# Need skiff financed, please help feed craving!!



## Drew__Harris

Mine was financed through farm bureau bank


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## Hunter

USBank did mine.


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## mtoddsolomon

I used a local credit union and got a great rate. If check out one in your area.


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## yobata

Hi Joe! Welcome to the forum. I'm going to play the role of the dissuader: you are 20 years old, don't finance a skiff. Get a hold of a cheap gheenoe or similar and fish the crap out it. In the mean time, wet test as many boats as you can while saving up a skiff fund and in a year or a few years use that money to buy a nice used skiff with newer power... 

This is coming from a guy who also has and has had great credit but felt trapped early on in life from financing too many things, now a days I only have financing on my mortgage, everything else I pay for up front. I'm not interested in owing anyone anything...

Good luck either way, just wanted to throw that idea out there for you...


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## SomaliPirate

yobata said:


> Hi Joe! Welcome to the forum. I'm going to play the role of the dissuader: you are 20 years old, don't finance a skiff. Get a hold of a cheap gheenoe or similar and fish the crap out it. In the mean time, wet test as many boats as you can while saving up a skiff fund and in a year or a few years use that money to buy a nice used skiff with newer power...
> 
> This is coming from a guy who also has and has had great credit but felt trapped early on in life from financing too many things, now a days I only have financing on my mortgage, everything else I pay for up front. I'm not interested in owing anyone anything...
> 
> Good luck either way, just wanted to throw that idea out there for you...


I have to agree here. I spent years after my divorce fishing out of a POS skiff while I saved. It was a really nice feeling to be able to pay for a decent skiff upfront when the time came.


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## GullsGoneWild

Financing is a great way to pay 40K for a 15K skiff...


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## devrep

don't finance your toys my dad always said. One of the few pieces of advice he gave me that I actually followed. It was good advice.


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## E-money

While I think saving up for the skiff you want prior to purchasing is the best route, I will also suggest that if you finance try to find someone who will give you a rate lower or near average inflation (which most typically assume to be around 3%). Credit Unions offer fantastic rates. I was offered 2.5% for a 6 year for my boat. Pay extra on it if you can.

I understand why folks say don't finance toys, but if you fish as much as most of us on here do, then I can understand the want for a good boat. I would NEVER advise anyone to finance a boat that they only intend to use once every couple of months.

Plenty of people are willing to finance vehicles with 6 year loans that depreciate faster or at least at the same rate after the first year. Personally, I would rather never carry a vehicle note again and such is my intention. I would rather pay a couple thousand extra on the boat over the next 6 years and keep the cash on hand (we are currently shopping for a new house). Plus in 10 years I could still recoup 30-40% or more of the boat purchase price including interest paid. In 6-10 years that same skiff might cost you an extra 10k anyway. Such is the trend of the boating world. 18 years ago my dad bought an 18 foot Javelin and 150 Yamaha for less than the motor alone would cost today. The boat was 6 months old. Just food for thought.

Hell, this early in your career, putting 15k in a retirement account would benefit you more over the course of your life than the interest on the loan would hurt you. Assuming your interest rate isn't absurd that is.

To recap, save the money if you can. If you decide to finance make sure that you are sure and that you can afford it. Credit Unions are your best bet from what I've seen.


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## Smackdaddy53

Life is too short to wait! If you can swing it, go for it!


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## jmrodandgun

E-money said:


> Credit Unions offer fantastic rates. I was offered 2.5% for a 6 year for my boat. Pay extra on it if you can


Do they hold the title to your boat and trailer?

Financing is a weird thing, but it has it's positives. I never borrowed a dime in my life which made buying a house a pain in the ass because I had zero credit history. While I would never tell someone not to finance a boat, you can use this opportunity to your advantage. When I bought my last boat I took the cash I was willing to spend, and put it in a savings account that I pledged as collateral for a small loan. I got to keep the title to my skiff, and build credit for cheap. I paid the note every month and at the end the savings account eared money and offset the interest paid. The loan ended up only costing me a few hundred dollars over three years. I essentially bought payment history, which is important. 

$15 is a lot of money for a fist skiff. I would buy a $6k boat and fish for a year before dropping big cash on a new skiff. Reason being, you're going to change your mind about what you like 100 times, and your first boat is almost never your last. The boat I would have built three years ago is not even remotely close to the boat I'm having built now. Everything has changed.


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## PG350

Do not finance. I am serious about this. Start a Roth IRA ASAP. You will have millions by retirement age. I never listened when I was 20 so take my advise and thank me later. Save up a couple grand and buy a used skiff. You will catch just as many fish if not more because you will be willing to go into places that would scratch up a new boat that you don/t own. 

If you cannot pay cash than you cannot afford it. Rich people ask how much, poor people ask, how much a month?


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