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20 Year Loan

Old 01-30-2019, 05:00 PM
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Default 20 Year Loan

Has anyone financed a used boat for 20 years under $80k? I only keep boats a couple years and move to another and would like to keep payment low as possible. If so who did you go through? Thanks
Old 01-30-2019, 05:02 PM
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Originally Posted by goz45 View Post
Has anyone financed a used boat for 20 years under $80k? I only keep boats a couple years and move to another and would like to keep payment low as possible. If so who did you go through? Thanks
What percent are you going to put down? Your logic with this does not seem to be very sound if we assume that boats are a depreciating asset. .
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Old 01-30-2019, 05:02 PM
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Where is the ��
Old 01-30-2019, 05:17 PM
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0-6k down. Just looking for options on this, not everyone’s personal opinion on why I’m doing it. Thanks
Old 01-30-2019, 05:47 PM
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Originally Posted by goz45 View Post
0-6k down. Just looking for options on this, not everyone’s personal opinion on why I’m doing it. Thanks
No experience BUT you are definitely going to get a lot of personal opinions on it. This is THT..
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Old 01-30-2019, 05:50 PM
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Simple: you will be paying each month MOSTLY INTEREST to the bank. If you keep a boat a short period of time (and if you buy really right) consider your monthly cost like a rent payment. Goofy as it sounds with a depreciating item (can't call an asset) there might be a logic in this, like why tie up your cash in a loss when you can use other peoples?
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Old 01-30-2019, 05:53 PM
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Originally Posted by goz45 View Post
Has anyone financed a used boat for 20 years under $80k? I only keep boats a couple years and move to another and would like to keep payment low as possible. If so who did you go through? Thanks
So, you are always under water, I take it. Makes no sense to me.
Old 01-30-2019, 05:53 PM
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No one that I know of will do a used boat for 20 years. Most lenders that do 20 years also require at least 10% down.
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Old 01-30-2019, 06:02 PM
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Never been under water. Just did it with a new sea hunt. Bought it new in 2015. Had it 4 years on a 20 year loan. Put 6k down. Just sold it for 4k less than I paid. Basically paid $1000 a year to use the boat and sold it. Put 8k in my pocket after payoff. Don’t exactly call that under water. Don’t know if it’s work as well with used but found one I want.
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Old 01-30-2019, 06:03 PM
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Is the boat named "Upside Down"?
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Old 01-30-2019, 06:03 PM
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Opm
Old 01-30-2019, 06:06 PM
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Reach out to Rob Dunford at Trident Funding, RPDunford@TridentFunding.com

He'll help answer your questions and if they don't do the loan might have a referral for you.

Maybe some other THT members will know some bankers you could talk to in the business of boat loans who might help.

Last edited by Esuomm1; 01-30-2019 at 06:13 PM.
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Old 01-30-2019, 06:07 PM
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Originally Posted by Jkcam View Post
Is the boat named "Upside Down"?
Not upside down unless you keep it forever.
Old 01-30-2019, 06:14 PM
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Originally Posted by goz45 View Post
Has anyone financed a used boat for 20 years under $80k? I only keep boats a couple years and move to another and would like to keep payment low as possible. If so who did you go through? Thanks
tons and tons of threads here with lender recommendations: https://www.thehulltruth.com/search.php

should be no problem doing 20 years on $100k+ but you will likely only find 15 years $50-100k.
Old 01-30-2019, 06:14 PM
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Originally Posted by Esuomm1 View Post
Remember, people will will want to know the color before they help you with your questions.

Reach out to Trident Funding,
Thanks for the input. Should’ve known better asking on this forum. 100 responses usually gets you 2 informative suggestions and 98 keyboard warriors sharing their irrelevant to the post thoughts. No lives I guess.
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Old 01-30-2019, 06:15 PM
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Originally Posted by mystery View Post
tons and tons of threads here with lender recommendations: https://www.thehulltruth.com/search.php

should be no problem doing 20 years on $100k+ but you will likely only find 15 years $50-100k.
Thanks!
Old 01-30-2019, 06:22 PM
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I believe there is a difference between a boat loan and a marine loan. I think there is a minimum boat size for a marine loan and the boat needs to be documented with the coast guard. A marine loan can go for 20 years.
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Old 01-30-2019, 06:25 PM
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Originally Posted by Bigfish416 View Post
I believe there is a difference between a boat loan and a marine loan. I think there is a minimum boat size for a marine loan and the boat needs to be documented with the coast guard. A marine loan can go for 20 years.
no, there is a difference between a personal loan that is uncollateralized which can be used for a boat and boat/marine loan that requires collateral. if above a certain length they must be documented with a ship's mortgage. length of loan depends on the lenders and most will not do 20 years unless the loan is $100k+

Last edited by mystery; 01-31-2019 at 06:39 AM.
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Old 01-30-2019, 08:42 PM
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Well there you go. Just go spend 100k ��
Old 01-30-2019, 09:17 PM
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Purchased a 2014 boat last year for 80k, put 10% down for 20 yrs. no doc under 100k credit score mid 700's. easiest loan I ever applied for.
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