Hey all, I’m new here - but longtime Charleston resident/fishing guy - you’ll probably see me a bunch on here, and I’m sure I know several of you in real life…
Anyway, my fiancee and I are finally looking at purchasing a boat. I’ve been sitting on the sidelines too long and tired of hitching rides with friends. We both have credit scores in the 680-700 range, a combined salary in the 150’s and have a mortgage, 2 auto loans and our student loans - other than that we’re free and clear. I’ve found a boat I want, and now are arranging financing. The problem(s) are - the boat I’d like to purchase is a 2009. Is it a hassle to purchase a boat older than 5 years old still? The boat is for sale for $24k. Ideally, I’d like to get them down to $21-22k, put down 10% and finance no more than $20k. We’ve got savings that I’m not going to touch, and we’ve also set aside about $5k for the boat, but this particular boat - has very, very low hours (250 or so) and is immaculate, but has nothing in the way of accessories (radio, GPS, CD or anything), so I’d like to keep some back to add some of that stuff.
I guess what I’m wondering - anyone purchased a used boat lately? If so, what were your terms? And FYI, before someone mentions it - my personal bank is SCFCU, but I tried them with my car loan 2 years ago and they told me they require 750+ credit score for personal loans. We’re both in pretty good shape, but both our scores are right at, or barely below 700, so I doubt they’ll work with me - unless they’ve maybe relaxed some.
Just trying to get some ideas here, before I get too wrapped up in this boat. The dealership is selling this particular boat on consignment and is sending me financing paperwork, but don’t know if I should - and don’t want them dinging my credit just to run it and tell me to look elsewhere. Thanks!
I use the same bank. The normal rate they should offer you is around 4.75% unless it changed recently… and thats up to a 10 year loan.
My car and truck loans are right at 3%.
The age of the boat has very little to do with the loan, unlike cars.
I was looking into a larger boat before I decided to put money into this one. Since then, I created a plan to recondition the one I have and repower next year.
My boat is a 2002 and they are willing to finance the repower of my boat, they shouldnt have any problem with yours.
My $0.02, buy a cheap used boat for cash and get on the water. Tons of 16-17 foot Key Wests and Sea Hunts for $4-7k. No need to borrow $20k to get on the water when you already have 2 vehicle loans. I’d love to have a nicer boat, but I’m not going to have a truck payment and boat payment. Truck it is for now and I’ll survive with my $5k Sea Hunt 172.
Geronimo and Andyb have good advice. Really man, young couple with a mortgage, 2 auto loans and student loans you don’t need any more debt, not boat debt. Even with a 150K salary. Save a few thousand dollars, buy a decent boat that you can use for cash, save another few thousand $, sell the first boat and upgrade, for cash, then do it again…
The best advice I could give a young couple, from an old couple, is to stay out of debt. Don’t finance luxuries. You can have plenty of fun and catch plenty of fish in a $3,000 boat to start with, and not owe anybody a dime.
Capt. Larry Teuton
Cracker Built Custom Boats
“Ships are the nearest things to dreams that hands have ever made.” -Robert N. Rose
I can understand that, but two things. 1) the woman probably wouldn’t go for that (and that’s not a big deal and is easily worked through), but 2) I don’t want to get stuck with a money pit and spending money on a boat that’s stuck in the shop more than it’s in the water. I’d love to be able to purchase a 17’ Key West for $5k, but I don’t see that being in any shape reliable. If I sink $5k into a boat and then another $200-$300 a month into repairs, it’ll cost me more in the long term than if I just buy that $20k boat.
That’s like my old Jeep. Had a Wrangler that I loved - and I drove it everywhere. I was so opposed to payments that I kept putting money into that thing. But then after the second transmission went in 3 years (in addition to pretty much everything else) I realized payments on a brand new vehicle would be cheaper than to keep patching the POS I was hanging on to.
There is no such thing as good debt. Too many used rigs on Craigslist to buy new. There are some cherries out there during this time of year. Do your homework, check the compression on the motor before you buy, and take a test drive before handing over the cash. Do not be afraid to walk away if something doesn’t seem right.
DRIVE IT LIKE YOU STOLE IT!!!
The harder you work, the luckier you’ll get.
quote: If I sink $5k into a boat and then another $200-$300 a month into repairs, it'll cost me more in the long term than if I just buy that $20k boat.
No way you’ll spend that much on monthly repairs unless you really buy junk. As RNR said, there are a lot of very good deals on Craigslist, just be patient. Some good ones come up on here too. Lot of people needing money now that lost their 150K jobs and trying to get out from under boat payments.
I’d rather have a paid for canoe than a 60’ sporty that I owe money on. Just me though. Debt makes the world go round, and down
Also realize than on a consignment purchase at least 10% is going to the dealership. You could save that by buying directly from a private owner. Take your time, there are a lot of boats for sale out there.
First off, what do you want to use the boat for? Inshore, near shore, offshore?
Capt. Larry Teuton
Cracker Built Custom Boats
“Ships are the nearest things to dreams that hands have ever made.” -Robert N. Rose
Thanks Larry - to answer you, mainly inshore and occasionally I might hit up the 60, but that’s about as far as I’d ever go. Also, probably just cruising when the woman is with me. I’d say probably a 50/50 mix of creek fishing and hitting up Capers/Dewees, with the very occasional trip to the Charleston 60 or the jetties. And the boat I found, it’s honestly a really good deal. I know you guys probably hear that all the time, but I’ve been looking seriously for the last 2 years and this is about as good as I’ve seen. I know it’s not good to finance, but we could pay it off pretty quickly and the amount we’re looking at is nothing that would break the bank. If you guys know of a decent $5k job, then let me know and I’ll consider it - but it seems like all those Craigslist specials are the '78 Glassmasters with the floor cut out and the gas tanks removed.
quote: I'd say probably a 50/50 mix of creek fishing and hitting up Capers/Dewees, with the very occasional trip to the Charleston 60 or the jetties.
No, you can’t get anything reliable to do all of that for 5K. No one boat is even good for all that. My advice is still to buy what you can afford, meaning cash, learn to fish the creeks, the jetties and inlets on a good day, work your way up. You will thank me later
Capt. Larry Teuton
Cracker Built Custom Boats
“Ships are the nearest things to dreams that hands have ever made.” -Robert N. Rose
I can understand that, but two things. 1) the woman probably wouldn’t go for that (and that’s not a big deal and is easily worked through), but 2) I don’t want to get stuck with a money pit and spending money on a boat that’s stuck in the shop more than it’s in the water. I’d love to be able to purchase a 17’ Key West for $5k, but I don’t see that being in any shape reliable. If I sink $5k into a boat and then another $200-$300 a month into repairs, it’ll cost me more in the long term than if I just buy that $20k boat.
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You will not spend $2-300 in repairs every month…unless like Larry said, you just blindly buy a complete basket case. Are you capable of doing anything yourself? Or will you have to resort to a shop and high labor rates for all repairs?
Many of the motors on these smaller boats, carbed 90 Yamaha and OMCs, are some of the most bullet proof motors there are. They won’t get 6-7 MPG, but they are dang sure difficult to kill and can be repaired by tons of people without having to go take it to a dealer to hook up to a computer, ie: $$$ dealer shop rates. Also, if you expect that you’ll have a trouble free boat with no repairs because you’re buying a 2009, it won’t happen. That’s really going to suck bad when it’s sitting in the shop for repairs while you’re also paying your monthly note.
I haven’t fully tallied my receipts, but I bought a 99 Sea Hunt 172 w/ 90 Johnson for $4600. Spent $1000-1500 and completely redid all the wiring, fuel system, and serviceable parts of the motor. I already had lots of wiring supplies left over from my previous 3 project boats so tack on another $500-800 for wire. Spent another $1000 on good new electronics. I’m sitting at about $7000 in this boat total now, and the only original things in the hull are the
id say stick money away till you get about 5-10k… you can get a ok bay/nearshore boat…
i recently sold or am doing the paperwork on my 20ft proline cc with a 4 stroke and it sold inbetween 9 and 10… its not a go fast boat but it is a decent fishing boat. i have been 10 miles out on a mill pond flat day
even if you buy a 4k hull with nothing on your id expect to spend another 10 to get it fishing with decent used/near new stuff… you can get used 115-150 for decent price if… hours may be semi high… just dont finance some 30-49k boat to “go fishing”
Wisertime, sounds like you have a lot already going on with finances. Might want to step back and look at the hidden costs of owning a boat. $100.00 plus a month in gas on top of the payment, seatow and insurance preventive maintenance, corrective maintenance, Oh dont forget your anual tax bill. That boat payment might seem cheap to the hiden costs. Trust me it adds up fast. My wife reminds me of that.
A wise man once said “Do as I say not as I do” Good advice when I tell you that.
You asked so I’ll answer (much like some of the other “old” guys). If I had a mortgage, 2 car loans and student loans, the last thing I would do is borrow money for a luxury. That kind of thinking is not good for future finances. Being debt free is the best way to live life. Yep, not having a boat sucks but too many people are not willing to wait and want immediate gratification. Find a good, lower priced used boat, enjoy it for a few years and pay off some debt.
I bought a boat in 2007 with the idea that I’d buy something bigger/better in a few years. I still have it because I realized that it does what I need it to do and bigger/newer won’t change any of that.
Good Luck
“Apathy is the Glove into Which Evil Slips It’s Hand”.
quote: I'd say probably a 50/50 mix of creek fishing and hitting up Capers/Dewees, with the very occasional trip to the Charleston 60 or the jetties.
No, you can’t get anything reliable to do all of that for 5K. No one boat is even good for all that. My advice is still to buy what you can afford, meaning cash, learn to fish the creeks, the jetties and inlets on a good day, work your way up. You will thank me later
Capt. Larry Teuton
Cracker Built Custom Boats
“Ships are the nearest things to dreams that hands have ever made.” -Robert N. Rose
any reliable bay boat can handle what you want to do, but everyone is right- save another year- you have a wedding and a honeymoon in your future, then kids, then the wife quits work to stay with the kids, then college funds for the kids etc etc etc etc. BUY THE BOAT WHILE YOU CAN !!!
