Advice on boat financing

[Schleprock]

getting ready to buy a new boat, never financed a boat so need some advice on financing , what kind of rates should I expect? is it better to go to my personal bank or use the manufacturer/dealer's loan co they recommend?

Any help is appreciated

[Buccaneer]

Call Ken & Todd at RecLending - (517) 543-6921 https://www.reclending.com/
They finance tons of bass and recreational boats and will give you straight information. If this isn't your ultimate lending source, then I would recommend a credit union. These guys are good however.

[bfish]

Another option is using a HELOC, which allows the interest to be deducted from your taxes.

Although I don't like using credit for depreciating assets.

[Schleprock]

Originally Posted by bfish

Another option is using a HELOC, which allows the interest to be deducted from your taxes.

Although I don't like using credit for depreciating assets.

I know, rethinking this, have a boat that works for now but really want a decent bass boat and don't have an extra $20,000 laying around , also really reluctant to buy a used boat and someone elses problem.

Might just stick with my aluminum V bottom with a 25hp and a hand tiller trolling motor

Appreciate the info guys

[tkwalker]

Originally Posted by Schleprock

I know, rethinking this, have a boat that works for now but really want a decent bass boat and don't have an extra $20,000 laying around , also really reluctant to buy a used boat and someone elses problem.

Might just stick with my aluminum V bottom with a 25hp and a hand tiller trolling motor

Appreciate the info guys

Mike, Back in the 70's I won a number of Fishing Tournaments out of a Vee bottom and a 10 HP Tiller before I could afford an entry level Bass Boat. What that makes you do is become a better fisherman. No, you can't Cowboy up and down the lake at 80 MPH to seek the pattern that you think is working just to find someone else setting in your spot.

What happens is that you need to do your homework ...find a cove with all of the attributes that will produce. .. Creek channel, bluffs, Buck Bushes, Boat docks etc... Stay there all day. I guarantee there will be just as many catch-able fish there as anywhere else in the lake. <'TK><

[TNBronzeback]

So very true TK!
For what its worth Schleprock, i financed my boat at Anderson Marine. Not sure exactly who did it....but what we learned in our case was this: if we found a boat that cost X, they would only finance for 10 years....but if we jumped up another 3-5k....they would finance for 15 years with just a tad lower interest rate which is what we did. Lowered the payment, but increased the term...but we pay around $50 extra a month so we will still get it paid off sonewhere in the 10 year range with very affordable payments and we got more boat than what we origianlly thought we could get.

[Schleprock]

Some sound advice from all and I really appreciate the input , used the advice and kinda went in the middle

Bought a new bass tracker with a 40 HP on a 6 year loan , payments are low and I have a functional boat with some great electronics (added a garmin 93 echo map plus) won't beat other boats to my favorite spots but will get there in comfort lol