how much is your boat payment?

[wrenchdaddy]

Just curious to see what the average boat payment for a 30k boat is, no DP. Anybody wanna tell?

[Razzman]

It all depends of interest rate first off, just knowing what somebody else pays isn't telling you anything without knowing that. Or term for that matter.

Just for the record i don't think you can get a new boat loan without a DP and from what i hear it's pretty hefty now. A buddy just went through this and even with good credit had to put down around 40%. Banks don't want another crop of repo boats like this year. But I'm guessing a used loan for 30K? I wish you luck on that one, seriously as I know a lot of financial institutions dropped used boat loans because of the recession.

[Salty87]

any financial calculator can run that once you know the interest rate, term, and amount. the numbers will change depending on your credit score, down payment, etc.

[jet]

$00.00 per month. Yeah, It's paid for. But I'm looking next spring! Jet

[michael hunter]

When running hard in the summer we spend 800-1000 a month [at 2.50 gal] in fuel for boat and tow pig.
Add insurance, ramp fees, accessories and lodging ect. I need a friend with a boat

[wrenchdaddy]

I hear that Hunter, I wish I had a friend with a boat but unfortunately I am THAT friend to everybody else. It all works out though, I love the lake

[michael hunter]

I'm with you there wrenchdaddy.

[venom93corba]

2k9 21v = $380/month for 15yrs w/ $5k down for me

[jzelt]

Ours is paid for as well. We had the money in savings. I found that if you are buying from a private seller, you need about 2 weeks notice in advance in order for all the paper work to go thru vs dealer can have you in the boat today.

We now have a line of credit available for just such occasions that I find a "toy" that the admiral approves of so we don't have to have the hassel of banks playing around. We can take out the 17K to replace some of the savings for a rainy day and on it you pay the interest and what you want of the principle. However, it has to be paid off in 20 years I believe. Don't recommend it for those who aren't good at managing funds. ~3% interest.

Depends on what you own and credit.

On our I/O 5-6 years ago it, we paid ~260 month for 10K loan. (paid it off early).

If you can afford the payment, it is worth every penny as long as you get to use it.

[TayTay]

We got our 2005 22SSV for 26k. We used our new home tax credit to pay 6k+tax etc. and then financed 20k for 10 years at 7.5% and our payments are about $220. The tax credit really helped out. We have to pay back $500/yr interest free. It just comes out of our taxes.

[Nate54SoCal]

I don't think my bank is the norm, but they don't care if the boat is new or used. They will finance 90% of the value. That being said, I have an 05 Supra 22SSV, looks very similar to Tay Tay's, for 28K. I put 4K down and the payment is $271 for 10 years. But can you put a price on good family time?:D

Wrenchdaddy,
we all need friends to go out with us on the boat. A few extra people always makes it more fun.