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  1. #1
    Join Date
    May 2004
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    14MM Big Niangua LOTO
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    2019 Manitou XPlode...w/TWINS!
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    How many years is the average boat loan?

    Just curious...and doing research..




    My guess is 10 years, but I wonder how many longer terms there are..

  2. #2
    Join Date
    Dec 2003
    Location
    st charles mo
    My Ride
    boatless
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    58
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    my is 5 yrs

  3. #3
    Join Date
    Dec 2003
    Location
    Basehor, KS. & 5mm of Gravois Arm @ LOTO
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    47
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    1,407
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    FOREVER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    12years, 7.0% (I think)

  4. #4
    Join Date
    May 2004
    Location
    Olathe, KS and Osage Beach 21 MM
    Age
    48
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    7,191
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    0 for me.

  5. #5
    Join Date
    Apr 2004
    Location
    LOTO
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    54
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    127
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    Wildcat,

    Boat loans are a lot like realestate loans, Lenders see the watercraft much like RV's, long lasting and sledom used. It's not uncommon to see boat loans for 15 even 20 yrs on the bigger stuff. My advice is to tailor the loan to your income and your comfort range. The interest is a simple interest, not front loaded like a credit card, and the interest ( in most cases) is tax deductible as a second home. (If the boat meets those requirements)


    call us if you need more info...


  6. #6
    Join Date
    Jan 2004
    Location
    USA
    My Ride
    38 Cig & 202 Crownline
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    55
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    1,937
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    Boat Loans run up to 20 years but the average boat loan goes 36-48 months before a sale or trade..

    Also while a loan may be simple interest you pay more interest during the beginning of your loan than at the end because the interest is computed on your outstanding balance and therefore when the loan is bigger more of your payment goes to interest. Each month when you make your payment you reduce a little of the principal (more each month) so a little less interest accrues the next month and therefore more of the payment goes to principal.

    For example a 20 year loan $100,000 loan 6%. Monthly payments are $719. In the first month of the loan you will accure $500 in interest so $219 comes off the principal. In the second month your balance is $99,781 you still pay $719 but now you accrued $498.91 in interest and $220.09 goes toward your balance and so on for the term of the loan.

    The benifit to the consumer for simple interest is that you are charged for the actual days you have the money borrowed. A precomputed loan on the other hand may be computed by several methods but generally a borrower may not get imediate credit for an extra principal payment until the beginning of the next (month) interest cycle. So generally simple interest is better unless you pay late because using the example above you are accruing interest in the first month at $16.44 per day and if you are 13 days late you get ZERO principal reduction.

    This is why a lot of credit cards never reduce..small minumum payment, interest accruing fast ( 18-24%)...6 or 7 days late and you get ZERO principal reduction.
    Hey, watch this!!!

  7. #7
    Join Date
    Jun 2004
    Location
    Lake of the Ozarks/Omaha
    Posts
    10
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    We have our loan through Banc Of America Specialty Finance on 20 years @ 5.10% with the interest as a tax deduction as a 2nd home. Gotta pay interest or taxes you know.

  8. #8
    Join Date
    Dec 2003
    Location
    Western Shore of the Bay of KC
    My Ride
    Currently Boatless
    Age
    59
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    4,428
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    I got my loan through VonBongo.............I went 12 years and pay about fity mo a month to pay it off early..............I got 6.25
    OneBigAssMistakeAmerica

  9. #9
    Join Date
    May 2004
    Location
    Brentwood
    Age
    44
    Posts
    738
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    i had a 12 year on my 22 foot crownline. I got impatient though and paid it off after 3 years. Man I need a bigger boat.

    Nick

  10. #10
    Join Date
    Mar 2004
    Location
    Stonledge LOTO/MO River mm 563
    My Ride
    Baja 30 Outlaw 2004
    Age
    52
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    3,043
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    Quote Originally Posted by WET VET
    We have our loan through Banc Of America Specialty Finance on 20 years @ 5.10% with the interest as a tax deduction as a 2nd home. Gotta pay interest or taxes you know.
    Hey Wet Vet are you from Millard Nebraska?

  11. #11
    Join Date
    Feb 2004
    My Ride
    2005 Baja 25 Oulaw
    Posts
    1,624
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    I went with the promo that Baja had last spring and got 0% for the 1st 18 months. After that it goes to 4.75%. This was a 15 yr term which was fine as it made our 25 Outlaw much more of a managable debt.
    This way we can pay as much extra per month as we want, yet when summer comes, we have the option to use it on gas if need be.

  12. #12
    Join Date
    May 2004
    Location
    14MM Big Niangua LOTO
    My Ride
    2019 Manitou XPlode...w/TWINS!
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    43
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    Thanks for all the great information...Like I said, just researching, and also trying to figure out a plan for buying our first one in a couple years..

    About how much will you typically have to put down on a boat?

    I'm pretty familiar with Mortgages and 2nd Mortgages...Am i correct in assuming that these work about the same?

  13. #13
    Join Date
    Jan 2004
    Location
    Lee's Summit, Mo.
    My Ride
    Boatless...
    Age
    66
    Posts
    9,316
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    Quote Originally Posted by Nick
    i had a 12 year on my 22 foot crownline. I got impatient though and paid it off after 3 years. Man I need a bigger boat.

    Nick
    Call Big Thunder 573-374-5692
    ask for sales.
    PIT
    MWBP: Insanity Required.

  14. #14
    Join Date
    Feb 2004
    My Ride
    2005 Baja 25 Oulaw
    Posts
    1,624
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    Most finance companies require 10% down as a minimum on a new boat. Used boats may be way different depending on their loan value with the finance company. If you want to buy a used boat for $20k but the finance co. shows a wholesale value of only $13k, guess what? Yeah, you'll be required to come up with the $7k before they will finance the remainder.

    However, there are ways around this if you are trading in a boat.

    Its best to call and find out. They are all different.

  15. #15
    Join Date
    May 2004
    Location
    Brentwood
    Age
    44
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    738
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    Quote Originally Posted by Bajapit
    Quote Originally Posted by Nick
    i had a 12 year on my 22 foot crownline. I got impatient though and paid it off after 3 years. Man I need a bigger boat.

    Nick
    Call Big Thunder 573-374-5692
    ask for sales.
    PIT
    Pit, the only problem is that I want boats I cant even come close to affording. Really my only criteria for a boat is that there is enough room on the sundeck to play twister.

    Nick

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