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Discussion Starter · #1 ·
I'm considering buying a new boat soon. My bank is giving 6.75% over 10 years for 2008 boats.

I'm wondering what marinas are giving for an intrest rate? Anybody know?

Plus, this will be my first new boat purchase. I'm looking to spend about $15,000. Would a 10 year loan be the way to go, or do you really get screwed doing that?

Thanks

BTW, I'm looking at a Crestliner Canadian 1650. Any thoughts?
 

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Principal borrowed: $15000.00
Annual Payments: 12

Total Payments: 120 (10.00 years)
Annual interest rate: 6.75%

Periodic interest rate: 0.5625%
Regular Payment amount: $172.24
Annual Debt Service Constant: 13.7792%
Minimum amortizing payment for this Principal and Interest rate: $84.38


The following results are estimates which do not account for values being rounded to the nearest cent.

Total Repaid: $20668.80
Total Interest Paid: $5668.80
Interest as percentage of Principal: 37.792%



just because you take a 10 year loan doesn't mean that you have to pay it back over 10 years...apply extra principle if you want!
 

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Shop around with credit unions, I would think you could get a rate below 6% on a new boat. When I shopped around for rates I was blown away by the difference of what a bank could offer and what the credit unions offered.

Mitch
 

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6.75% is waht my bank was offering last month. But the more expensive you go and the newer you go it gets lower.... I just called on a new 30' Rampage.:D
 

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Discussion Starter · #5 ·
The 6.75% rate is from a credit union. That's for 20007-2008 boats. Older than that it's 7.25% and up.
 

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consider strongly buying a used boat. the don;t get much use and with the economy as it is its a buyers market. you should be able to get more boat for less money.
I'm considering buying a new boat soon. My bank is giving 6.75% over 10 years for 2008 boats.

I'm wondering what marinas are giving for an intrest rate? Anybody know?

Plus, this will be my first new boat purchase. I'm looking to spend about $15,000. Would a 10 year loan be the way to go, or do you really get screwed doing that?

Thanks

BTW, I'm looking at a Crestliner Canadian 1650. Any thoughts?
 

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on a slightly used boat, there are many people that got into a new boat because they could afford it at the time, but circumstance has many in a situation they need to rectify.
good luck in your hunt, remember enjoy it and be thorough
 

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What about a home equity line of credit?


Yeah, I also bought a new boat and got it on a 10 year loan, but paid it off in 4 years. IMO, always pay loans off early if you can on any loan where your bank interest rate on a savings account (say 1.75%) is lower than than of a loan for one of your toys (say 6%).
 
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