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  #1  
Old 07-10-2018, 05:16 AM
dvl2700 dvl2700 is offline
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Default Paid off boat loan

I paid off my boat loan yesterday. Figured was only making 1.5 or so interest on my money market from selling off some property, and paying 5.1 percent interest on the boat loan. Made sense to pay it off and save the interest money instead of paying the credit union. BTW, I also got the first scratches in the boat from the dock. All MINE now.
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  #2  
Old 07-10-2018, 05:53 AM
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Farmerj Farmerj is offline
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I just started my loan....
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Old 07-10-2018, 06:53 AM
grizzley grizzley is offline
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What's a loan!
Agree that what you did makes sense, better the money in your pocket than the credit unions!

Last edited by grizzley; 07-10-2018 at 07:01 AM.
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  #4  
Old 07-10-2018, 01:31 PM
goldman goldman is offline
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Quote:
Originally Posted by dvl2700 View Post
I paid off my boat loan yesterday. Figured was only making 1.5 or so interest on my money market from selling off some property, and paying 5.1 percent interest on the boat loan. Made sense to pay it off and save the interest money instead of paying the credit union. BTW, I also got the first scratches in the boat from the dock. All MINE now.
dvl2700
Good for you!

I think people in general often forget that someday it will rain. Things may not always be so rosey and sunny. Itís good to live within ones means. If times get tough, they likely wonít be as tough if one doesnít have installment payments coming out their ears.

My wife and I have cleared over $150k in debt over the last few years. Weíve worked our proverbial arses off to do it, and made some sacrifices along the way. This has allowed me to get out of the truck and take a good job in Tennessee. Next Thursday is my last day trucking (Lord willing) and I intend to never ever sit in the seat of a semi ever again.

Anyhow, in a year or so after I get another house bought down in Nashville Iíll look around for a boat I can pay cash for. I donít want another payment, I just donít think itís worth it.

Didnít mean to hyjack your thread, just thought I could bring reinforcements to the no debt idea. Good luck!
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Old 07-12-2018, 11:37 AM
dvl2700 dvl2700 is offline
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Congrats on paying off your debt. Only thing I have left is about 2 yrs on the mortgage. Talking to the tax lady to see if it makes sense to pay that off also. Then can save about 1000 + per month to jack the money market and 401K up some more. Lack of debt = freedom.
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Old 10-06-2018, 06:50 AM
Lundman1! Lundman1! is offline
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Glad to hear that you made your last payment. Until someone is finally out of debt, they don't know how good it feels. Some folks can easily afford payments, and that is fine. But I feel sorry for the folks that have never known what it is like not to make payments and be in debt.
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Old 10-06-2018, 08:55 AM
cclawman cclawman is offline
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Originally Posted by Lundman1! View Post
Glad to hear that you made your last payment. Until someone is finally out of debt, they don't know how good it feels. Some folks can easily afford payments, and that is fine. But I feel sorry for the folks that have never known what it is like not to make payments and be in debt.
One of the most valuable lessons I learned while selling cars was to join a credit union! For if you MUST finance something that is going to depreciate you are a little better off.
I was, and still am amazed at how many only cared about the payment, not the price of the car, value of trade, not how long the term only whats my payment.
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Old 10-15-2018, 04:45 PM
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Congrats its a great feeling. I always intended to upgrade once mine was paid off, but now i look at my paid of alumacraft competitor and say its all mine why would i go into debt again. Besides if i bought that 21 footer, i would need to buy a new house as it wouldnt fit in thegarage.
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Old 05-16-2021, 09:28 AM
clawman clawman is offline
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Quote:
Originally Posted by dvl2700 View Post
I paid off my boat loan yesterday. Figured was only making 1.5 or so interest on my money market from selling off some property, and paying 5.1 percent interest on the boat loan. Made sense to pay it off and save the interest money instead of paying the credit union. BTW, I also got the first scratches in the boat from the dock. All MINE now.
dvl2700
Congrats to you and good to read you used a credit union for the loan. Financing at a bank is double stupid!
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