FishingTN.com Tennessee's Fishing and Boating Community

Go Back   FishingTN.com Tennessee's Fishing and Boating Community > Mid South Outboards > Tech Tips
Register FAQ Members List Calendar Mark Forums Read
Google
 


Reply
 
Thread Tools
  #1  
Old 12-25-2017, 09:54 PM
Schleprock's Avatar
Schleprock Schleprock is offline
Senior Member
 
Join Date: Nov 2016
Location: Crossville
Posts: 359
Default Advice on boat financing

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
Reply With Quote
  #2  
Old 12-26-2017, 12:34 PM
Buccaneer Buccaneer is offline
Senior Member
 
Join Date: May 2007
Location: Hendersonville
Posts: 676
Default

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.
Reply With Quote
  #3  
Old 12-26-2017, 02:19 PM
bfish bfish is offline
Senior Member
 
Join Date: Apr 2011
Location: SE TN
Posts: 300
Default

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.
Reply With Quote
  #4  
Old 12-27-2017, 11:41 PM
Schleprock's Avatar
Schleprock Schleprock is offline
Senior Member
 
Join Date: Nov 2016
Location: Crossville
Posts: 359
Default

Quote:
Originally Posted by bfish View Post
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
Reply With Quote
  #5  
Old 12-28-2017, 12:13 AM
tkwalker's Avatar
tkwalker tkwalker is offline
Owner and Administrator
 
Join Date: Apr 2005
Location: Lebanon, Tennessee
Posts: 2,925
Smile Good thinking ... <'TK><

Quote:
Originally Posted by Schleprock View Post
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><
Reply With Quote
  #6  
Old 12-31-2017, 11:52 AM
TNBronzeback TNBronzeback is offline
Senior Member
 
Join Date: Apr 2013
Location: Lebanon
Posts: 1,796
Default

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.
Reply With Quote
  #7  
Old 04-22-2018, 07:03 PM
Schleprock's Avatar
Schleprock Schleprock is offline
Senior Member
 
Join Date: Nov 2016
Location: Crossville
Posts: 359
Default

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
Reply With Quote
Reply


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 01:01 AM.


Site best viewed at 1280X1024
© FishingTN.com