Buying my first boat

[Mike sanders]

I just got finance quote on a yamaha 210 ar at 9 percent 144 months payments are $480 a month on a 40k boat. I haven't signed for the boat at dealer yet but planning to at months end. My credit is at 638 what do you guys think about this deal?

 

[Mike sanders]

Oh I'm sure I can refinance in 6 months at lower interest rate. OK now tell me...
.

 

[Drift Away]

I'm not the finance Guru of my family. I'll leave that business up to my wife I'm the good idea fairy I come up with good ideas she tells me if we can afford them. Bottom line is if it fits in your budget and you're happy with your boat go for it. This is your first Yamaha boat be prepared they're always add ons for the boat heroin is less addictive than Yamaha boat.

 

[Mike sanders]

Thx I was thinking I'd keep it for a good long time. I'm real big on maintenance and upkeep. I figured if I take real good care of it I'll have no problem selling it. Resale seems to be really good on these boats... got to love Japanese theology when it comes to making great products!!!!

 

[Drift Away]

My wife who was a loan officer said thats a good deal

 

[Mike sanders]

Awesome. Appreciate the input!

 

[captras]

Is it a new boat? Yamaha has 2.99% 1st 60 months and 4.99% the remaining 120 months. Or 0% first 12 months and 7.99% the remainder. That is on new boats though

 

[Mike sanders]

The first lender "yamaha" wanted 15% because of my credit.

 

[jawsf16]

@Mike sanders
Look at Credit Unions in your area, you may be able to do a bit better.

 

[captras]

Is it a new boat? Yamaha has 2.99% 1st 60 months and 4.99% the remaining 120 months. Or 0% first 12 months and 7.99% the remainder. That is on new boats though

Got it.....I didnt even look at the credit requirements! Yea, based on 15% from the first, sounds like your latest offer is pretty reasonable! I did the 12 month, 0%....hurts for 12 months but then I am done

 

[Drift Away]

Might be the bourbon talking but by that boat get on the Bimini link register that joker get a room at the Sands amd we will see you in July lol

 

[Mike sanders]

Someone's had enough to drink lol!!!!

 

[Drift Away]

Someone's had enough to drink lol!!!!

Said no one ever lol

 

[Mike sanders]

Appreciate you guys chiming im feeling better about moving forward on this purchase.

 

[Drift Away]

You will love the yamahas. As long as you take care of it do regular maintenance they're damn near Bulletproof

 

[Bill D]

@Mike sanders check with some local banks / credit unions. Yamaha financing tried to pull the same crap with me when I was looking. I ended up going with BB&T at around 4.5%, but there were a couple Credit Unions with similar offers.

Good luck with your purchase!

 

[robert843]

I almost bought a new one a year ago but found a great deal on used one and my local credit union gave me 1.9% for 5 years but since it was used the payment was less than what a new payment would be and I only had to finance 5 years. If you are not being offer Yamaha's promo rate I would not even bother buying new go used and save the money. Your interest rates will likely be the same through a local bank or credit union whether the boat is new or used.

 

[Mstein1217]

9% on a new boat is really high. Should be around 5%

 

[FloJet]

Credit Unions are great places to start out. Most of the time they offer the best rates in my experiences.

 

[jpass]

@Mike sanders I ended up going with BB&T at around 4.5%,

That's who we went with. 5% on a used boat (4 years old) for 144 months. We triple the payments. Should have her paid off end of 2018.