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TIMEOUT90
RO# 19919
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 Posted - Jan 21 2007 : 22:45:07
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Poll Question:
I just returned from the boat show, and many vessels had "show special" pricing, with 20 year loans. Is this typical for a new, or even used boat loan? What is your financing term? Cast your vote...
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-Dana
Formula 41PC |
Edited by - TIMEOUT90 on Jan 21 2007 22:52:23
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Homeport: Hudson, WI
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Captains Call
RO# 16399
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Posted - Jan 21 2007 : 22:58:07
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Depends on the price of the boat. Paid cash for all but one and paid it off within 2 years.
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Homeport: Springfield, IL
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TIMEOUT90
RO# 19919
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Posted - Jan 21 2007 : 22:59:45
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Cap'n,
Yes, it does depend on price. I was looking at cruisers, aprox 30' and up.
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-Dana
Formula 41PC |
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Homeport: Hudson, WI
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reorx
RO# 21722
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Posted - Jan 22 2007 : 00:16:46
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last boat show I went to the dealers were talking about 30 year loans...
thats nuts
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Big Bliss
RO# 13313
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Posted - Jan 22 2007 : 07:00:23
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Most loan terms are not available for used boats. I am sure you can find one, but most lenders will not give you a 20 year loan on a used boat.
If you only pay 20% down on a 20 year loan you are most likely upside down and with a depreciable asset unlikely to ever catch up. Imagine a 30 year loan, after a few years the boat is unsellable for the owner who may have to pay more then his original down payment just to satisfy the difference between loan outstanding and actual sales price of the boat achieved.
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Dominic and Jacky
Bliss - 2008 Jeanneau Prestige 46
Grasonville, MD
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Homeport: Grasonville, MD
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JoeBTB
RO# 517
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Posted - Jan 22 2007 : 07:30:24
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I chose 10 because it was closest. My credit union game me a lower rate for anything over 12 years, so I went 145 months. 20-year-old boat. I'll probably pay it faster than that though.
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TrueBlue
RO# 45
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Posted - Jan 22 2007 : 08:22:32
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I could never accept the huge losses and inevitable upside down loan predictament anticipated with new boats - due to most owners not keeping boats for very long. Because of this common knowledge, I have always bought pre-owned and have never been upside down with financing. I paid cash for four boats I've owned and financed my last two.
Four years ago, we put 20% down for 15 years on this (now) 18 year-old boat and negotiated the listed price down 30% lower than the appraised value. It's a well maintained, very high quality boat, which has leveled off to minimal depreciation.
Most likely we'll sell before paying off the loan - the balance of which is gradually dropping faster than the boat's market value. Shouldn't have any problems selling - due to the high demand for Nauticats of any age. Currently, I estimate roughly $40k - $45k in equity.
Steve
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Radioactive
RO# 3238
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Posted - Jan 22 2007 : 08:40:15
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My Daddy said to always pay cash for your vices. Boats qualify as a vice ( addiction ).
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Bill
"No matter where you go, there you are." -- Buckaroo Bonzai
"There is nothing, absolutely nothing, half so much worth doing as simply messing about in boats." - Kenneth Grahame |
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Homeport: MS Gulf Coast
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navman
RO# 16259
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Posted - Jan 22 2007 : 08:46:16
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quote:
Most loan terms are not available for used boats. I am sure you can find one, but most lenders will not give you a 20 year loan on a used boat.
If you only pay 20% down on a 20 year loan you are most likely upside down and with a depreciable asset unlikely to ever catch up. Imagine a 30 year loan, after a few years the boat is unsellable for the owner who may have to pay more then his original down payment just to satisfy the difference between loan outstanding and actual sales price of the boat achieved.
Huh, seems like our Financial institutions here on the west coast have not heard this yet.
I see these type loans offered all the time on used boats during show times or not.
Some used boats depending on size can cost hundreds of thousand dollars.
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Homeport: Tacoma
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TrueBlue
RO# 45
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Posted - Jan 22 2007 : 08:54:15
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quote:
Originally posted by Radioactive
My Daddy said to always pay cash for your vices. Boats qualify as a vice ( addiction ).
Either your Daddy only bought small, inexpensive boats, or he was very wealthy.  quote:
Originally posted by navman
Some used boats depending on size can cost hundreds of thousand dollars.
That, indeed is a fact.
Steve
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Ghost
RO# 689
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Posted - Jan 22 2007 : 09:09:26
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Big Bliss, we have a rather tidy sized loan on our 1980 as well. No problem financing, we checked a number of lenders and they were all good with it.
I think your reasoning seems to apply more to the newer boats. The depreciation on new boats is truly amazing. That's why I don't buy them and opt for used.
bp
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| What part of GALE WARNING did you not understand? |
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Homeport: Everett Wa
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JoeBTB
RO# 517
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Posted - Jan 22 2007 : 09:20:03
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I'll tell you one thing: with the interest on my boat loan beging a tax deductable 6.25%, and the Dow up 15% this year, I'm sure glad I had my money in the stock market this year instead of paying cash for the boat.
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inkblue
RO# 24914
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Posted - Jan 22 2007 : 10:06:41
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Fortunately my boat is still in car-price-range, so hopefully I can pay it off in five years.
...hopefully.
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"We own the boats we can afford; everything else is justification..."
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Homeport: Manhattan, New York
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Nautically Challenged
RO# 15645
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Posted - Jan 22 2007 : 11:31:16
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Someone once posted here "If you can't buy it cash, you can't afford it".
When you think about all the costs of owning a boat (marina, repair, gas etc), adding a loan payment to those costs may not be a good idea after all.
My opinion is to stay within the limit of something you can pay in 5 years tops.
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Harry
4 Play ** C
2400 Wellcraft Martinique
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Homeport: Ft Lauderdale, Fl
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navman
RO# 16259
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Posted - Jan 22 2007 : 11:42:15
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Nautically Challenged
Can you imagine the boat sales slump we would see then. I agree with you, but most of us do not do this. I don't anyways.
My house comes first, put it on a 15 year loan around 5 years ago.
Then my retirement savings for the future.
Cars next .
Then Boat, if I can afford a big azz boat on payment- I'm there.
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Homeport: Tacoma
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giolic
RO# 23638
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Posted - Jan 22 2007 : 12:05:09
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I have choices on cash or finance but because I can write off the interest on the note I will choose to go bigger than I need and do a 15 or 20 note.
No Matter what the term or buying cash owning a boat is a complete waste of money BUT it’s a great lifestyle.
Happy Boating,
Mark
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mx8
RO# 24359
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Posted - Jan 22 2007 : 13:15:48
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I bought mine last fall, five year note, the seller had to bring his checkbook to the closing. Used boat values do go upside down.
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Homeport: Haddam Ct
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JoeBTB
RO# 517
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Posted - Jan 22 2007 : 15:27:15
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It doesn't matter if you are upside down on the boat, if you make up the difference investing your money elsewhere. If you stretch out your loan for 20 years, and then blow the difference on other toys, well that's a different story. Stocks were very depressed for several years and recently (as well as historically) have been a much better investment than putting your money into a boat just to avoid interest.
But this is an argument that goes on and on forever. Different people view it differently, and everyone gets to manage their own money how they see fit.
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Larryo
RO# 6582
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Posted - Jan 23 2007 : 08:43:04
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I find it surprising how many folks borrow money to buy toys, but I guess it's the American way. The old argument of investing your boat money and financing the boat is poor financial planning. You should pay cash for your boat from the good investments you've made. If you absolutely must finance one, use a home equity loan, cheaper and you won't have to insure it. But get rid of the debt asap. I could see an absolute steel comes up now and then, I suppose one could justify borrowing to make the deal.
Finance investments, things that MAKE money. Pay cash for toys, cars, boats, planes, etc.
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Larry
270 Sundancer |
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Homeport: Madiera Beach, Florida
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Butch Davis
RO# 20106
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Posted - Jan 23 2007 : 08:56:37
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I'm so far unable to bring myself to go into significant debt for a toy. Consequently I only buy toys which I can pay for out of savings. I kind of make payments for a few years BEFORE the purchase rather than after.
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| Butch in Lower Alabama |
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Homeport: Spanish Fort, AL
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JoeBTB
RO# 517
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Posted - Jan 23 2007 : 09:35:20
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Larry, that's simply not true as a blanket statement. It's fine if that's your view, but it is not "poor financial planning" to finance a boat with a tax-deductible loan, any more than it is poor financial planning to carry a mortgage on real estate. They are both tax deductible. Whether the asset appreciates or not is completely irrelevant -- the only relevant question is whether your money does better elsewhere. Your argument might make sense if you are talking about borrowing money beyond one's means to pay, but in that case, the borrower is not "investing" any money elsewhere; they are living paycheck to paycheck which I agree is bad.
It is, however, poor financial planning to use your home (i.e., a home equity loan) as collateral for a toy, and to not insure a six-figure asset.
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PJS
RO# 15823
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Posted - Jan 23 2007 : 13:10:37
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Everybody's situation is different and they make different decisions accordingly. It is very hard to make general statements about what is right or wrong financial planning for somebody else. It is however interesting to hear how others approach their decision on spending and borrowing for a boat. I actually switched camps back in 2003 when we purchased a new boat and borrowed money to do it. Up until then I avoided debt at all costs. But we really wanted to move up and I was not willing to divest what would have been a significant chunck of our investment portfolio to do it. We had no other debt. The boat loan interest rate was 5% fixed (same as I could have got for a home mortgage to finance the boat). We pulled the trigger and have been very happy with our decision ever since. We love the boat. Our intact portfolio has grown at an annualized rate of 18% since then (of course past results are no indication of future results). And amazingly it doesn't appear that the depreciation on my boat (2003 Regal 3860) has been very significant as I see used ones listed for more than I paid in 2003. Probably because new boat prices have risen dramatically over those years. At the end of the day I don't really know of any financial planning justification for buying a boat but we're having fun!
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Homeport: Grand Haven, MI
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bajanbum
RO# 19016
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Posted - Jan 23 2007 : 15:11:48
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I figure if I died tomorrow my wife and/or kids could simply ask the bank to pickup the boat, if they didn't want it, which they probably won't. It's in my name only anyway. But if I had paid cash, which I couldn't, they'd have to go through the hassle of selling it to recoup money, and probably get ripped off.
I have a friend at work who has been trying to sell his boat for 2 years because he can't afford to run it anymore. Now the broker is threatening to charge him for storage.
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Boatless
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Homeport: FL
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jbacchi
RO# 18970
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Posted - Jan 23 2007 : 15:17:39
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Speaking for myself, I live like there is no tomorrow because there may not be a tomorrow. I may be working at walmart when I retire but I can always think about the good boating times I had. ;-)
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Homeport: Lake Conroe,Texas
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Gregory S
RO# 2620
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Posted - Jan 23 2007 : 15:21:50
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I dont understand how a home equity loan would make more sense than the 5.7% interest 15 year preferred ship mortgage I have (the interest is tax deductable). I need that tax deduction too and I love to see it listed on my 1040 right under my home mortgage interest!
Greg
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Homeport: Norfolk, Va
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Veg
RO# 20854
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Posted - Jan 23 2007 : 15:26:53
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Geeeeez! Get off your high horses guys! Some of us want to enjoy life w/o being preached about whether its "ok" or "not" to finance a "toy". You deal with your decision, we deal with ours. I have no issues having financed our boat, since we didn't have $100,000 in cash just lying around (edit: and if we had them, we wouldn't have spent it on a boat LOL). And we're making the payments just fine too, including additional monthly principal to offset depreciation. We also adjust our lifestyle (make some "sacrifices") to support our boating. That's our decision. And yes, we're putting money away for retirement, which MAY or MAY NOT come someday (you never know how much longer you have). So go and enjoy life and stop worrying about everyone else's finances!
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| 2001 Tiara 2900 Open - "O Sole Mio" - Stillwater, MN |
Edited by - Veg on Jan 23 2007 15:29:42 |
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Homeport: Stillwater, MN
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ReelyNauti
RO# 19411
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Posted - Jan 24 2007 : 12:12:46
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Very well Said Ernesto!
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rommer
RO# 12280
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Posted - Dec 20 2007 : 16:50:17
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Spam alert!
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Boats, yup, 5 of em...
WLC - We love Champlin's! |
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Homeport: Liberty Landing Marina, NJ
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Charlie
RO# 6922
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Posted - Dec 20 2007 : 17:05:32
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PJS!!! 18% return?????? Annually?
Wow, send me some tips.
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Capt. Art
RO# 25924
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Posted - Dec 20 2007 : 18:58:32
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If you're close to 60 get a 30 year loan & make sure you check out before it's paid. Better yet, get a 30 year balloon payment & take all the deprecation now. Better yet, form a company to be a dealer/broker by/sell & charter boats. As a dealer no tax, deduct all expenses as a business cost. Take out clients in the hope of getting new charter business. If all goes badly (you hope) you lost a ton on a bad business. What's better or more profitable then abig loss at the end of the year? I guess you'll hope to do better or maybe trade in on a bigger boat? Another bad business decision but keep trying...
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Edited by - Capt. Art on Dec 20 2007 19:12:57 |
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Homeport: Staten Island, NY
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sugilbert
RO# 3854
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Posted - Dec 20 2007 : 19:16:43
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quote:
Originally posted by Capt. Art
If you're close to 60 get a 30 year loan & make sure you check out before it's paid. Better yet, get a 30 year balloon payment & take all the deprecation now. Better yet, form a company to be a dealer/broker by/sell & charter boats. As a dealer no tax, deduct all expenses as a business cost. Take out clients in the hope of getting new charter business. If all goes badly (you hope) you lost a ton on a bad business. What's better or more profitable then abig loss at the end of the year? I guess you'll hope to do better or maybe trade in on a bigger boat? Another bad business decision but keep trying...
"Go directly to Jail; Do not pass Go"
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Steve
"L'Chiam" 29' 2000 Regal Commodore 2660 (2765) T/4.3 Alphas |
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Homeport: Michigan City/South Bend, IN
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yzer
RO# 14523
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Posted - Dec 20 2007 : 20:04:05
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I carry as little debt as possible. House is paid for and new cars get bought through a credit union paid off ASAP or by cash. I bought and refurbished the boat for cash, but since it was purchased at scrap value that's a different kind of deal.
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| Whiskey is for drinking; water is for fighting over. |
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Capt. Art
RO# 25924
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Posted - Dec 20 2007 : 20:17:23
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quote:
Originally posted by sugilbert
quote:
Originally posted by Capt. Art
If you're close to 60 get a 30 year loan & make sure you check out before it's paid. Better yet, get a 30 year balloon payment & take all the deprecation now. Better yet, form a company to be a dealer/broker by/sell & charter boats. As a dealer no tax, deduct all expenses as a business cost. Take out clients in the hope of getting new charter business. If all goes badly (you hope) you lost a ton on a bad business. What's better or more profitable then abig loss at the end of the year? I guess you'll hope to do better or maybe trade in on a bigger boat? Another bad business decision but keep trying...
"Go directly to Jail; Do not pass Go"
Of course, but first collect your $200.00
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Homeport: Staten Island, NY
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KiDa
RO# 16492
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Posted - Dec 20 2007 : 20:27:53
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The object is to die with absolutely $0.00 in the bank and have the last check bounce.
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Best Regards,
David
Saint Max
'99 330 Sundancer
==========
Capitalism is to this administration what Judaism was to the Third Reich.
-- Me |
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Homeport: Hopewell, VA
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yzer
RO# 14523
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Posted - Dec 20 2007 : 20:56:16
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quote:
Originally posted by KiDa
The object is to die with absolutely $0.00 in the bank and have the last check bounce.
If you don't have kids, that's great.
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| Whiskey is for drinking; water is for fighting over. |
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sugilbert
RO# 3854
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Posted - Dec 20 2007 : 21:59:30
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[/quote]
If you don't have kids, that's great.
[/quote]
HA! Just leave enough to bury yourself; you wouldn't want to be a burden.
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Steve
"L'Chiam" 29' 2000 Regal Commodore 2660 (2765) T/4.3 Alphas |
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Homeport: Michigan City/South Bend, IN
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GeeBee
RO# 385
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Posted - Dec 21 2007 : 22:46:45
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Captain Art, that will eventually be disallowed under the "hobby loss" provisions. They closed that one a long time ago.
I find it interesting that people are telling us it is none of anybody's business about how boats are financed. I wonder if they feel the same about houses...after Dubai just bought 7% of CitiBank, the Chinese just took 5 billion from the Chinese, the EC and FED are pumping money into wobbly banks. People are now complaining THEIR borrowing costs are going up because of sub prime mortgage lending, yet we are not supposed to comment on boat lending? Sub prime...it is not just houses. Just ask Ford Motor Credit. Maybe if your neighbors house is on fire, speaking up just might be the right thing to do.
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"The trouble with socialism is that you eventually run out of other people's money."... Margaret Thatcher
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Homeport: Lake Lanier, GA
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Orcbait
RO# 23038
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Posted - Dec 21 2007 : 23:19:02
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now if you were the US gov't, and you were looking at the fact that consumers overspend rampantly with cheap money and create unsustainable debt levels that imperil the overall economy at this point, you might ask yourself whether, once the current crisis passes, it really makes sense to encourage this kind of behaviour or whether you should remove that tax deductibility and encourage people not to spend money that they don't have, on wildly depreciating assets...
just my 2 cents, I know I will be roundly abused for this, but borrowing for 20 years to buy a boat? come on. Of course, I'm coming from the perspective of never having even borrowed to buy a car. I hate debt.
Cheers,
Orcbait
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GeeBee
RO# 385
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Posted - Dec 22 2007 : 01:29:16
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I'm with you on Orcbait.
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"The trouble with socialism is that you eventually run out of other people's money."... Margaret Thatcher
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Homeport: Lake Lanier, GA
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psalzer
RO# 4570
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Posted - Dec 22 2007 : 06:35:51
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Boat (S) are paid for .... house is paid for ... all automobiles but 1 are paid for ... retired at 60 ... with no debt I do not need a lot of retirement money. If you are comfortable carrying a huge bunch of payments for boats, cars, huge houses .. be my guest.
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Homeport: Fayetteville, Ga
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Capt. Art
RO# 25924
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Posted - Dec 22 2007 : 08:29:02
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Orcbait, our gov't is upside down on so many financial issues... As an example,
The worst thing to do is have the money in a child's name since it will be demanded by school before he is eligible for collage assistance loans or grants. The correct procedure (in the old days) was to encourage parents & children to open savings accounts to show kids to save as a habbit every week. Now it's upside down? Loan interest is tax deductable why? Do you get a deduction by paying cash? Mostly no. If you have a mortgage you can deduct interest & at the same time have non taxable bonds give you tax free income? Why tax savings at all? This money should be tax free just tax consumption. Most loans if deductable are better not to pay off? This isn't upside down?
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Homeport: Staten Island, NY
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MikeeH
RO# 6342
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Posted - Dec 22 2007 : 08:34:26
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Jeesh... why resurrect this 1 year old topic???
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Mike
I recently realized that at this stage of my life I'm now wise enough to know better, but old enough not to give a damn.
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Homeport: Still Pond, MD
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Robski97
RO# 7334
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Posted - Dec 22 2007 : 10:14:06
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IF people borrow themselves into bankruptcy its there own fault.... why is anyone else responsible???
Same with the banks ... lower ur lending practices... Get hosed over... go bankrupt!!! ... Why sould anyone get a helping hand when they made there own bed?? There is no system in place to help the little guy that runs his biussiness into the ground so why are the rules different for the big boys? All jobs are just asa important. But to bail them out... hell no..... PEople that got loans that they knew they couldnt afford but did it any .... see yea!!!! what is there for the person that said I cant afford this and walked away ??? U dont reward stupid people....
Rob
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| 2006 44 Sundancer |
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Homeport: Merrick, NY
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CW
RO# 15825
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Posted - Dec 23 2007 : 08:24:28
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When someone ask me about the cost of my boat I simply tell them that it was and is the best investment I ever made. I bought and old boat for a fair price and then spent the same amount to upgrade it. I also bought a nice lot on the bay and built a dock for my boat. The boat is still worth about what I paid for it including upgrades (seven years ago) and the lot has appreciated 10 fold. I did not finance the boat but did do a home equity loan on the lot. My only regret is that I did not buy two lots. The boat is a houseboat so I have a water front vacation home every weekend plus many fond memories.
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| Bill |
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Homeport: Santa Roosa Beach, FL
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TrawlerCrawler
RO# 29106
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Posted - Dec 26 2007 : 19:30:18
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Lots of interesting perspectives here. I understand the point of view that you don't want to put yourself deep into debt over a depreciating asset. I think that the subprime/easy credit fiaso notwithstanding, we all have our own tolerance for debt and have to live with whatever amount we can handle.
Lets call a spade a spade here. Its the rare owner like the previous poster that actually sees appreciation in a boat. Financially, buying a boat is one of the worst things you can do to yourself. You'd probably be better putting the money under a mattress. However, I think you have to look past the financials to the intangible enjoyment you get in owning a boat. For me, the truth lies somewhere between "leaving enough money on the table for your funeral" and "never finance anythng." After 3 good-sized but older/cheaper boats, I want to move up to something that I'll only be able to afford if I finance part of it. I'm not getting any younger and therefore I've rationalized the debt. As long as I don't blow up my financial future to do it, why the heck not?
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Homeport: Connecticut
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walterv
RO# 12640
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Posted - Dec 26 2007 : 19:47:55
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quote:
[i]
just my 2 cents, I know I will be roundly abused for this, but borrowing for 20 years to buy a boat? come on. Of course, I'm coming from the perspective of never having even borrowed to buy a car. I hate debt.
Cheers,
Orcbait
Old school thought, and may have been good in the old days, but not today.
Cash is king, and those who easily depart with it are fools, In other words, never use you cash to buy anything unless you have too.
Those of us that are in the higher tax brackets, need these loans and write offs, in my case I borrorowed 175k for a 238k boat includes sales tax in 2004, rb2rb2@gr5tgr5t 3.9% intrest. With my write off that is a 1.9% vig I am paying for a loan, why would I use cash that can earn me 5%?
I also have all assets in my wifes name, and all liabilities in my name, so if I was to die, or my business went south, I could tell all the creditors to pound salt, "Im done".
Now some of you, including my laywer don't agree with me having all assets under my wifes name, and I understand. But I trust my wife, and if push came to shove she can have it all.
When you have what I have had, the hunt was the game , not the kill, totaly sucks to not want a wish list, totaly sucks to not want something you can get tommorow, no more fun.
I don't want this post to sound like I am rich, I am not, but do I buy anything I want, I do.
I built my own company, I came from a poor backround, I need nothing, but to say that borrowing money is wrong, is crazy.....
Just my 2c
Walter
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And always remember, life is not measured by the number of breaths we take, but by those moments that take our breath away.
George Carlin |
Edited by - walterv on Dec 26 2007 20:21:31 |
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Kastlercreative
RO# 15969
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Posted - Dec 26 2007 : 20:09:02
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quote:
Originally posted by Ernesto
Geeeeez! Get off your high horses guys! Some of us want to enjoy life w/o being preached about whether its "ok" or "not" to finance a "toy". You deal with your decision, we deal with ours. I have no issues having financed our boat, since we didn't have $100,000 in cash just lying around (edit: and if we had them, we wouldn't have spent it on a boat LOL). And we're making the payments just fine too, including additional monthly principal to offset depreciation. We also adjust our lifestyle (make some "sacrifices") to support our boating. That's our decision. And yes, we're putting money away for retirement, which MAY or MAY NOT come someday (you never know how much longer you have). So go and enjoy life and stop worrying about everyone else's finances!
Amen! Sure, we could wait for another 15 to 20 years, who knows if I'll/We'll be here, let alone be able, or want to boat. We're having our retirement now, while we can enjoy it with our children...
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Lou
SeaRay 420 Aft
"FrequentSeas"
Trophy 1903 CC
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Homeport: Omaha NE/Yankton SD
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missnmountains
RO# 22737
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Posted - Dec 26 2007 : 21:20:57
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Everyone... Why would you spend 100,000 to save 30,000. Debt is bad no matter which way you look at it. The evil in the world is the Mortage (loan) company. Not the IRS. Why would I pay the Mortgage Company 1,000 per month to save 300 or 400 on taxes. This is completely illogical. Obviously if you do not have the cash to buy, loans help, but do not think the IRS deduction is good. Besides, if a certain political party is elected, you will most likely loose the mortgage deduction along with property taxes and charity.
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| 2008 58 Sedan Bridge |
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Homeport: Cape Coral, FL
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Billylll
RO# 24494
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Posted - Dec 26 2007 : 21:22:59
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quote:
Originally posted by yzer
quote:
Originally posted by KiDa
The object is to die with absolutely $0.00 in the bank and have the last check bounce.
If you don't have kids, that's great.
Well I have a unique situation both my parents are elderly my mother has dementia/ Alzheimer's disease and my father is in a rehab from pneumonia and congestive heart failure they own a house are on Medicare but came to my house to recover, now I am having to foot numerous bills for them because they have little in the way of liquid cash assets only the house in Florida. Everyone here should consider purchasing elder care insurance, it's no joke. A little off topic but my world has been turned upside down because it takes time to sell a house and exhaust the other assets in the mean time I start the paperwork for Medicaid for my mother. Her care is costing me $250.00 a day ($7k a month) in a home and dads is $120.00 a day after his 21st day which he is on day 45. At this rate I won't be doing much boating this summer and someone will get a great deal on a totally refurbed/restored 40' Mainship Sedan Bridge I worked so hard to restore and improve. I'll say it the kids really can get stuck if you don't plan for your care when you get elderly. I guess I'll say this, Merry Christmas and Happy New Year. I guess I'm glad I don't owe much on the boat. Regards Bill
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WirelessOne,
40 Mainship
Sedan Bridge
Little Egg, N.J. |
Edited by - Billylll on Dec 26 2007 21:24:31 |
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Homeport: Tuckerton, N.J.
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bcs4x4s
RO# 28869
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Posted - Feb 18 2008 : 16:06:14
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I just paid cash but then again it's not like i was spending 2 or 300 grand, and couldn't find reasonable rates on a 22 year old boat. on the flipside if i fall off a building (yep i'm a construction worker) my bride doesn't have to worry about the boat note
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Homeport: fairhope, al
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pdecat
RO# 842
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Posted - Feb 18 2008 : 17:18:12
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Take a longer term but get the best rate and make sure it has no prepayment limits or complications. Then make extra principal payments as you can. It could be paid off early or if something changes you have theoption to revert to standard terms. That way you are in charge.
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Bruce
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Homeport: Gulf Coast FL
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Boat loan term
