Financing A Used Boat And Extras

[Megastink]

I have an opportunity to buy my first bass boat, a 2002 Ranger, for a great price. It is a blank canvas, and I want to get two Humminbird 999's, Powerpoles, and possibly a 112lb Fortrex.

 

Want... want.... want....

 

I'm financing the boat, but my question is: can I also finance all the extras that I want with the same loan? In other words, can I borrow the cost of the boat plus another $8k for the extras?

[flyfisher]

Up to the bank but generally unless it adds value to the boat in the same amount that you are financing they won't do it.  Never hurts to ask though.

[mperrine]

Usually it will comes down to the "Loan to Value" terms the bank has.

 

For example, if the bank has an 80% Loan to value on used boats,  the purchase price of boat + the cost of the extras you want will need to be less than 80% of what the boat with the extras books for or you will have to come up with a larger down payment.

 

Hope that makes sense.

[tcbass]

I did. I got a loan for $7,000 and about a week after I got the boat I realized I needs a better trolling motor. I went to the bank and raised the loan to $8,500 and got a 80lbs. Terrova.

[Jig Man]

If you are buying from a dealership, they can add the extras to the invoice and list it all together.  Then you can seek financing or they can find you a bank.  If from an individual then you will have to deal with the bank.  If you have a good credit history then it should go ok.

[deaknh03]

Get a personal loan not a vehicle loan or even use a zero percent deal on a credit card then use the checks they send you.

[flyfisher]

Get a personal loan not a vehicle loan or even use a zero percent deal on a credit card then use the checks they send you.

just make sure if you use those checks that they are part of the 0%, and not considered a cash advance, a lot of times they aren't and also make sure to read the fine print.  many of those 0% deals have stipulations on paying them off prior to the promo period ending or interest is applied from the beginning, oh and check the post promo period interest rate, they can be crazy high at times.

 

Sorry i used to work for a major credit card company lol 

[deaknh03]

just make sure if you use those checks that they are part of the 0%, and not considered a cash advance, a lot of times they aren't and also make sure to read the fine print. many of those 0% deals have stipulations on paying them off prior to the promo period ending or interest is applied from the beginning, oh and check the post promo period interest rate, they can be crazy high at times.

Sorry i used to work for a major credit card company lol

I know exactly what your saying, I just assume that most people read the terms and agreement before entering/using..but this is a good way to do it if it's done correctly.

[flyfisher]

You wouldn't believe how many people don't lol

[gardnerjigman]

Always love the old 0% interest for 12 months in large font, then in the smallest possible font you read if not paid of in 12 months interest will shoot to 30% and be back charged

[deaknh03]

Always love the old 0% interest for 12 months in large font, then in the smallest possible font you read if not paid of in 12 months interest will shoot to 30% and be back charged

but if you know that then pay it off in 12 and you got a free loan.

[gardnerjigman]

but if you know that then pay it off in 12 and you got a free loan.

Totally agree. Those deals are meant to catch people not help.

[deaknh03]

Totally agree. Those deals are meant to catch people not help.

if its credit related its meant to make the lender money, not help you..cards, mortgages, loans, all of it.