longest length of loan on a bass boat that you can get

[JimFromTN]

I was talking to a boat dealer not that long ago and he told me that he sold a used 2015 ranger bass boat and the buyer got it on a 20 year note. I remember back in college some 100 years ago or so and people were buying boats on 10 year notes and I thought that was crazy. Basically, with a 10 year note you are paying double the original cost. I also remember guys with bass boats that were 4 to 5 years old that they were trying to get about the same amount as a new bass boat for their boat. I assumed that was because thats what they still owed on them. On a 20 year note, they must be paying for that boat 3 to 4 times over.

 

[fairchaser]

Only pay cash for toys period end of story. If you can't pay for it you don't need it. In fact you should able to pay for lots of things you can't afford. Get my drift!

 

[TNReb]

On a 20 year note, they must be paying for that boat 3 to 4 times over.

If a buyer borrowed $30,000 at 5% (yikes!) for 20 years, they'd pay about $17,500 in interest.

If you had $30,000 in the bank, the question becomes whether or not you can make enough by investing that $30,000 over 20 years to beat the interest rate on the boat.

If you had $0 in the bank and wanted to finance a $30,000 boat then that could be pretty dumb.

 

[Spurhunter]

A few years ago I saw new boats advertised with 15 year loans. Wow. People just accept debt as normal now. I see $50k trucks pulling $60k boats all the time. I'm sure some of them are paid for but I suspect most are not.

 

[TNCharlie]

Only pay cash for toys period end of story....!

Absolutely. A few years ago I bought a Tracker Grizzly at Bass Pro. I was going to pay cash but my fiancee reminded me that she had recently bought a car and that she intended to pay cash, but the dealer offered her financing at a rate considerably lower than what her money was earning. So rather than let go of her cash she financed.

Not realizing that Tracker or Bass Pro didn't have their own financing, I decided to see what kind of deal I could get and maybe hang on to my cash. Filled out the paperwork and went home to await a call on their offer. Heck, they just shopped around and found a finance company in CA that would make the loan at 17%. I didn't even bother to hear the length of loan before saying, "Not no, HeII, No! I'll bring a check in the morning."

I get there with my check and am told that they will not accept a check. A store manager quickly resolved that nonsense.

I asked the business office lady if anybody ever actually took a 17% loan on a boat, an unnecessary (for most of us) toy. She just rolled her eyes and said, "You would be surprised."

 

[Kirk]

I know a lot of "Pro" anglers. The mid level guys that travel the circuit in the smaller events. They have new boats, new trucks, latest electronics, power poles etc. I asked one of them how in the hell they could afford all that stuff. I work full time and have a really, really good job and won't even consider buying either. I have a 1998 model boat and a 2010 truck. BOTH ARE PAID FOR.

This is the answer I got from the "Pro". "Ranger(and several other boat companies) and Toyota (and several other truck companies)pay premium "checks" to anglers that finish top 10 and own less than two year old boats and two year old trucks of that brand. So the angler has a potential to win an additional $5K or what ever the bonus is.

That still didn't answer my question. I asked again, HOW MUCH DO YOU HAVE TO PAY A MONTH?

His answer: "I have both of them on a really long term payment plans and it only costs me about $500 each per month with all the discounts I get from the manufacturers. When they get two years old I sell them for what I owe on them and start over. The last boat I only owed $3K on it after I sold it."

How much bonus money have you won from Toyota and Ranger? His Answer "None".

 

[X-Tennessean]

I have been in the market for a pontoon boat, found a couple and one that was listed with a price ($29,000) but then said "with approved credit can take over payments with my credit union". Said call/text with any questions!!!

I had to send a text .........$375/month at 3.5% for 20 years!!!!!
If my math is correct that is $90,000 to term. Whoa

 

[fairchaser]

That note might not look bad in the summer while you are floating around in the water but about the 5th January you are paying that note and the new is worn off you are trying to get rid of it. That's when I step in and buy it for cash at a big discount. I've done it before.

 

[Spurhunter]

the new is worn off

Key words right there. Once the new wears off that new boat is just a boat and that new truck is just a truck with big payments attached.

 

[TNRifleman]

There's a sucker born every minute.

 

[pressfit]

I buddy of mine sold Cadillacs for a while, one old lady came in and bought a used one just to park in front of her house, it gets better.. she didn't even drive.. it gets better.. she never even asked how much the car was.. just wanted to know how much the payments were going to be..

 

[Wiley]

Reading this makes me appreciate my 18 foot 1986 Venture with 1986 Johnson 185 that I drove to TN and bought for $1800 4 years ago.

 

[pressfit]

Reading this makes me appreciate my 18 foot 1986 Venture with 1986 Johnson 185 that I drove to TN and bought for $1800 4 years ago.

Wow.. a 185.... don't see many of those!!!

 

[7mm08]

Uh, all this reminds me that folks that run banks aren't dumb.

 

[SilverFox]

A guy I fish with from time to time has a 2015 Ranger. He told me is payment was a little over $500 a month. I didn't ask how many years he financed it for.

 

[TNReb]

A guy I fish with from time to time has a 2015 Ranger. He told me is payment was a little over $500 a month. I didn't ask how many years he financed it for.

I need friends like that... :mrgreen:

 

[Spurhunter]

Uh, all this reminds me that folks that run banks aren't dumb.

Dave Ramsey says you have to ask yourself why the fanciest buildings in most towns are banks. And there's one on every corner.

 

[ROUGH COUNTRY HUNTER]

It's unbelievable him much money some people piss way on interest charges.