist, but there’s less than a 1% chance you’ll see a new ‘22 anytime this summer. 
 

Check out the patiently waiting thread. There are TONS of 2021 orders that have no ETA. I ordered in October and went from a April spray date, to a June spray date, to a “we have no idea until Malibu tells us” spray date. 
 

If you’re thinking a new order, mentally prepare for a winter delivery at the earliest. 

Edited by Trizzil
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2 hours ago, Trizzil said:

I appreciate you creating this thread as it gave some insight for us and our “patiently waiting” ‘21 23LSV purchase. 
 

Not to be a pessimist, but there’s less than a 1% chance you’ll see a new ‘22 anytime this summer. 
 

Check out the patiently waiting thread. There are TONS of 2021 orders that have no ETA. I ordered in October and went from a April spray date, to a June spray date, to a “we have no idea until Malibu tells us” spray date. 
 

If you’re thinking a new order, mentally prepare for a winter delivery at the earliest. 

 

I hate to say it, but this is accurate. There are November orders without spray dates. Those will most likely be June deliveries at this point.

Just picked up my boat yesterday and it's ugly in those order portals right now. Malibu could usually crank out 28 boats a day and right now they're at 18-20 from what I understand. Bad timing for a materials shortage!

 

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Posted (edited)
2 hours ago, Trizzil said:

I appreciate you creating this thread as it gave some insight for us and our “patiently waiting” ‘21 23LSV purchase. 
 

Not to be a pessimist, but there’s less than a 1% chance you’ll see a new ‘22 anytime this summer. 
 

Check out the patiently waiting thread. There are TONS of 2021 orders that have no ETA. I ordered in October and went from a April spray date, to a June spray date, to a “we have no idea until Malibu tells us” spray date. 
 

If you’re thinking a new order, mentally prepare for a winter delivery at the earliest. 

Sorry to hear about that. Hope you get good news soon and thanks for the heads up!  It would be nice to get the new boat in July/August and use it this summer, but won't be a deal breaker because we have our current boat.

It is a Supreme ZS232 that I will likely be ordering so maybe they are on schedule?  Dealer says July or August if I decide to lockin the slot.

Edited by bovhica
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Have you guys checked out a home equity? Probably way cheaper but probably a variable rate. At least they are expected to be low for years to come.. 

I was quoted 2.75% for a HE last week. Need to fix up a fixer upper, although I'm tempted on a new tri toon at this rate! I was informed the $100k toon purchase price will be a min of $117-120k+ by fall winter, so it's tempting to do the toon now. Probably would but no chance on a boat lift for several months if im lucky.  hard pill to swallow not having it on/in  a lift for few months..

so do I save potential 20k on the toon now and possibly$2k on lift pricing compared to next year? Thrn pray building materials come down a hair?. Probably not likely.

Seems like a wash except the free $ is great in some ways your getting paid to borrow money!

 

Edited by The Hulk
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