Is it possible to finance a small hp boat engine? I don't have a few thousand dollars to throw down at once, and would like to re-power my skiff. I would prefer not to use a credit card because of the high interest.
If your current motor is running, start saving up.
We’re all in different circumstances and it’s a free country but boats and motors should not be financed, in my considered opinion.
Most loan structures for boats and motors put you instantly upside down on value to financed amount unless you make a very significant down payment, especially if buying new.
In the event of an economic downturn, boats and motors are one of the first things people try to unload at a time when very few are buying.
Cash is king.
Probably cheaper interest wise if you can do a credit union refi on a vehicle (about 1.9 to 2.5 percent) currently. I buy auction vehicles on my Costco credit card (nice cash rebate each year), then, once registered, I refi them at my credit union and pull out cash at a low rate to reinvest for a higher return...it's one way to compound your wealth building ability....
...With the low rates, now, is also a great time to refi a home and pull out some cash, often, with a lower rate than you currently have...We are dong a refi on our home (3.25%) and our rental (3.50%) to raise cash to buy a foreclosure property and stocks down the road if this virus thing continues. You can make money when the market is up (sell) and when the markets are down (buy), especially in Calle-forn-ya, land of optimistic but, short memory people...If none of the above helps, google "Honda dealers", Yamaha dealers, etc, as they often offer financing if you buy new..just a higher rate..
they all offer financing and will give rebates sometimes. you normally need to put 20-30 percent down. my wife bought my motor and financed it for me. we got a 1500 rebate from merc. the guy that said don't buy a merc bought a trophy , lol. the motor co's don't finance it , a third party does. the rate will be kind of high, so refi into a low int loan with your own bank. we went from 9% to 2%. when we refied. i pay 100+ bux a month for my motor.
Banks are not your friend....we belong to 1 bank plus 2 non-profit credit unions..One credit union will offer good deals on one thing (cars), while the other may offer the best deals for real estate...Like boat insurance, it pays to shop around...