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  #11  
Old 03-15-2015, 05:57 PM
batshouse batshouse is offline
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Join Date: Sep 2009
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Default Extended loans

Must be a surprise to some that a dream boat nowadays is 60-70k and average guy can't own now without those loans. I did a 10 year. Will probably be my last boat. I'll be buying a pond hopping bluegill rig next along with a walker or cane.
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  #12  
Old 03-21-2015, 11:50 AM
CKM CKM is offline
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I just had no idea they would finance for 20 years. I thought ten was the longest. The rate we're going we'll see 50 year home loans and thirty year boat loans very soon.
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  #13  
Old 04-09-2015, 12:24 PM
Lonewolf52 Lonewolf52 is offline
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Join Date: Mar 2015
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Thoughts on a 35K @ 5.50% zero down 144 months? Would come out to $340 a month
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  #14  
Old 04-10-2015, 02:48 PM
MarbleEyez MarbleEyez is offline
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Join Date: Jan 2011
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$35k @ 5.50% interest for 144mo (12yrs) is paying a total of $47,888.68.
You're giving the bank $12,888.68 in interest. Thats 36% of the actual cost of the boat.
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  #15  
Old 04-10-2015, 04:52 PM
ifish267 ifish267 is offline
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Location: northern il.
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Default Loan

Just had a buddy pass at 56. If you want a new boat and can afford the payment without getting hurt go for it. If the interest bothers you pay a little extra every month (it doesn't have to be a lot) and you'll cut the interest paid way down. Just my 02
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  #16  
Old 05-17-2015, 04:20 PM
snopro31 snopro31 is offline
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Join Date: May 2014
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19 years at 5.9% in canada.

Open ended. 39K boat with tax.

Will pay it all off next year.
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  #17  
Old 06-18-2015, 04:02 PM
cal74 cal74 is offline
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Join Date: Mar 2012
Posts: 78
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My opinion but if someone needs to finance a toy for anything more than 5-6 years than they probably should be looking at something more reasonable.
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  #18  
Old 06-19-2015, 10:34 AM
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JDS JDS is offline
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Quote:
Originally Posted by ifish267 View Post
Just had a buddy pass at 56. If you want a new boat and can afford the payment without getting hurt go for it. If the interest bothers you pay a little extra every month (it doesn't have to be a lot) and you'll cut the interest paid way down. Just my 02
You hit the nail on the head, I too had my closest friend pass at 42. I wasn't waiting any longer to get the boat I wanted. It's all fine and dandy if you are are sitting on a pile of cash, but a decent rate and paying more every month equates to about half the interest over the term of the loan. Plus it gives you a cushion if you run into unforeseen expenses. At least that was my justification and is working out perfectly...."knock on wood" lol
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  #19  
Old 06-22-2015, 01:53 PM
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Baseline Baseline is online now
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Join Date: Oct 2010
Location: Northern, MN
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Stopped by my company's credit union today

Boats 0 to 48 2.49
49 to 84 2.99
84 to 120 6.90

Zero Down
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  #20  
Old 06-22-2015, 01:58 PM
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black white face black white face is offline
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Home equity loan is the way to go for financing boats if needed and or if the equity is available. Interest deductible and pay as much as you want as long as the interest is paid each month. It's like having a "line of credit" at your bank

Some banks will require you to renew the loan every 5 years
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