20yr loan

[handeerooster]

What lenders are you guys finding in the US that offer a 20yr loan. Is there a price and length requirement for a 20yr.

[omc frank]

best boat loan rate I could find was with Honda marine finance
any boat powered with Honda was 3.99 with good credit
term dependent on amount up to 30 years when borrowing over 100k
check out Honda marine .com site for more details on rates
they will finace the whole package if it powered with their motor including electronics and fishing gear even auto pilot and radar ect

[Marble Eye 62]

20 and 30 year loans for a boat doesn't seem like a financially smart thing to do.IMO

[WallyWarrior]

Originally Posted by Marble Eye 62

20 and 30 year loans for a boat doesn't seem like a financially smart thing to do.IMO

Me either, but it is his life to make that decision. If it's what you enjoy and what makes life complete, do what it takes. When your on your death bed you won't regret the memories made and I'm willing to bet you won't care to trade them for a pile of potentially saved money.

You never know when it will be your time. Better enjoy it to the fullest while you are here.


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[Marble Eye 62]

Originally Posted by WallyWarrior

Me either, but it is his life to make that decision. If it's what you enjoy and what makes life complete, do what it takes. When your on your death bed you won't regret the memories made and I'm willing to bet you won't care to trade them for a pile of potentially saved money.

You never know when it will be your time. Better enjoy it to the fullest while you are here.


Sent from my iPhone using Tapatalk

If I ever made the decision to take out a loan for that long on a boat my wife would put me on my death bed!LOL

[terrapin]

That's funny, I always get the longest loan the banker will let me take... then I pay it off in a quarter the length of the loan. I suppose it's a just in case theory, they'll always let you pay more, but they get growly if you try and pay less. I got my last boat loan for 15 years, negotiated until I got a stupid low rate... then paid it off over six good months of work. I think it kind of pissed off my banker.

[Boondock]

20 years is a crazy long term.

Normally the shorter term=better rate

Look into a 10 or 15 year loan at a max imo.

Always do the math of interest paid on a note if you made the minimum payments.

A giant savings between a 15 and a 10 and so on.

[Custom Eyes]

Originally Posted by terrapin

That's funny, I always get the longest loan the banker will let me take... then I pay it off in a quarter the length of the loan. I suppose it's a just in case theory, they'll always let you pay more, but they get growly if you try and pay less. I got my last boat loan for 15 years, negotiated until I got a stupid low rate... then paid it off over six good months of work. I think it kind of pissed off my banker.

Same here. Unless the interest is ridiculously higher, I go with longer term loans and pay them off early, usually in half the term or less. After the great recession, having to take a cut in pay and getting furloughs, I play it safe just incase. I just did a 5-year 0% on a quad last year. Will be paid off in a couple more months.

[clawman]

Originally Posted by Marble Eye 62

20 and 30 year loans for a boat doesn't seem like a financially smart thing to do.IMO

ANY loan on something that depreciates is a bad idea!

[Marble Eye 62]

Originally Posted by clawman

ANY loan on something that depreciates is a bad idea!

True, but unlike you and Warren Buffet, a loan of some sorts will be the way I will get the next boat I want.