DO NOT Pay Cash for a Boat...

[@jimmymac4559]

Paid cash for my new pontoon through a boat dealer I had a 20yr relationship with. He’s always taken care of my boats so I wanted to get a pontoon that he sold. I knew that if there was a problem with it, I would be a priority to some degree. I ordered a custom pontoon through him. We priced it out and then I told him I was paying cash. Arrived exactly as I ordered it. It’s a lot easier to deal with a dealer you have a relationship with. Buying a boat from someone you’ve never done business with before is dicey. They may care about you, they may not. I would not recommend buying a boat from a dealer who is hundreds of miles away from where you keep the boat. Unless you have a really good relationship with another dealer/marina service where the boat is kept. If this is your first boat ever, try like hell to buy locally if buying from a dealer and start building a relationship with them. It could make the difference between losing your boat for the whole summer or having it repaired quickly. It’s important to think about how the boat, new or used, will be serviced and who will do it before you buy.

[@birdwatchohiolive]

I paid cash for a brand new Sea Doo from a dealer. They didn’t want to sell it to me after I said I was paying cash, but they relented. Inventory was hard for them to get at the time and plenty of people would have financed.

[@baseballunderthelights2373]

Thanks for the info. Question is, how does this apply to larger yachts in say the 60 foot range?

[@hjc5458]

The same

[@baseballunderthelights2373]

I would say if you get a better deal through financing, but want to pay cash, go the financing route and once the load is closed pay off the balance immediately with the bank. That way you get the better deal and in essence paid for the boat in cash.

[@Maynardd]

If you plan on paying cash, take the loan out for one month. Make sure there are no fees for paying off the loan early. And simply pay the Boat off on your first payment.

[@projektxent]

I would say 6 months. At least get the credit boost from it

[@louisg4845]

Yea I agree, but the rates are ridiculously high now for boats, I always keep the loan discussion in play with cars (even if I know I will use my own bank)// so guess it makes sense for boats the way you explained it, thanks

[@timothyhurley8745]

It’s ridiculous to pay excessive interest that is essentially paying an additional 50% over the term of the loan for the boat. It not good business.That’s why these dealerships are not in the boat business but are in the finance business. Walk away till the right boat with the right price comes around. You’ll need that 50% as you’ll find out as an owner.

[@kevinberta8741]

Saying that you will only pay $50 or so for interest for 3 months of interest is no where near reality. If you only borrow $10k at 6%, you will pay $50 the first month. If you borrow $50k, it's $250.

[@Jeffhuebner]

Does this apply to used boats too?

[@kaseyc5078]

He said yes in the video

[@hjc5458]

Anything that is financed, Car, truck, boat, new or used.

[@gunnerneikoify]

NEVER finance through a boat dealership, ever!! Finance through your bank. Just like it's a bad idea to finance a car through a car dealership.

[@BoatBuyersSecretWeapon]

100% false, the dealer often times has better terms... the right answer is to get a quote from dealer and outside sources and choose the best one. Dealer wins more than half the time on overall terms at boat dealerships

[@gunnerneikoify]

@BoatBuyersSecretWeapon Where are you gettibg your information from?, its definitely not from planet earth!!! That's just not true at all. I've bought 15+ boats through atleast 10 different boat dealers in the 6 different states that I've lived in in my lifetime and have never ever found a boat dealer that could match or beat the rate of whatever bank I was banking with at the time, EVER!!!! Although, I do know people who didn't have good credit scores who's banks wouldn't lend them the money, but the boat dealership would, and at an insanely highly interest rate ta boot. People who finance through a dealership, whether it be for a car or boat, are 9 times out of 10, to high risk to get financed through a bank. Please stop spreading false information.

[@gunnerneikoify]

To be brutally honest, I don't know one single person who honestly gives two s#$ts "personally" about the dealer when dealing on a boat, to be thinking, hey, maybe I should help the dealer out here so they can make a little more money by financing through them. That's about as ridiculous as somebody wanting to help a car dealer when dickering on a new car. The dealer (in all honesty) doesn't personally care two flips about the person/customer, and vise versa, it's about the $!! In the end, it 100% equals out whether you pay cash and the dealer doesn't give you a better deal, or you finance through them and they work to get you a better deal. You might get the better deal from the dealer by financing, but the interest you have to pay vs paying cash, 100% negates that "special" deal the dealer gave you. The thing is, know EXACTLY what the boat is worth going in, and don't pay a penny more. Don't get SUCKERED into dealer add-ons, that's the biggest rip-off ever invented!! If the dealership won't work with you, walk out the door and don't look back. In all actuality, cash is king unless you're purposely wanting to finance to help get your credit score up a bit more. And again, never ever, ever get suckered into or accept dealer add ons, that's borderline being a scam all by itself. Purchase and do your own add ons after the boat is bought. 10x cheaper doing it that way. Geese, this video was the opidimy of a typical car dealership salesman trying to bilk more money out of a person. Some of us have been around the block a time or two and are savy to dealer sales tactics.

[@BoatBuyersSecretWeapon]

I don't believe you actually listened to what I said in the video... listen again to what I actually share, not what you think I'm going to say

[@gunnerneikoify]

@@BoatBuyersSecretWeapon And how is what you said counter to what I claimed?

[@BuyingTickets]

yeeeeee