Boat loans, who's got one, from who, and what to avoid...I'm in the market.

[Catch It]

It's all over but the cryin.......

Paperwork is going through as we speak, I got to do my loan through Advantis credit union down in the Oregon. It's for WA residents and a bunch of counties in OR. But, since my inlaws are in Seattle, and my wife is on the loan with me (bless her gorgeous heart), we qualify as first of kin for 4.78 for a 15 year note. I will soon be in possession of a new 2011 Raider 2284 with a 225 Yamaha on her (I upgraded from the 150, I couldn't stand to spend that kind of cash and have any regrets on how much power I had for that many years). She's a full on hard top with solid bulkhead.

Got to do a walkthrough with my neighbor last night who has a 2006 just like it but with a Honda 225. He's a fantastic salty fella from here in Juneau with lots of water time under his belt and he thinks the sun rises and sets on this boat. There was little I didn't like, and most of it was exactly what I want. A cab I can stand up in, lots of deck space, high sides, high bow so I don't eat it too hard and fill it, extended bracket and now with a beautiful monster of a motor on the back, hydraulic steering, nice big windows, rocket launchers and not so many doodads that I have to baby it. Just a good, solid, well-powered boat....and it's kinda sharp too.

I've got a 15 hp kicker for her already from my little lund, and now need to start shopping for a plotter/sounder dealio, a radio, and another downrigger, and one or two more rods. Hopefully she's in town by April 17.

[Alaskanmutt]

Congrats!
I am in the market (this late spring) too but it is hard to fill my list. Biggest is an enclosed head accessible from the rear deck, then comes a sleepable cuddy, big fish deck, enough headroom for me (6'2"), forward facing copilot seat (for the wife) Extended transom, I am thinking twim 150's or 175's, enough room to get to the bow, small galley with fridge, and enough storage to please the wife.

I am actually thinking the Boulton Explorer with some custom stuff from StormChasers

[Catch It]

Congrats!
I am in the market (this late spring) too but it is hard to fill my list. Biggest is an enclosed head accessible from the rear deck, then comes a sleepable cuddy, big fish deck, enough headroom for me (6'2"), forward facing copilot seat (for the wife) Extended transom, I am thinking twim 150's or 175's, enough room to get to the bow, small galley with fridge, and enough storage to please the wife.

I am actually thinking the Boulton Explorer with some custom stuff from StormChasers

Wow, maybe for my next one. I like where this one is at for price, size, safety, power, and trailerability. I have something like what you are talking about though, I call it my house!

[Alaskanmutt]

What can I say? the Wife likes her comfort when boating, At least SHE is the one who wants the 26 footer................. Must be a short woman compensating thing, but I like it.

[Catch It]

True, I'd exploit that overcompensation as far as it will go. Best of luck in your looking, I'm extremely glad mine is over. Now I just gotta get the ferry spot reserved and relax for a few weeks.

[patrickL]

Catch It.....Congrats on the new rig. Sounds pretty nice. From what I've heard about Juneau its mostly day trips so a head and cuddy may not be totally necessary. Before my current boat I had a Hewes Ocean Pro and it was solid rig. We just wanted to cuddy and head since Anchorage almost requires weekends to make the effort of getting out worth it. Be sure to post up picks when you get it.

Alaskanmutt, I looked at the boultons when we bought ours. I wasn't overly impressed with what we'd have gotten for the money. I got our boat, 1 year old with 70hrs on it, for way less than I could have on most the other brands. I do agree on the forward facing co-pilot seats and its one of the major missing items on ours...that and a dedicated heater. Its a great boat otherwise with tons of room, storage, plenty of power, etc. Are you thinking about any others?

[Alaskanmutt]

I have been looking at the Hewes Pacifics but they either don't have the head, and when they do they open in the cabin.or the forward facing seats. I am sure I could get one modified but seriously for the price, I should be able to ask the dealer then pick it up the way I want.
I am not dead set on the Boulton either, just the guys at Stormchasers said they would set it up the way I wanted for not a lot more than the asking price, and everything would be covered under warrentee

[patrickL]

It's a good point. My PC has the head with the door opening to the fish deck. I haven't seen one with the door opening to the cabin so maybe that's a recent change. I've never seen one with a forward facing co-pilot and I don't think there's enough room if you want the dinette. Its kind of a bummer they they can't have the flip/flot like Wooldridge. We bought ours two years ago and we looked at Fish Rite, Boulton, Wooldridge, and Hewes. Maybe a couple others I'm forgetting. I'd have gotten the Wooly if I could have afforded it but other than that the Hewes came in second for us. I've seen 2 or 3 for sale lately so keep looking and you may just find what your looking for. Regardless let us know what you get. Its almost as much fun watching others buy boats as it is buying my own. Good luck.

[HuntKodiak]

Yes, CU1 like others will limit the term of the loan based on the amount of the loan. Just ask them for their loan terms for different amounts.

My boat loan was with CU1, and it was over $50k. I too was initially looking for a boat that cost less than that, but as my wife and I establish our wants and needs in a boat, it became obvious that the boat needed to have more features (and more $$) if it was going to do everything. The nice thing is that when you jump over their threshold for loan term lengths, your payments will initially drop (until you run the price significantly higher) because the term lengthens. So, if $50k is their threshold, a $45k boat with a shorter term will have higher monthly payments than a $55k boat with a longer term. In other words, I'm spending your money for you () when I say you shouldn't exclude looking at boats over $50k.

Here's why.....shop carefully for a good deal. It may take a while, but I managed to find a deal on a boat where the book value well exceeded the sale price. So, I negotiated a loan for the full cost of the boat because the difference between the cost and value ($20k in my case) more than covered any down payment the might want. In other words, if I defaulted on the loan, they could repo the boat and make money.

So, I recommend you methodically make your list of boat feature priorities, and shop boats without restricting the price below $50k. Don't rush into the first boat that'll "do", because you want this boat to be something you feel safe in, are proud of, and enjoy taking your family out in. However, if the Raider you are looking at does all that, then you will probably be limited in the loan term length.

Good Luck with the plunge!