#595654 - 04/19/10 12:43 PM
Boat Loan Question?
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Spawner
Registered: 02/22/00
Posts: 752
Loc: Bothell WA
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Does any body know of a good source to apply for a boat loan, Here's the deal, found a boat, Have excellant credit, got approved on sunday, but they won't carry the loan for more than 48 months, Just don't want $500.00 a month boat payments, Any suggestions would be greatly appricated, Thank you Doug
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#595655 - 04/19/10 12:45 PM
Re: Boat Loan Question?
[Re: Doug Kelly]
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River Nutrients
Registered: 03/15/00
Posts: 2995
Loc: Olalla, WA
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Any chance you could re-fi your house and add the boat cost to the mortgage payment?
_________________________
Does anyone know where the love of God goes when the waves turn the minutes to hours......Gordon Lightfoot Damn Stam! Remember, Ask yourself "What would Stam do?" 
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#595656 - 04/19/10 12:47 PM
Re: Boat Loan Question?
[Re: Doug Kelly]
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BUCK NASTY!!
Registered: 01/26/00
Posts: 6424
Loc: Vancouver, WA
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Does any body know of a good source to apply for a boat loan, Here's the deal, found a boat, Have excellant credit, got approved on sunday, but they won't carry the loan for more than 48 months, Just don't want $500.00 a month boat payments, Any suggestions would be greatly appricated, Thank you Doug Certain Credit Unions tend to offer good rates on boat loans. Sound CU Boat Rates Rivermark CU Boat Loan Rates Boeing Employees CU Boat Loan Rates Here's a few you might look into.... I'd also check the other CU's in your area.... Keith 
_________________________
It's time to put the red rubber nose away, clown seasons over.
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#595660 - 04/19/10 01:03 PM
Re: Boat Loan Question?
[Re: stlhdr1]
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River Nutrients
Registered: 07/11/04
Posts: 3113
Loc: Bothell, Wa
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I consider boats to be a cash only proposition. They cost so damn much in time and money to truely enjoy I don't see how one can make payments both to the bank and also for gas/groceries/time/motels/moorage/maintinance/tackle/beer/bait etc.......... I'd suggest putting $500 in an interest bearing acount for 48 months and then start shopping around. But then again I've been telling myself that for 20 years now and have a $2000 Lund to show for it
_________________________
"Government does not solve problems; it subsidizes them." Ronald Reagan
"The trouble with Socialism is that you eventually run out of other people's money." Margaret Thatcher.
"How fortunate for governments that the people they administer don't think." Adolf Hitler
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#595663 - 04/19/10 01:15 PM
Re: Boat Loan Question?
[Re: BroodBuster]
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Poon it! Poon it! Poon it!
Registered: 08/08/06
Posts: 1721
Loc: Yarrow Point
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I'm with the crowd here. Cash only on boats--even if it means a lot of work for me in the evenings... If you want to go in the Sound/Lakes/Rivers, there are plenty of good buys on craigslist... Under $5K
_________________________
The charm of fishing is that it is the pursuit of what is elusive but attainable, a perpetual series of occasions for hope. -John Buchan
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#595672 - 04/19/10 03:04 PM
Re: Boat Loan Question?
[Re: IrishRogue]
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Poodle Smolt
Registered: 05/03/01
Posts: 10979
Loc: McCleary, WA
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Depends on the age of the boat and size of the loan.
For a $21,000 boat loan at 7.5% you would have payments of $507/mo for 4 years. Some banks will let your spread that out a bit more to 7 years, which would make your payments $325/mo at 7.75%. Finally, taking it out to 10 years, the payment would be $257/mo at 8.25%. Rate usually goes up as term lengthens.
The rates I quoted are from my bank. CU's or community banks are a good bet on more reasoble terms.
_________________________
"Give me the anger, fish! Give me the anger!"
They call me POODLE SMOLT!
The Discover Pass is brought to you by your friends at the CCA.
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#595696 - 04/19/10 05:07 PM
Re: Boat Loan Question?
[Re: Dogfish]
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BUCK NASTY!!
Registered: 01/26/00
Posts: 6424
Loc: Vancouver, WA
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Depends on the age of the boat and size of the loan.
For a $21,000 boat loan at 7.5% you would have payments of $507/mo for 4 years. Some banks will let your spread that out a bit more to 7 years, which would make your payments $325/mo at 7.75%. Finally, taking it out to 10 years, the payment would be $257/mo at 8.25%. Rate usually goes up as term lengthens.
The rates I quoted are from my bank. CU's or community banks are a good bet on more reasoble terms. Most banks/CU's have rates around 6.5% for A credit on boats... But with a little more research you might find a better rate... Keith
_________________________
It's time to put the red rubber nose away, clown seasons over.
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#595706 - 04/19/10 06:38 PM
Re: Boat Loan Question?
[Re: STRIKE ZONE]
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Repeat Spawner
Registered: 03/06/01
Posts: 1195
Loc: Gig Harbor, WA
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Or if your boat's got a head and sleeping quarters it can qualify as a "vacation property (ie a second mortgage), whereby you can deduct the mortgage interest from yer taxes (at least according to current tax law). What a country!
fb
Edited by fishbadger (04/19/10 06:38 PM)
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"Laugh if you want to, it really is kinda funny, cuz the world is a car and you're the crash test dummy"
All Hail, The Devil Makes Three
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#595707 - 04/19/10 07:59 PM
Re: Boat Loan Question?
[Re: BroodBuster]
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Ornamental Rice Bowl
Registered: 11/24/03
Posts: 12767
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I consider boats to be a cash only proposition. They cost so damn much in time and money to truely enjoy I don't see how one can make payments both to the bank and also for gas/groceries/time/motels/moorage/maintinance/tackle/beer/bait etc..........
I'd suggest putting $500 in an interest bearing acount for 48 months and then start shopping around.
MONEY!
_________________________
"Let every angler who loves to fish think what it would mean to him to find the fish were gone." (Zane Grey) "If you don't kill them, they will spawn." (Carcassman)  The Keen Eye MDLong Live the Kings!
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#595711 - 04/19/10 08:17 PM
Re: Boat Loan Question?
[Re: eyeFISH]
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River Nutrients
Registered: 01/17/04
Posts: 3742
Loc: Sheltona Beach
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I consider boats to be a cash only proposition. They cost so damn much in time and money to truely enjoy I don't see how one can make payments both to the bank and also for gas/groceries/time/motels/moorage/maintinance/tackle/beer/bait etc..........
I'd suggest putting $500 in an interest bearing acount for 48 months and then start shopping around.
MONEY! Yup! That's how my family buys cars as well.
_________________________
When we are forgotten, we cease to exist .
Share your outdoor skills.
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#595712 - 04/19/10 08:17 PM
Re: Boat Loan Question?
[Re: eyeFISH]
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Repeat Spawner
Registered: 07/01/04
Posts: 1303
Loc: North Creek
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I'm in the same boat of not being in a boat but am too much of a junkie to go 4 yrs without a boat. So I guess I'll be paying the piper and shopping for a boat loan as well.
That said, those interest payments would buy a lot of gas, ice, and bait! I need a quick way to make $25K!
_________________________
. . . and God said unto them, Be fruitful, and multiply, and have dominion over the fish of the sea . . .
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#595713 - 04/19/10 08:19 PM
Re: Boat Loan Question?
[Re: OceanSun]
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Repeat Spawner
Registered: 07/01/04
Posts: 1303
Loc: North Creek
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PS - Has anyone seen the boat in my picture on the water anywhere? I'd sure love to buy my old boat back [sold in the divorce] - lots of great memories of fish and family in that boat.
_________________________
. . . and God said unto them, Be fruitful, and multiply, and have dominion over the fish of the sea . . .
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#595716 - 04/19/10 08:26 PM
Re: Boat Loan Question?
[Re: eyeFISH]
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Ornamental Rice Bowl
Registered: 11/24/03
Posts: 12767
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Someone on Ifish posted the economics of boat ownership as just the tip of the iceberg.... there's gas, oil, mainteneance, insurance, and all the gear you need to make it the ultimate fishing machine.
So many guys, after investing the vast sums to gear up for serious salmon fishing, have precious little left to actually go out and enjoy some days on the water. Or they're working so hard that they can't take the time off to enjoy the fruits of their fishy investment.
Going into debt for something like this really makes ZERO sense.
Especially when the note is bigger than the resale value of the boat a year or two later.
That kind of dough buys a lot of guide trips... esp for the casual fisherman.
But if you're a rabid salmon junky who thrives on the satisfaction of doing it on your own, whenever and however you like, without someone else dictating quitting time, there is no substitute for owning your own boat.
Just don't go into debt for a hobby.
_________________________
"Let every angler who loves to fish think what it would mean to him to find the fish were gone." (Zane Grey) "If you don't kill them, they will spawn." (Carcassman) The Keen Eye MDLong Live the Kings!
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#595739 - 04/19/10 09:47 PM
Re: Boat Loan Question?
[Re: STRIKE ZONE]
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Free Prostate Exams
Registered: 01/06/10
Posts: 1566
Loc: Sequim
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Try Alaskan credit union.I got a $26,000.00 boat loan and 12 years to pay it off.Thank god I don't need to exend it out that long as it would have cost around $48,000.00 in the end of time,I did drag it out for 6 years though.Good luck,
STRIKE ZONE
P.S. Three rivers marine set me up with them. SZ, did you spend $26,000 on that driftboat I saw? or $6000 for the driftboat and $20,000 for "accessories"? 
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#595740 - 04/19/10 09:52 PM
Re: Boat Loan Question?
[Re: eyeFISH]
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Free Prostate Exams
Registered: 01/06/10
Posts: 1566
Loc: Sequim
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Someone on Ifish posted the economics of boat ownership as just the tip of the iceberg.... there's gas, oil, mainteneance, insurance, and all the gear you need to make it the ultimate fishing machine.
So many guys, after investing the vast sums to gear up for serious salmon fishing, have precious little left to actually go out and enjoy some days on the water. Or they're working so hard that they can't take the time off to enjoy the fruits of their fishy investment.
Going into debt for something like this really makes ZERO sense.
Especially when the note is bigger than the resale value of the boat a year or two later.
That kind of dough buys a lot of guide trips... esp for the casual fisherman.
But if you're a rabid salmon junky who thrives on the satisfaction of doing it on your own, whenever and however you like, without someone else dictating quitting time, there is no substitute for owning your own boat.
Just don't go into debt for a hobby. I've thought about buying a sled but then I would be looking for fishing partners. I like being able to enjoy fishing with Foggy and Mark on their boats and enjoy kicking in some cash to help with expenses. Likewise for the chance to go out with Gilly, good stuff. My driftboat, SS Minnow, is enough for now.
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#595768 - 04/19/10 11:02 PM
Re: Boat Loan Question?
[Re: FishinSinsation]
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Spawner
Registered: 02/22/00
Posts: 752
Loc: Bothell WA
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I would not be lke so many guy's, I have all the gear from being a previous boat owner, and my father recently beng a boat owner, and the boat is a turn key boat, needs nothing, the shape of the boat is such that in a couple years the value would hold close to its own, the boat has 228 original hrs on a 350, 24 ft, garaged since new, all electronics, Excellant tadem trailer, Boat cover, 9.9 Honda 4 stroke with 50 hrs, new tires on the trailer, interior is brand new looking, with the quartly bounes the boat COULD be payed off in 1.5 years, i thnk 16,000 for this set up is a good deal, i know there will be other deals but i've had the itch for awhile. so going into debt would be foe a minimal period of time,
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#595785 - 04/19/10 11:50 PM
Re: Boat Loan Question?
[Re: eyeFISH]
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Spawner
Registered: 02/22/00
Posts: 752
Loc: Bothell WA
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Bottom of the nineth with only one out, mums the word for now, Sorry
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