What to expect for a boat payment?

[John_Trollsky]

Okay my story on this is I was a smoker for 25 years. In Canada, cigarettes are aproaching $20 per pack. The cheepos are $14 to $16. Legally of course. As a pack a day smoker who gets a year older every year (this is when you start feeling your age, kids) who is now the father of three kids, I began to think differently about things. Especially after my own dad passed from C. He was 68. I'm 39 January 2015.
My wife was ultimately the tipping point for me. She had to tell me one morning " You know if you quit smoking you could afford a boat like you want."
Fast forward (or rewind, depending on how you look at it) to November 2013. I decided to quit smoking. Bought a 2013 Rebel XL Sport fully loaded with ipilot and everything for $20000. Financed it costs me $120 bucks every payday, which is bi-weekly. 5%. Open for 10yr. Easily affordable by nearly anyone who is seriously looking to get into boats. Quitting smoking pays for the loan then some, the money isn't missed.
As well, at least in my experiences, the funders here will be a lot more likely to approve car or truck loans than boat loans. People need a vehicle, but not everyone "can afford" or "needs" a boat loan. You need to have strong credit and/or assets.

[law57]

Originally Posted by JOE WALLEYE

it is very easy to find a loan calculator online. call you bank and see what they will give you for an interest rate. lets assume you finance 30K for 5 years at 7.25% your loan payment is $597.58/month

<-- This

A newly minted college grad should be able to navigate the internet and find a loan calculator.

Congratulations on your degree and welcome to the work force. Hopefully you won't leave school with a huge student loan burden.

[Fariq]

You can find loan calculator's online and there are tons of apps for the iPhone and Droid's. Your going to be making 55-70K right out of college and you can't figure out how to calculate a loan payment?? Welcome to the real world!! I'd get a lot of things in order before I spent 30K on a boat just out of college!! I learned the hard way and spent like a drunken sailor right out of college, take my advice, if you want a boat, buy something cheaper to start with and upgrade over the years.

[shell_guy]

Just a small piece of advice, I have had to learn every lesson the hard way in life.

I now have a trade as well as a University Degree and I have always made above average income. Up until I was 25 I spent money like water, had a great time, drive nice vehicles, and had plenty of toys. Meanwhile I had a few friends that paid cash for older used vehicles, older toys, and invested money. They had just as much fun in their smaller cheaper toys and also had money invested to put down on a home. At this time I decided to make a change, sold the financed toys, started investing money instead of spending it, and really started to watch my money. I bought my house when I was 26, maxed out my investements to the max of what my company would match. I bought a used boat and low and behold I could afford to pay cash for it......

Moral of the storey is, buy your toys, but don't get carried away with "keeping up with the big boys". Save a bit of cash and pick up a solid used boat, in my cash this was a Starcraft Superfisherman 176 for just under $10,000. Boat catches just as many fish and I have just as much fun as the guys with boat payments. Save your finances purchases for appreciating assets, paying rent is like flushing money away. With mortgage rates as low as they are take adavatage of it early in life. My biggest regret was not buying a house in my early 20's, you will be amazed how fast you build equity!

[3M TA3]

Well you definitely should be fishing, no matter what. However, fresh out of college, you may wind up working and concentrating on your new found profession far more than what you think. Your new to you boat may not get a workout like you're thinking. Also realize there is overhead that goes with ownership as well, storage, maintenance, insurance, and of course all those doodads that go with your pastime. I encourage you to get what you want, that's for sure, but I also recommend you wait a spell and settle into your new routine so that you can make a wise choice. To answer your question though, I'm thinking about 4 to 7 percent, depending on your co-signers credit worthiness as well. By the way. Co-signing for anything is a bad idea , simple as that.

[brad34]

The original post was nearly 5 years ago, so I doubt the OP is still taking advice on this subject. I'd love to hear what he ended up doing, but I'm not holding my breath. He has only 4 posts in those 5 years.

[WallAmI]

Schustrings, what did you decide to do? Did you buy the boat or did you wait to save up enough to pay cash? Now that it has been a few years, it would be interesting to know what you did.
No one on here seemed to provide you with an online tool to calculate your payment. Sure, graduating college and making 55 to 60K doesn't mean you should know how to calculate a boat payment. For all we know, you may have a degree in something completely unrelated to math, or finance. So if you still need it, here is a place to calculate your boat payment.

If you need any other advice, let me know. I am with the other people on this thread. I think its better to start thinking about 401K and retirement and saving money rather than go directly into debt on a depreciating asset like a boat. But then again, I'm not fresh out of college any more and I understand the appeal of boating...

Cheers!

[WallAmI]

Wow, I didn't realize this thread was 5 pages long. Perhaps what I just posted is obsolete! Sorry folks, kinda new around here.

[gumbygold]

Life is short. If you can work a payment into your budget and still save, do it. You could be dead in 3 years.

[law57]

Making it thru college and getting a good job and knowing how to use the internet(?) should qualify the guy for finding a payment calculator.

Hint: Type in "loan payment calculator". Something will pop up.

http://www.calculator.net/payment-ca...te=3&printit=0