Whats your boat payments?

[flechero]

$0.00

Champion

Same here...  but in the spirit of full disclosure, I bought it new and didn't write a check for the whole thing.  ...lol  When I had payments, they were $215/ mo.

These days the only payment I'd consider is a mortgage.

[Uncle Leo]

0 Buy what you can afford. Try to pay cash, you can cacth fish out os a 14 ft Jon Baot if that's all you can afford.

2004 Nitro 700 DX

[detroit1]

Sorry that most of your replies were of no help to you, as i was curious also. I can't help any either, since i bought my boat in 1996.

[SaintsFn]

I takes a lot of hard work & discipline to become debt free, but the restful nights are worth every bit of it.

AMEN!!!

That's why the Mrs and I will have the house paid off in the spring!!

Got laughed at b/c of the vehicles we drive now people are coming to us for advice, especially after we upgraded her SUV. After the spring, we get two toys..my new (to me) car ...and a boat!

[jsnlong1979]

Paid cash also... Boats are toys

I'm so glad at all the people who said they paid cash!!

and there was help to the poster.....pay cash for toys if you don't have it then save it you will come out on the other end a whole lot better

[jamarkwe]

2005 175 Bass Tracker w/50hp...Bought it brand new and Paid cash... I don't like payments. I own everything I have, Homes, truck, car, Yfz450. NO CREDIT CARDS EVER... 8-)

[Lund Explorer]

hey guys how much do you guys make on your boat payments and what do you have

I'm going to go against the majority of posters here and tell you that I don't see anything wrong with a boat loan, but with a little additional advice as to how to go about it.  While I'm still regarded as a "Newbie" on this forum, I have been around the block quite a few times, and I have financed three different boats over the years.  

My advice is to first take a long hard look at your finances, both today, and in the near term future.  If you've already got a secure job, you're into a home that you plan on keeping, and all of your other existing debts are under control, you should know what you can comfortably control.  The two best people to help you with this thought process is your banker, and your spouse.  Make sure to take the advice they both give you, for obvious reasons.

Once you've figured out how much you can afford, don't make the mistake of rushing right off to the new boat store.  While you won't end up with the absolute latest and greatest, the used boat market is normally the better option.  Let the first owner take the big depreciation hit for the first couple of years.  

And make sure to keep the length of any loan down to around 3 - 4 years.  This faster payoff will give you the chance to build equity in your boat so you can always trade up every few years or so while keeping roughly the same payment.  Taking out a 10+ year boat payment will only leave you with a paid off boat that will be worth about what the old payment book is worth.

Hey, being debt free is great,  I've been there since 2003.  But there is nothing wrong with well managed debt, as long as it is well managed and you don't end upside-down a year or so down the road.  

BTW - Right now, I've down sized from a 19' Pantera II with a $200 per/month payment, into a 17' Lund without a payment.  

[procraft1780]

I don't think there is anything wrong with boat payments, but I think people get way out of control.  

I like a max of 3 years.

you pay little interest and if you are not using it or don't like it you can get rid of it.

[retiredbosn]

I have an old Hydra Sport that I bought for cash.  That said I would like a new boat.  The Hydra Sport runs great when it runs, due to the age of the boat it is nickle and diming me to death.  The engine is an 87 Johnson, the boat was not well taken care of, and now I'm playing catch up on all of the maintenance that should have been done.  The trolling motor is a 1992 and overheats and is noisy, needs replaced.  Right now it would take me a couple of grand to get her absolutely right, and at that point I would have more in the boat than it is worth.  

The boat has served its purpose though, it has shown me that I will use a boat a lot, it will not sit in the garage, my wife wanted a fish and ski which is what I got, however the next one will pure bass, as the wife and kids do not go out on the boat enough to warrant the downsized casting deck and lack of storage.  The boat has allowed me to understand what I'm getting into and that I will use it enough to justify any payment that I'll have on the boat.  I will keep the payment within the budget, I will be paying off a loan soon, and will buy a boat that will fit within the payment I already have.  

I would love to pay cash for my next boat, but most likely will not be able to.  I will have a good size down payment and will not finance for a long period.  I will however buy enough boat that I will not be upgrading, or anything like that.  I'm 40 and plan on getting a boat that is new enough, big enough that with proper care will last at least 15 years of my use.  Good luck

[CFFF 1.5]

Zero here also.

I got a great deal on my boat. 2004 Carolina Skiff J16 with a 2004 Tohatsu 30hp 4-Stroke. Paid cash for it and all the parts needed to fix it up when I got it.

I don't think I would ever need a boat payment. I considered it before I found this deal, but I'm glad I didn't.

[ring fry]

2000 Triton, TR186, 150 Merc. XR6, cash.  I put 200 to 400 dollars a month in a savings, then CD, then cash it out when I want a new(er) boat or vehicle.  I guess I make payments, but they are pre payments to myself.   8-)

[TommyBass]

Ya there are ALOT of people on here who probably won't answer that... most big rigs are alot.  I have a larger 1860 jon boat with a 90hp 4 strk that is pretty tricked out for bass fishing and I am around $90/month after some cash down.  I like to overpay on my payments, so if you get a low rate you don't relaly lose that much money that way.  There are definately a variety of answers that can come from that, and Id imagine theres a representative from each on this site.

[frogtog]

Paid cash 05 TR20X Triton. I have already put up two years of payments on a new suburban I'm going to get in about two more years. I like to test the waters first before jumping in. I figure out about how much the payments will be on something and start putting that much in an account each month. 8-)

[jimmieO]

My buddy has a 2008 champion 198cx w/ a 225 Opti. His price was around 35K, his payments are around 350 for a looooooooooong time.

[boneil]

I could be wrong but I think buying a boat without financining, especially on a high end rig is not the norm.

Just bought a Z8 for 42, put about 10 down and payments are about 350. I wish I had 42 grand in cash laying around but thats not gonna happen.

You only live once, just make sure you're comfortable with that payment every month even if it gets covered in snow.

[WBFishing]

I run a 2002 Triton 186, the payment is $267 but I took over the loan from a buddy of mine who got a 2005 Z20..I think that is what he got. Never paid much attention, cause I have always like Tritons.

[hawgwalker]

I am not ashamed to say that I have had a boat payment since 1987. Just as one gets close to being paid off I get the itch...... current payment $570.

[5bass]

I'm like Burley, my payments are enough for me to notice. But.....I got exactly what I wanted and I'm real happy with it.

[Jim Grouch]

I could be wrong but I think buying a boat without financining, especially on a high end rig is not the norm.

Just bought a Z8 for 42, put about 10 down and payments are about 350. I wish I had 42 grand in cash laying around but thats not gonna happen.

You only live once, just make sure you're comfortable with that payment every month even if it gets covered in snow.

So let me get this straight... At a reasonable 6% over a period of 120 months ($355 over 10 years), Your final payment in year 2019 you would have paid $52,600 for a $42,000 boat. I'm not knocking you because I don't know a ton of people have $42,000 in their bank account... But then again I don't know a ton of people with a $42,000 rig either.

:-/

[boneil]

I could be wrong but I think buying a boat without financining, especially on a high end rig is not the norm.

Just bought a Z8 for 42, put about 10 down and payments are about 350. I wish I had 42 grand in cash laying around but thats not gonna happen.

You only live once, just make sure you're comfortable with that payment every month even if it gets covered in snow.

So let me get this straight... At a reasonable 6% over a period of 120 months ($355 over 10 years), Your final payment in year 2019 you would have paid $52,600 for a $42,000 boat. I'm not knocking you because I don't know a ton of people have $42,000 in their bank account... But then again I don't know a ton of people with a $42,000 rig either.

:-/

you oughta see how much I'll pay for my house when it's done.

[DMB Fan]

1984 Ranger 350V. Payments $0. 3500 cash. My 35 hundred dollar boat still catches the same bass as a 45 thousand dollar boat does.

[nrgeek]

Nothing .. paid 200 for boat and 400 for motor .. I now have aprox 2300  in the boat ,, after restoring and prob will put another 1000 -2000 in it in other upgrades over the next year in electronics and or trolling motor .. see this link for the boat project http://www.bassresource.com/bass_fishing_forums/YaBB.pl?num=1251415883

[haveme1]

8500.00.  5 yrs @ 5.1 % = 129.00 + - (House equity loan).

[SirSnookalot]

I could be wrong but I think buying a boat without financining, especially on a high end rig is not the norm.

Just bought a Z8 for 42, put about 10 down and payments are about 350. I wish I had 42 grand in cash laying around but thats not gonna happen.

You only live once, just make sure you're comfortable with that payment every month even if it gets covered in snow.

So let me get this straight... At a reasonable 6% over a period of 120 months ($355 over 10 years), Your final payment in year 2019 you would have paid $52,600 for a $42,000 boat. I'm not knocking you because I don't know a ton of people have $42,000 in their bank account... But then again I don't know a ton of people with a $42,000 rig either.

:-/

If I were to buy that 42k boat ( I've done it before) I'd like to do it no money down if I could, but given this scenario I would finance the boat at 6% then buy a hopefully safe investment like a muni for 2.5% and good chance you'll get a better rate than that.  10 years later that 32k muni has grown to 40k+, but I still have my money.

Contrary to what I just said I bought my wife a new car last month and paid cash.  I was STOOOPID !, given the low auto rates.

[fishfordollars]

I could be wrong but I think buying a boat without financining, especially on a high end rig is not the norm.

Just bought a Z8 for 42, put about 10 down and payments are about 350. I wish I had 42 grand in cash laying around but thats not gonna happen.

You only live once, just make sure you're comfortable with that payment every month even if it gets covered in snow.

So let me get this straight... At a reasonable 6% over a period of 120 months ($355 over 10 years), Your final payment in year 2019 you would have paid $52,600 for a $42,000 boat. I'm not knocking you because I don't know a ton of people have $42,000 in their bank account... But then again I don't know a ton of people with a $42,000 rig either.

:-/

If I were to buy that 42k boat ( I've done it before) I'd like to do it no money down if I could, but given this scenario I would finance the boat at 6% then buy a hopefully safe investment like a muni for 2.5% and good chance you'll get a better rate than that. 10 years later that 32k muni has grown to 40k+, but I still have my money.

Contrary to what I just said I bought my wife a new car last month and paid cash. I was STOOOPID !, given the low auto rates.

If that happens to be your wife in your avatar you were smart. You'll be even smarter to do anything you can to keep her. KEEP ON SPENDING!