Boat Financing

[Jimmy_1]

Out of pure curiosity for a family member who isn't net saavy..

What is a monthly payment for a new boat?

Lets say like a 16ft aluminum with a 75-90hp motor...full windshield.

I have no idea nor even a marina to point them to.

Any help is appreciated.

[Jimmy_1]

I should add they are in Manitoba but want to buy locally and keep on the Ottawa River near Pembroke.

Thanks!

[flewdogg]

It really depends. Like buying a new car, whether you have a down payment or not, and how much, is a big factor on the monthly payment. Assume your boat is around $20,000. Finance all that at a bank loan / line of credit rate: take 7% as an example. Add 13% HST. No money down, that works out to about $265/month on a 60 month term or a bit less if you pay biweekly.

Those are obviously rough and ready figures, but there you go. Check online for various loan calculators to help do the math.

[Cyber]

Most dealers advertise very reasonable monthly payments to entice people into
taking the plunge, but if you look carefully at the fine print and check into the
TERM of the loan you'll see most at 15 to 20 years!!!!! It's like taking out
a mortgage!!

[bradford2]

It really depends. Like buying a new car, whether you have a down payment or not, and how much, is a big factor on the monthly payment. Assume your boat is around $20,000. Finance all that at a bank loan / line of credit rate: take 7% as an example. Add 13% HST. No money down, that works out to about $265/month on a 60 month term or a bit less if you pay biweekly.

Those are obviously rough and ready figures, but there you go. Check online for various loan calculators to help do the math.

20k plus tax at 7% for 5 years is $447.51 a month. $206.27 bi-weekly.

The 'how much per month' question is almost impossible to answer as already mentioned. It depends on too many variables.

20k isn't unreasonable either for a biggish 16 footer with a 90 on the back.

[StarTzar]

Check online for various loan calculators to help do the math.

Very easy to find and they even do the math for you ....

https://www.essexcredit.com/home/calculator/
http://www.seacoastmarinefinance.net/bo ... lator.html
http://www.loan-calculators.com/boat/boat-loan.html

.... but it is much easier to contact

http://www.orleansboatworld.com/
http://www.piratecovemarina.com/

[Jimmy_1]

Thanks guys!

They will be here this spring for a visit so I will point them toward Pirate Cove.

Thanks!

[flewdogg]

I stand corrected. Bradford's math is right. Weird though, b/c I used one of those loan calculators to figure it out. So warning: double check the math. I thought we could trust computers to be infallible? Computers yes, human programmers not so much I guess.

[JZ]

It really depends. Like buying a new car, whether you have a down payment or not, and how much, is a big factor on the monthly payment. Assume your boat is around $20,000. Finance all that at a bank loan / line of credit rate: take 7% as an example. Add 13% HST. No money down, that works out to about $265/month on a 60 month term or a bit less if you pay biweekly.

Those are obviously rough and ready figures, but there you go. Check online for various loan calculators to help do the math.

20k plus tax at 7% for 5 years is $447.51 a month. $206.27 bi-weekly.

The 'how much per month' question is almost impossible to answer as already mentioned. It depends on too many variables.

20k isn't unreasonable either for a biggish 16 footer with a 90 on the back.

The math is solid but I think you are underestimating the price. A 16' with a full windshield and a 90hp will be closer to $30K once you factor in freight rigging and tax

[Ms Bassin]

Pirate Cove is a great place to go, as there prices hold no surprises.