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Brand new boat price???


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I am looking at buying a brand new boat through Cabelas. Its a Lowes FM 165 ProWT. In their catalog they have a price of 16095 and with the $600 rebate it would be 15495. I have been talking with a salesman and today I had him fax me a loan application. He had filled out the bottom part of loan app. with the price and down payment and how many months to finance. The total price came to 19700. Now I know there is sales tax and licensing fees that go along with the price of the boat as well. But I have not given him any of the options I want on the boat thus far. So my question is...is how does the price get from 15495 to 19700. Lets say sales tax of 7%...thats 1085. Then at the bottom of their ad it says add $1000 for dealer prep so now we are at 17500. Then there is licensing so maybe $500. Thats a total of $18500. Where is he getting 19700 from? Am I missing something? Im not trading in a boat. Another thing is I went with his first choice for financing and it was through Blue Water Finance. They gave me an interest rate of 9.95%. That to me is outragous! I know that my credit score is in the 670s so im not that bad! What is everyones thought on this and has anyone bought a boat through cabelas? Also where have you guys financed through and what interest rate should I be looking for? Thanks in advance!

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That interest rate isn't at all out of line for a credit score of 670. To get good rates, a score of 740 or higher is needed for most institutions. All lenders are different, but that's pretty standard. Don't be afraid to shop around and look for a better rate though. It won't hurt, and you might find a lender willing to shave a point or two off for ya.

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Have you ask Cabela's for a detailed quote. If not, Why?

Wouldn't that tell you in black and white what the price is and what is or isn't included compared to the catalog price.

Seems they would be able to answer the price differential better than us.

As for interest rates....Shop around, there are great rates out there if you qualify. 4.875 for me on my purchase last spring and I don't think rates have moved that much since then. One thing about boat loans I found is, the dealer always makes a few bucks if you finance through them.


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So I found out why the price was more then I expected. In addition to the options I wanted he had a $500 depthfinder and a $600 added which I didnt want. Honest mistake. But in the end I still decided against getting the boat. I did ask to have the dealer prep cost lowered and they wouldnt so I told them no thanks! I am now looking into an Alumacraft. I can get 5.99% on it and that calms my nerves a little bit more! Thanks for all your input fellas!

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Boat dealers as much as car dealers don't make money on sale only, they make money on selling a loan.

They get a percentage of the interest, if you get 9%, possibly 1 or 2 points or more goes to the dealer.

That's why you don't have to haggle on price anymore. You have to haggle on percent of interest. Try to tell them you want to pay cash, what's the discount ? They won't be as happy to sell as with a loan.

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