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clownshoes.
I have a question for those guys who have bought used cats that are only a year or two old. Seems like the local banks and credit unions in Arkansas dont want to loan over 5yrs on a boat even if it has under 100hrs. Lets say a boat at $34,000 and say a general interest rate of 8.29% would put a payment at $694 per month. I would find it hard to believe that everyone buying a boat a year or two old is paying near $700 per month but maybe Im mistaken. My current boat will be sold this evening so I am in the market for a new cat or one with low hours still under warranty. Id prefer to get one a year or two old still under warranty from an individual because in Arkansas if you buy a used boat from an individual you can avoid sales tax. If I cant find a way to get financing on a used boat where theres a decent payment Id like to do that but if not Im in the market for a new one. Any suggestions or insight guys?
2010 Puma FTD W/ Mercury 250 Pro xs warranty till 2014. In excellent condition .
Here is my suggestion…. Now I dont have perfect credit i beleive near 660 score my father has PERFECT credit he co-signs with me on boats. We go thru U.S. Bank they have much better than 8.29 intrest but intrest goes up or down with credit score. I beleive my boat is at about 6.9 intrest or maybe a lil bit lower and they will go much longer than 5 years on a barely used rig. I went 10 on this rig and could have went longer if needed. Mine is a 2010 Puma FTD with a 250 SHO it had near 25-30 hours when i bought it in October. PM me if you need the info on the bank i use in Hot Springs
Thanks for the response guys my boat actually did sell lastnight so I am actively seeking out a new ride as I have another tournamnet next weekend so I have to move quick. I will give a little more info for what I am looking for now that mine has sold. I am looking for a 2009 or newer 20ft+ with a 250motor low hours. My last boat had Lowrance HDS8 units with structure scan so I would prefer the boat I get to have Lowrance units with structure scan or Hummingbird units with side imaging. I primarily like the Cougars and Pumas but given the right deal will consider any of the 20ft+ models. My email is travis.honeycutt@yahoo.com.
Travis. if you cant find what you like on here look on Phils site at impactfishing.com lots of good used cats there.
You mentioned wanting to get one in AR because there is no sales tax for used boats. You are correct but there are two other things you should know. 1) If you live in AR it does not matter where you get the boat from. You will only pay taxes in AR where the boat is registered. 2) You will need a seperate bill of sale on the trailer. That is what AR uses to decided whether or not there will be any sales tax. Make sure whoever you buy from values the trailer less than $2500 and you are clear.My last comments may sound a little sarcastic BUT if you want a lower note you could 1) put more down and finance less or 2) buy a boat that cost less . I will apologize in advance but I used to work in the banking world and would see lots of folks letting their “wants” overpower their financial abilities. The more conservative views that banks are finally adopting are in direct relation to letting folks borrow more than they should have in recent years. (like the current home loan debacle) Having a nice shiny rig outside your home shouldnt be top priority if it is more than you can comfortably afford. Good luck!
Cajun thanks for the additional info but I was aware of point number one and I looked over my initial post and I never said I wanted to get one in AR because regardless of what state I buy it in if its an individuals boat I wont be required to pay sales tax. Of course the closer the better but for the right deal Ill go to CA or NY if its worth my while. On point two you can actually use one bill of sale and list boat motor and trailer at seperate values which is the way I have done my last three and not ran into any sales tax issues. I am already willing to do a down payment over the 10% norm that I hear of many people paying. I agree too many people live outside their means and let their wants overpower their financial capability but I dont feel like Im doing that. My point was at a 5 year max loan term which is the info I am receiving local, even with me putting $5,000-$10,000 down on a boat thats only a year or two old makes a payment ridiculous in my opinion. I have a hard time swallowing a payment thats as high as my lakehouse. I posted here to see how these guys purchasing $30,000-$40,000 used boats were doing their financing and keeping a reasonable payment. I can assure you I would never put myself in a financial bind purposely and thats why Im asking questions and in my expierence most people living outside their means dont have enough sense to even ask these questions, they just accept whatever interest rate is offered and dont have money to put money down anyways. What I am able to pay and what I am willing to pay for a monthly boat payment are two seperate things because I like to keep several months pay saved in my account for those unexpected expenses that find their ways into our lives. Could I afford to pay out $1,000 extra per month on a boat payment? Absolutely! Am I willing to do that? No! Your response makes me feel like most guys either have $20,000 cash laying around to put down or a $700 per month payment is the norm which I have a hard time seeing happen.
Travis, I didnt mean to sound like Dave Ramsey but I know my wife and I probably do handle our personal finances a lot different from most folks. Again, I apologize if I sounded rude, that was not my intent. When I did work in the lending world I saw too many folks putting themselves in a bind because they did not want to wait until they had saved either enough to pay it in full or at least a sizeable down payment. And I do agree with you 100%, most people put down the minimum amount and simply pay notes & interest until it is paid. We consider interest to be nothing more than throwing money into a fire and do everything we can to avoid doing that. One last thought I will offer is a finanical tool my wife and I like to use for most of our vehicle/boat purchases. We have an Equity Asset Line set up through our bank that offers both a low rate (currently below 5%) and the ability to pay whatever amount in principal you wish to each month (interest is billed monthly). Obviously, you need to have adequate equity in your home to allow for a large enough loan amount, but it makes dealing with car dealers or anyone very easy since you are allready approved and have checks in hand when you do settle on a price. It works just like a credit card but offers the ability to add any interest paid as a federal deduction if you itemize your tax return. Also, most banks open these without any fees to the customer, at least Regions does.
No worries about being rude I just wanted to make sure and make myself clear because I thought maybe there was some confusion with the initial post. It was more of an inquiring minds want to know question and to let the guys who had boats for sale know I was in the market. I was waiting to hear back on an application I sent and thought I would get some input from a great group thats definitely purchased more boats than me over the years. Thanks that is some great information and sounds like I might want to look into that.
Travis you would be FOOLISH to not look at Mikes boat. He is a standup individual that a number of us here know personally and I wouldnt hesitate to buy his boat from him!I have an 09 ftd with a 250HO in Little Rock but it aint for sale!C.O.D. Jr. III
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