Question for those who financed there boat?

[loudelectronics]

Ok Just getting ready to pick up my boat but just putting a comb through the fine print. It is a 2004 24v with 8.0l fully loaded. The price is 49,999.99. There is a $250 admin fee, $1954.83 insurance on loan, $85 for bank registration plus two taxes at 1.07 and 1.06% for a total of $55,807.32 with $3000 down payment. Now there is also a bank reserve? at $1841.64. So this comes out to $4,063.97 more then cash deal of boat and taxes. $2722.39 goes to finance company and $1341.58 goes to the dealer for choosing the financing company. Does this sound right to anyone?

[Carter13]

We'll I can't comment on whether the loan numbers jive but I can say I'm not sure the price of the 24v that you are looking at does.
Staytonmotorsports in Oregon has an 05 24V with a 380 6.0 clocking 215 hours on it and the price is $49,999.
Check staytonmotorsports.com and you can check it out.
Good luck with your purchase.

[Timmy!]

Sounds like you need to find a different finance company! Try Bank of America. What's up with the almost $2k of insurance?!?!?! My loan certainly did not have that. I think the price sounds a little high too, maybe $5k high?

[da.bell]

I would agree with Timmy!. He could buy a 06 24Ve for $65K new. I might be okay on the amount with more info on the boat. What options does it have.... I would also think he could get a new 22Ve for the same price.

[bk3104]

Finance numbers sound a bit odd, more like a mortgage loan than a boat loan. Wish I was the dealer gettting $$ of finding a finance company as well. As far as price I can't comment but there is a thread on here where someone has to sell their new 07 24VE and they are in the $55K range without a trailer.

[bk3104]

http://www.tigeowners.com/forum/showthread.php?t=4436

[ikonxone]

i would check out alternate means of financing the boat. it doesn't sound right. maybe check out some of the options that come up on boattraderonline.com and maybe they can get a better deal to where you bring in a check for the boat. from my researching, it works just like a car would and those don't have loan insurance or admin fees. there could be document fee which is typical for financing things. i have only purchased things in nevada and california, so unless its different where your at then question it.

[Winnepesaukee]

loudelectronics,

I will sell you my 2007 24VE with 14 hours absolutely loaded for $54,000 with all warranties. (no joke) We have it listed for $57,000 but are willing to drop it by $3,000 to $54,000 to make up for no trailer. You could easily buy a new trailer for $4,000 or a used one for less. This boat is amazing. It's just not the right time for us to have one. Let me know if you would like further details.

[raythompson]

You are being ripped

You need to look into a credit union. There will be no fees such as you are being charged. The dealer getting a kickback, the origination fees, etc. are all designed to get more money for whomever you are doing the financing with. There should be no insurance on the loan as the boat is the collatoral. Bank reserve is another fee that you should not be paying.

What you are getting is a loan through a loan company that will sell the loan to a bank. Those fees are so the loan company makes money on the deal and has no responsibility once the loan is sold.

Run as fast as you can to another financing entity. A credit union is your best bet. Next is a savings and loan. Then a bank. Stay away from your dealer financing. Make the dealer wait a couple of days while you find an alternative.

You are being scammed.

[evil0ne]

That price is way too high. I paid $47.5 for my 2005 24V with the 6.0L. Used USAA at 6.89%. There were no other fees or taxes when I bought private party but that is here in Nevada.

You do mean 6.0L, not 8.0L, right?

[dogbert]

Ray's right, you are being scammed. Sounds like the typical shananigans that some car dealers pull. They suck you in with attractive interest rates or low payment promises and then you pay in fees.

I always go to my credit union because they are the lowest cost finance institution.

[G-MONEY]

They are asking too much......We paid 49k on a 2005 24v loaded brand new.... But then again boat prices have gone through the roof in the past 2 years...


Also you need to look into a credit union way too many fees.

[five o'clock]

Sounds like too many fees. I would look somewhere else for a loan. I applied for one through boats.com I got approved through a bank I never heard of but there were no sketchy fees. I checked because I'd never heard of them before. I've had my boat laon for two years now and have had no problems.

As far as the price of the boat it does seem a little high but not outrageous. If you like the boat and it is a reasonable price in your mind then its not too high. Things are only worth what someone is willing to pay.

Good Luck, let us know what happens!

[loudelectronics]

ok Thanks for the feed back guys. The problem is that I am from Canada. Precisly Manitoba. There are two dealers in Manitoba. One is a Centurion, and the other, the one I am buying from is a Malibu dealer ex tige dealer. This boat is a left over. So I dont have any options to go elsewhere. I dont want a Bu as they are way to expensive for me and dont really like them and I am not a fan of Centurion as they spend more time and talk about how they drive but no worries about the wake. I am paying 50k for a wake first then driveability. I think Tige delivers this.

Winnipessaukee, I would love to take your boat off your hands but You are in NH and I am long ways away. Also banks around here only do 7 year loans not 15 to 20. So financing would be a problem.

This boat has 180 hours, tower of power, ballasts, bimini, cover, trailer, board racks, perfect pass, yada yada. Pretty much every option. The Gel coat is also cracked on one side. They are re gelling it this winter to make it brand new. Who's responsible for that, Tige or the Dealer to cover regelling?

[raythompson]

Ah, I see. Canadian financing rules may be different than what they are in the US. You still need to check with a bank. The dealer getting some of the fee would raise a red flag. It may be legitimate but anytime there is a kickback there is a reason and that reason would not include your best interests.