How long are boats financed?

[MartMX]

Sort of a sales question...Looking for a used AR19* and called someone about a 9-year-old, one-owner AR192 for sale. He has the title but with a lien still on it.
Just curious: How long are boats financed? I try to find one with a clear title (no lien) but everybody still owes money on them.

 

[jthackman]

i think 10, 15, 20 yr terms are the norm...
i'd guess more boats less than 10yrs old still have liens on them than don't?
i got a better rate on the 20 yr loan.

 

[Murf'n'surf]

A lot has to do with your credit score/debt to income ratio. With that said, you may find that a new boat with a great finance rate could cost near what a used vessel would cost.

 

[FSH 210 Sport]

Yep, you get the best interest rate on the longer term loan.

Then if you just double up on the principal each month or even more then the effective interest rate gets slashed. Just make sure there is no early payment penalty.

This strategy allows you to be committed to the lowest payment each month, but allows you to make higher principal payments and leaves room for life’s surprises.

 

[Ed255fsh]

Seems like a hundred years .
The longer , the less monthly $ but more interest over time is paid.