In the market for a new boat or a boat 1-2 years old. Complete rig, motor, trailer, and boat. Looking for a 14-16ft x 48 or wider with something to put me in the high 20mph range. Can I get some of your experiences with lenders on a new boat for an out of state purchase and 10-12 year term??

Man I ain't trying to get into your business, but I recommend saving and paying cash for these things. A 10 to 12 year term on a used mudboat probably won't happen anyway.

Never get upside down on toys. It's a horrible financial plan no matter how bad you want it.

However it's your money do what you want. I'll shut up now.


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I financed one but paid it off really quick. WILL NOT finance one again. Not worth it. Just gona keep selling saving and trading like I was doing before and work my way up to a nice one that's also paid off.


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I financed mine for a few years... but the day I took it home I wasn't anywhere close to upside down or even breaking even. I was waay in the green just because of how much I put down. Also. Only finance your basic boat/motor/trailer if you are going to do that. Any extras (turf, paint, electronics, trolling motor etc) can be added as you want and most electronics are out of date or need replacement before you're done paying interest on them if added to the loan. At this point I could sell what I've got, pay the loan off and put another nice chunk down on another new rig if I wanted to. As long as I can get good interest rates and keep buying them like I have, I don't see a problem making a loan for one. Just do it wisely.

The term you're wanting is indicative of the fact that you might not be ready for a purchase like that... just my two pennies worth.

Also remember that this mud boat thing is a huge fad right now. People are driving the market up who are paying or owing big money for trendy accessories to show off money or in the case of the financed rigs that are loaded out... To look like they're showing off money.


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I financed mine for 3 years and plan on having it paid off in 1.5 years. They will not loan money for a mud boat more than 5 years and you will have to borrow 20k plus in order to get a loan that long. I would suggest save up and get a used rig for cheap

The rig you are describing would be anywhere from $5k-$9k range. Give or take a little.
If you go to a bank telling them you want to finance that much, for that long, they will flat out laugh at you.
If you must finance, save your pennies and put a really good down payment.
Like SETx said, I'm not totally against financing toys, if the interest rate is right and not financed for too long.

The only thing that you could finance that could possibly be a worse idea than financing a mud boat would be financing an engagement ring.

In my personal opinion, If you can't pay cash for one then you are not to the point in your life to buy one. Why put that amount of risk into a depreciating asset? What happens when you have a medical emergency or an ac in the house goes out? You're stuck paying boat payments and have to finance the emergency. Now your paying two loans. This is why people never get out of debit their entire life. Don't think that you'll just liquidate the boat to pay for the emergency cause boats don't sell quick enough unless you take a big loss on it. Also, I'm sure if you are paying a note on a boat you don't have an emergency fund stashed away. Do that first then save up for a boat.


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No true, I had the cash to buy mine but I chose to take a loan for half the boat. I don't mine paying on it for a while just to keep an extra 10k in the bank.

Sorry I edited my last post because I figured building a house was not really relivent. I understand what he is saying as it applys to someone that wants to take a 10k loan out for 8 years, that is just stupid. I was just stating that taking a loan for a boat isn't always a stupid idea but that's just my opinion.

Take the monthly payment, and multiply it by the life of the loan (10 year = 120 payments). Compare that to what the value of the boat is. If you still think this is a good idea, then nobody is talking you out of it.

Hell, im bored. So going by the rates today, 10.15% is for 4-5 years, lets assume you get a 7% (generous) and you finance a $10K boat for 11 years. You will end up paying $14.3K over the life of the loan. But its only a hunna dolla a month!

And you stay upside down from the time you sign the dotted line until you pay it off.

A boat loan, frequently (more often than not), becomes a non performing asset to a bank quickly. If you have to borrow the money to buy a boat, you might rethink the purchase. I would assume that a financed toy becomes a monthly case of buyer's remorse.

I financed mine for 4 years at 6%. Paid it off in 3. I had the cash but i dont like to pull from savings.

I am trying to figure out how people afford these 60-80k bay boats and a 60k truck.

I financed my first mud motor. I financed my first boat.

I will NEVER...NEVER do that again.

When I looked back at the interest I paid I almost shit myself.

CASH FOR TOYS ONLY. IF I AINT GOT THE CASH I DONT GET THE TOY.

It ultimately comes down to being responsible and living within your means. Is the interest worth it?

I financed a new Maverick last year at 2.5% . Paid cash for the mud boat. Financed a few thousand on a camper at 3%. I could carry the notes if my wife or I lost our jobs, and it wouldn't be a struggle.

I try to pay cash for everything, the only note I have right now is my house payment.

It's not something you just decide to do, it takes time to build up to the vehicle you want, especially if you have kids, hell, I am even paying for the daughter's college tuition semester by semester, trying to teach her the value of not having to worry about making payments.

It's a good feeling, but it took me a while to figure it out and it's benefits.

I would like to build upon the previous post.

Paying cash gets you better deals. For example 3 months ago I bought a new 115 Suzuki 4 stroke. After haggling with the salesman he got the price to $10,650. I went into his office with $10 grand cash (that I have been saving for a couple years)and said this is the best offer I'll give. He bit on it. I saved $650 up front on the purchase and and now I don't have to worry about paying a monthly note with interest in which I'd end up paying more.

These things happen when you got the cash to bargain with. It actually becomes fun seeing what the lowest they'll come down to because they know you're serious and not planning to finance more money than what the item is truly worth. It places you in a better position to negotiate because they have to match your price for the sale and if they can't they loose out and you go buy from the next person that is more accommodating


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The OP is never coming back here.

And I ain't talking about boats, I won't ever finance a boat again. I'm talking loans I have had before on cars and trucks which are paid off too.


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Poor fella.im sure thats not what he wanted to hear but hey its reality never a good idea to finance toys

Pay for your motor cash find a good used one and get a personal loan on the boat. The boat will last you a long time and you will only get about 2yr on a personal loan.