Financing a Boat and What Works Best

Setting up financing for a towboat is easy. In this video, Mitch walks through the options and methods that are available when financing with us here at BoardCo.
See the full selection of new and used boats at BoardCo:
www.boardcoboat...

[@mannyruiz9011]

I want a small used boat with a 90 to 115 hp 4 stroke yamaha engine for 10,000 i put down 5.000 and pay this loan for 24 months at 0% interest rate
Is that possible????🤔🤔🤔

[@chucknoob7041]

No, the incentive to sell a used boat is not there for a dealer to carry your loan with no interest.
You’re better off getting a second job. Work like hell and save like crazy with any luck you’ll have that $10K saved by next season and can pay cash.

[@chrisw341]

Music too loud !

[@rawblow4512]

Any way you can get 100% zero down, 240 months $60K boat with a 830 credit score with no debt at all and extremely clean credit history?

[@BoardCo]

It is possible depending on the boat valuation. You can reach out to our finance department and we can possibly help you out!

[@scasey1960]

Why don’t you list the interest rates? My bet is 7 - 10 %. Always pay cash & get boat insurance to spread the risk.

[@BoardCo]

The main reason is because they fluctuate. Right now as of 8/19/20 they are typically between 5-6% but that will probably change in the future.

[@mr5drums4]

"Just pay cash". Yeah ok man.

[@akhenatenhotepamun3180]

@@mr5drums4 exactly

[@Hammerlsv]

Could you get a loan if your score is around 600 ?

[@BoardCo]

600 credit scores make things a bit tougher but a lot of it depends on what your credit history looks like. In a lot of cases it can be better to work with a credit union that you have some history with and that can look at things beyond a credit score. There are options for scores around 600 though they are more limited (shorter terms, lower loan to value ratios, etc.). If you are local and want to look at some possible options feel free to give us a call and we will do what we can to help out.
Also, there can be cases where your credit score is higher through different reporting bureaus and it may help to check your score through all 3 bureaus to see what each of them come back with. Many times credit unions or banks can use the highest of the 3 to figure their loan options.
Hope that helps!

[@samblazer07]

The answer is no

[@rickliners6123]

you prolly should not be looking at a new luxury boat.

[@JasonJones-ct2ol]

Curious as to how used boat loans work? Not a ton of info floating around on the web. Some but not very definitive. Also, any idea what Bureaus America First and Mountain Credit Union pull scores from?

[@keepdreaming227]

The answer is credit score tiers your rate your income or DTI give you the ability to afford a boat or how much boat””.

[@iron-farmer]

Theres no penalty to go from 120 to 240. Complete and utter horseshit. The interest paid wil double at least

[@BoardCo]

There is no penalty as far as interest rate changes or other fees go, unlike other loans (mortgage, some auto loans, etc.). Obviously with the same interest rate a longer term will result in higher interest paid over the life of the loan.