General run down on a new boat and payment..

[dshaff24]

Ive never went to a boat dealership before..and im not looking for a boat.. But I am curious how the system works these days..
Whats a common price on a new supra? How many years do they take the loans out for on these boats? Lowest intrests rate anyone on here got? Average monthly payment? IF you go to a supra dealership do they have boats you can text drive on a lake?

Im just curious how buying a new boat works.. Ive never bought a new boat b4 and don't plan on it because I enjoy things more when I don't owe anything on it..

[csuggs]

Turn back now! Before it's too late, man. The deeper you dig the easier it becomes to "justify" the purchase . . .
Remember this - anyone can buy a new boat. But you and I and many others on this forum are fortunate in that we own "like new" classics. OWN = no payment!!!!
Don't dig any deeper - destroy this thread and go for a boat ride in your BEAUTIFUL Sunsport . . .

[Seabeejamie]

I'm with CUSGGS...but....

I just went myself. 12 years, approx 5% interest rate with 0 down. 12 years seems to be the norm. but be prepared....70K is also the norm....

2002 Supra Launch....made the last payment in March.

[wotan2525]

I can only speak for what my friend went through when he bought a new mastercraft.

Had to put 50% down. 20 year payments. $380+/month.

I think he's nuts. The only way I'd buy a new boat is if I could afford to pay cash and/or get a very cheap rate on a 5-10 year note.

[CarZin]

Loan terms get longer the more expensive the boat and newer the boat, and shorter and more expensive the older and/or cheaper.

I think I received a 6.5% rate on a 15 year loan on a 2 year old 09 Supra 21V. We put down about 15%, but the loan only required 10 percent. The payment is $285. We plan on flipping the boat for a newer one about every 2-3 years.

Financing for a boat is a lot tougher than a car, and seems more on par with a house. I had to supply the loan company a ridiculous amount of paperwork, where-as my recent car purchase required no documentation whatsoever other than my credit score. It took about 3 weeks to get all the paperwork through, but I was buying 2 years used. New boat should be quicker.

Around boat season time, they'll offer discounts on the rate of about .25-.5% of a point.

[dshaff24]

Turn back now! Before it's too late, man. The deeper you dig the easier it becomes to "justify" the purchase . . .
Remember this - anyone can buy a new boat. But you and I and many others on this forum are fortunate in that we own "like new" classics. OWN = no payment!!!!
Don't dig any deeper - destroy this thread and go for a boat ride in your BEAUTIFUL Sunsport . . .

im definitly not thinking about it now.. im laid off! Im just really curious what it takes to get in a new boat these days.. at this point im happy to have a boat!
The good thing about my classic is its still in the works.. I got some cool trailer mods coming with in the next couple weeks..Wheels/tires etc etc pics to come!

Anyway Thanks for sharing everyone.. If anyone else would like to share please post..

So im taking it most places want a nice chunk down and then finance up to 12years

I just love the new supra's lines!

[cadunkle]

$70k is insane. I think Standard is the only company making a reasonably priced inboard, and even then I think they're a little high. Regardless, per Jamie's example you'd be paying over $23k in interest to the bank. I can think of a lot better things to do with $23k.

The way I view it, is I pay cash for everything I can afford to. Need a car? I once bought a car for $250, because I needed a car and no way would I take a loan on something that I can afford to pay cash for.

I bought my current truck for $700. It did what I needed it to. Now I've got several thousands more into it but when I finish the body work this summer I'll have what is basically a new truck, that performs better and has better styling... All for 1/4 or less of the price of a new truck.

When I wanted a boat, traded my convertible for a decent I/O. It did what I needed, and I wanted the boat more than a convertible especially since I didn't need two classic cars. With the I/O I spend 90% of my time on it riding, and 10% hunting for flat water to ride, so I wanted to upgrade to an inboard. I ended up trading that boat plus some cash for my Saltare... So here I am. lol

Point is, I think it's foolish to spend money on interest. The only situation I can justify spending interest is for a house, due to the total cost and a house is sort of a necessity. I've always tried to overlook short term reward or satisfaction for long term gain.

[doofus]

Had to put 50% down. 20 year payments. $380+/month.

I think he's nuts. The only way I'd buy a new boat is if I could afford to pay cash and/or get a very cheap rate on a 5-10 year note.

That is insane.

I have paid cash for every boat I have ever owned, including my current 07 22SSV which I bought late last year for 70k, so I am not too sure about boat loans here in Australia, but I am pretty confident that the maximum number of years that you can take out a boat loan (secured loan) for here is 7 years.

If you can't afford to pay off a boat loan in 5 years or less, I don't think you can really afford to own one to start with...

A 15 year boat loan is insanely stupid. No wonder the world economy went down the toilet if loans like this are being offered to people. It is simply nuts to even remotely consider taking out a loan like this.

Oh, by the way, a new model 22SSV here in Australia now retails for around the $112k plus mark (depending on options).....I have a mate who just traded in his old boat on a new 2011 Malibu VLX which cost him nearly 120k all up. He ticked nearly all the options at time of sale. (and he paid the 60k change over price in cash too). In fact most major name wake boats in Australia will cost you in excess of 100k brand new...Wakeboarding is fast becoming a sport for those with fat wallets and lots of disposable income... (unless you are good mates with someone else who has a fat wallet)


Just to give you guys in the states a quick idea of boat prices in Australia:

2010 Supra 24SSV http://www.boatpoint.com.au/boats-fo...spx?R=10776467

2011 Malibu VLX http://www.boatpoint.com.au/boats-fo...spx?R=10613202

2010 Mastercraft X Star http://www.boatpoint.com.au/boats-fo...spx?R=10421953

2008 Nautique 230 team http://www.boatpoint.com.au/boats-fo...spx?R=10213298

There is no way know anyone here in Australia would be offered a 15 year (or even 12 year for that matter) finance deal to purchase a boat....It is completely unheard of here. (thank God)

[KY Steve]

I agree with the comments above. I dont believe in personal debt except for a home mortgage, if I dont have the cash for a toy then I dont buy it. But when it comes to your home mortgage interest rates are insanely low and the interest is deductible.

Its to the point where you can earn more money on other investments than the interest you pay on a mortgage.

doofus is right about the banks and lending institutions giving out too many risky loans which added to the economic crash. But on the flip side the reason the economy was soo good before that and many of us benefited from it is because money was easy to get and people were buying tons of product(boats/cars/RVs). The solution is to change peoples mind set, if you cant afford something dont buy it. The problem is that the economy slows way down but will eventually come back just very slowly, which is not good news for those of us trying to keep a business profitable or those that are unemployed.

So I say go get a low interest, tax deductible home equity loan and buy a boat to do your part to jump start our economy. Its a win win for everyone!

[CarZin]

There are a lot of people speaking out of their ass in this thread.

In my situation, there was nothing stupid about a 15 year loan. I have absolutely no desire to keep my boat more than 3 years before I get a newer one. In this situation, the amout of difference in interest for my loan amount at the end of three years is $800 more for the 15 year loan as opposed to the 5 year loan.

So why on earth do I want to pay down a boat, be forced to add an additional $300 a month to the payment, to save $800 over three years? To protect the bank from risk? I looked long and hard for a bargain, and got an 09 21V with 90 hours. I will owe 30k when it is 5 years old. How much risk do you think I have at being underwater? Not much. And if I want to pay the loan down sooner, I am free to do so.

Since the interest rates for a 5 year and 15 year are practically identical, I could say its foolish for not financing at 15 years, and paying it down in 5. Why? Flexibility. If something happens that prevents you from being able to make a large loan payment, you have flexibility to significantly reduce your payment (giving you time to sell the boat if you'll no longer be able to afford it). However, if you financed for 5 years, you are stuck.

The bottom line is that every situation is different. I would say that as long as you can put down a hefty down payment to make sure you'll never be underwater during the term of the loan, and if there is doubt to how low you'll be boating, a long term loan makes sense. It will give you flexiblity.

My financial situation is far from bleak, I analyze with great detail every financial decision that I make. You're not getting this advice from someone who can barely pay his bills every month.