boat buying question

[superfly]

Could someone please explain to me this. Every time I buy a new car it's simple. Pay a couple thousand down, finance the balance for 60 months and pay it off early. When I went to buy a new boat the sales guy just refused to even consider a short term finance. They insisted on 120 months which results in a very large amount of interest paid. So I left it there. Why can't a boat be financed for a short term. It just seems stupid to me.

["G"]

Get your bank to finance it for you

[Drifty4]

Check to be sure that there is not anything in the contract that says you can't pay it off early. If the rate is ok with you, finance for 120 months, pay it off in 6. Kill the interest and you are good to go.

Just be sure that you can do that before signing.

We never go full time on a loan.

[jimp]

x2 on what they said.

[Cray]

In most cases when they push that long term financing they are getting a kick back from the finance company. The more interest sold the bigger the kick back. Best deal is Credit Union first, then Bank and last in-house financing.

[BigRiverMarine]

Could someone please explain to me this. Every time I buy a new car it's simple. Pay a couple thousand down, finance the balance for 60 months and pay it off early. When I went to buy a new boat the sales guy just refused to even consider a short term finance. They insisted on 120 months which results in a very large amount of interest paid. So I left it there. Why can't a boat be financed for a short term. It just seems stupid to me.

They gouge you for the longer term because if the dealer jacks your interest rate by 5 points over prime, (1/4 % per point equals up to the legal limit of 1-1/4% over your prime rate) the loan companies pay the dealer up to 70% of that overage when you sign the papers. It's called Back Money. I don't write my own contracts ( In House Financing) for this reason. I send you directly to the loan company, credit union, or bank so you'll get prime rate for your credit score, and you still get the C.C deal!!!!!

The dealer now makes the profits on the boat, and also a profit on the loan when they do this!!!!! If they don't want to give you prime rate on your loan, imagine how they'll treat ya after the sale. RUN FOREST RUN!!!!!

Just call me.

[BigRiverMarine]

One side note. If your credit is considered high risk. (usually below 650), the dealer doesn't get any back money, but the loan company spanks you on the interest rates.

[pineplace]

I was considering a new Tracker 175 but the 10% interest deal was too much for me. Bass Pro know how to take your money for sure.

[BigRiverMarine]

I was considering a new Tracker 175 but the 10% interest deal was too much for me. Bass Pro know how to take your money for sure.

All their deals are In House for a reason!!!!! :-)

Why do you think they make it easy. Lol

Credit Union money is the cheapest route. 3.75 and up depending on how good your credit is, and you DO NOT have to be a member of the CU.

[huntinslabs]

I was considering a new Tracker 175 but the 10% interest deal was too much for me. Bass Pro know how to take your money for sure.

Did you call them yourself? I got the best rate from Tracker Marine.