Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 27-10-2011, 09:09   #16
cruiser

Join Date: May 2010
Location: SF Bay Area; Former Annapolis and MA Liveaboard.
Boat: Looking and saving for my next...mid-atlantic coast
Posts: 6,197
Re: Typical Boat Loan Term? Down Payment %?

Pay cash and go.
__________________

__________________
SaltyMonkey is offline   Reply With Quote
Old 27-10-2011, 09:29   #17
Armchair Bucketeer
 
David_Old_Jersey's Avatar

Join Date: Oct 2006
Posts: 10,013
Images: 4
Re: Typical Boat Loan Term? Down Payment %?

The best source of Finance is.............the Vendor.

Do you want to add another 6 months (year?) doing a job you hate, or nail some other f#cker to a cross (err, financially). In this financial climate I would be looking for someone who has paid off at least half there pride and joy (so can sell cheap) and is simply looking to get one loan (and the boat costs) off their back........whilst they try and rescue the rest of their financial life. My take is that there be at least 1 or 2 who fit that category............either that or I missed the "I fixed it" announcement .


Cash is king Always has been & always will be And 10 / 20% directly into the pocket of the Vendor (and not on the paperwork ) might be worth a lot more to him than to you.
__________________

__________________
David_Old_Jersey is offline   Reply With Quote
Old 27-10-2011, 11:09   #18
CF Adviser
Moderator Emeritus
 
TaoJones's Avatar

Cruisers Forum Supporter

Join Date: Dec 2006
Location: Montrose, Colorado
Posts: 9,850
Re: Typical Boat Loan Term? Down Payment %?

Quote:
Originally Posted by David_Old_Jersey View Post
The best source of Finance is.............the Vendor.

Do you want to add another 6 months (year?) doing a job you hate, or nail some other f#cker to a cross (err, financially). In this financial climate I would be looking for someone who has paid off at least half there pride and joy (so can sell cheap) and is simply looking to get one loan (and the boat costs) off their back........whilst they try and rescue the rest of their financial life. My take is that there be at least 1 or 2 who fit that category............either that or I missed the "I fixed it" announcement .


Cash is king Always has been & always will be And 10 / 20% directly into the pocket of the Vendor (and not on the paperwork ) might be worth a lot more to him than to you.
Heh . . . as usual, DOJ has nailed it. You don't want to have to sit across the table from someone who understands how to do business this way, but you sure want him on your own team.

TaoJones
__________________
"Your vision becomes clear only when you look into your own heart. Who looks outside, dreams; who looks within, awakens."
Carl Gustav Jung (1875-1961)
TaoJones is offline   Reply With Quote
Old 27-10-2011, 11:26   #19
Armchair Bucketeer
 
David_Old_Jersey's Avatar

Join Date: Oct 2006
Posts: 10,013
Images: 4
Re: Typical Boat Loan Term ? Down Payment % ?

Praise from Caesar is praise indeed
__________________
David_Old_Jersey is offline   Reply With Quote
Old 27-10-2011, 11:43   #20
Registered User
 
martinjrichter's Avatar

Join Date: Dec 2010
Posts: 71
Re: Typical Boat Loan Term ? Down Payment % ?

The financing vendors I talked with recently all had restrictions on the age of the boat they will finance, usually 10 years or less. Some will finance a 20 year old boat if the amount financed is $150K or more. For most of us, that means the banks don't want our business, but what else is new.
__________________
martinjrichter is offline   Reply With Quote
Old 27-10-2011, 15:47   #21
Registered User
 
Amapola's Avatar

Join Date: Sep 2011
Location: Florida
Boat: Matlack, Trawler, 48 ft
Posts: 809
Re: Typical Boat Loan Term ? Down Payment % ?

Personally, we wouldn't finance a boat. Find one you can afford
__________________
The sea, once it casts its spell, holds one in its net of wonder forever.
—Jacques Yves Costeau
Amapola is offline   Reply With Quote
Old 27-10-2011, 21:22   #22
Registered User

Join Date: Dec 2007
Posts: 151
Re: Typical Boat Loan Term ? Down Payment % ?

Quote:
Originally Posted by Amapola View Post
Personally, we wouldn't finance a boat. Find one you can afford
I disagree.

Financing the boat knocked my wife and I into lower tax brackets which we woudln't have been able to get if we bought the boat outright. Finance a boat you *CAN* afford (not one beyond your means) and it should be alright.
__________________
night0wl is offline   Reply With Quote
Old 27-10-2011, 21:46   #23
Registered User

Join Date: Nov 2010
Posts: 61
Re: Typical Boat Loan Term ? Down Payment % ?

Quote:
Originally Posted by night0wl View Post
I disagree.

Financing the boat knocked my wife and I into lower tax brackets which we woudln't have been able to get if we bought the boat outright. Finance a boat you *CAN* afford (not one beyond your means) and it should be alright.
I've heard this argument before. Doesn't make sense. Pay 3 dollars in interest to receive a 1 dollar write off. Each to his own, talk yourself into anything that gets you what you want. Boats are for pleasure in my opinion and pleasure's should not be financed. This thought process has put the whole world into a debt crisis. Live within your means not within how much you can qualify to borrow.
__________________
Dakota450 is offline   Reply With Quote
Old 28-10-2011, 04:27   #24
Armchair Bucketeer
 
David_Old_Jersey's Avatar

Join Date: Oct 2006
Posts: 10,013
Images: 4
Re: Typical Boat Loan Term ? Down Payment % ?

Quote:
Originally Posted by night0wl View Post
I disagree.

Financing the boat knocked my wife and I into lower tax brackets which we woudln't have been able to get if we bought the boat outright. Finance a boat you *CAN* afford (not one beyond your means) and it should be alright.
So, as long as you don't earn more your finances will be good

If someone don't have the cash (yours not someone else's) to buy recreational items - it's simply natures way of saying you can't afford it.

The good news with using cash (apart from the warm fuzzy feeling of not being in debt bondage to da man ) is that when a butterly flaps it's wings half way accross the world you don't lose the lot
__________________
David_Old_Jersey is offline   Reply With Quote
Old 28-10-2011, 04:49   #25
Registered User
 
Sabbatical II's Avatar

Join Date: Apr 2009
Location: Lake Macquarie
Boat: Bluewater 420 CC
Posts: 756
Images: 1
Re: Typical Boat Loan Term ? Down Payment % ?

No wonder America has a financial crisis. In Australia I think 5 years would be the common maximum period for a loan on a quickly depreciating item like a boat. Some companies will do 7 years maybe. I did the maths on buying a $120,000 boat with $20,000 deposit over 20 years at 6.5%. By the end of 20 years you will have paid about $80,000 in interest & charges meaning that the boat which is now probably worth $25,000 by the time you own it has cost you $200,000.

Is that really a good deal?

Greg
__________________
Sabbatical II is offline   Reply With Quote
Old 28-10-2011, 04:50   #26
Don't ask if you can't handle it
 
sailorboy1's Avatar

Cruisers Forum Supporter

Join Date: Jul 2007
Location: On the boat somewhere
Boat: Hunter 410
Posts: 12,317
Re: Typical Boat Loan Term ? Down Payment % ?

wonder how many who say don't finance a boat and to "find one they can afford" have a house, which they financed
__________________
jobless, houseless, clueless, living on a boat and cruising around somewhere
sailorboy1 is offline   Reply With Quote
Old 28-10-2011, 09:37   #27
Armchair Bucketeer
 
David_Old_Jersey's Avatar

Join Date: Oct 2006
Posts: 10,013
Images: 4
Re: Typical Boat Loan Term ? Down Payment % ?

Quote:
Originally Posted by Don Lucas View Post
wonder how many who say don't finance a boat and to "find one they can afford" have a house, which they financed
Nope. Not to say that my forebears never did. Mostly never sold either

But the trick with property is to get other b#ggers to pay for it, then it becomes an investment (and not just speculation - which has it's place)........and for an investment borrowing is part of the game.

For a visit Toys-R-Us? (figuratively and litterally) - No way - can't afford Xmas for the kids? change religion , the young swallow anything on that front - just ask the Wizard of Rome........
__________________

__________________
David_Old_Jersey is offline   Reply With Quote
Reply

Tags
boat

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Are You Scared of Wood ? CharlieCobra General Sailing Forum 116 18-03-2013 17:45
Thinking of Buying a Sailing Catamaran ? Some Thoughts . . . papagena Multihull Sailboats 12 23-12-2011 11:21
Need Advice on Buying a Boat Capt. lulz Liveaboard's Forum 45 25-07-2011 13:17
Boat Loan advocate777 Monohull Sailboats 9 17-07-2011 18:04



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 23:05.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.