Typical Boat Loan Term ? Down Payment % ?

[SaltyMonkey]

Pay cash and go.

[David_Old_Jersey]

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.

[TaoJones]

Originally Posted by David_Old_Jersey

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

[David_Old_Jersey]

Praise from Caesar is praise indeed

[martinjrichter]

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.

[Amapola]

Personally, we wouldn't finance a boat. Find one you can afford

[night0wl]

Originally Posted by Amapola

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.

[Dakota450]

Originally Posted by night0wl

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.

[David_Old_Jersey]

Originally Posted by night0wl

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

[Sabbatical II]

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

[sailorboy1]

wonder how many who say don't finance a boat and to "find one they can afford" have a house, which they financed

[David_Old_Jersey]

Originally Posted by Don Lucas

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........