20yr loan

[Lundman1!]

You should be looking for ways to get/stay out of debt, not getting into it. I understand most folks need a mortgage to purchase a house....but a boat? Like someone else said, a boat is a want, not a need, unless you make your living fishing or guiding.

[grizzley]

I love these threads and the different views/opinions that are always associated with them when it comes to finances! Both sides of the fence have their points, lets just say I agree with those on the conservative side of it!
According to statistics, 63% of the US population couldn't come up with 1k in case of an emergency, or even $500 to fix a car, I sure as heck don't want to be part of that 63% which is about 6 out of 10!
To me there are two ways to go about it, either die as one of the richest man in the cemetery, or live out the remainder of your life having to struggle to even pay your bills, I'll take the first option!

[last chance]

poor people like to have fun just like people with money. sometimes the only way for them to have fun is to go in debt for it. I couldn't or wouldn't go into debt for 20 yrs to many good used boats out there for sale. there is a lot of people out there that chooses the 20 yr loan so they can manage the payment. even though the 15 yr would save them thousands, the higher payment just isn't in there budget. people that need 20 yrs to pay off the loan needs enough money to enjoy there new boat after they pay there bills. I am a disabled vet and with my check from them and my ss check I manage to survive. but there is no way I could make payments on a 15 or 20 yr loan. I have worked hard to survive in this ol world. I thought about going in dept many yrs ago. im happy I didnt because the type fishing I did changes from casting for bass and other fish to trolling lake erie. I have always had used boats. the last one I bought on auction on ebay. I paid 297.00 for it with a bad motor. its a 17' tri hull open bow and I put the 115 merc off my old boat on it. I have an 86 cobia that I use on erie its a 21' with a 350 mercruiser. it catches just as many fish as a 40 or 50 thousand dollar boat.

[billy weaver]

Credit can be a wonderful tool for getting want you want or need. I caution my young friends to remember pledging 250 dollars a month for ten years can be risky. In ten years so much can change creating a need for additional money. If you feel you can manage the risk go for it. Remember 250 dollars a month for ten years is a long time.

[last chance]

Originally Posted by billy weaver

Credit can be a wonderful tool for getting want you want or need. I caution my young friends to remember pledging 250 dollars a month for ten years can be risky. In ten years so much can change creating a need for additional money. If you feel you can manage the risk go for it. Remember 250 dollars a month for ten years is a long time.

credit is the only way some people will ever have things like new cars, new boats ect. 250.00 a month is a lot of money for 10 yrs. but a 175.00 a month for 20 yrs is a long time but less money per month.

[Darrenf442]

Maybe everyone is not swimming in cash maybe they have a house, vehicles, kids, a camper ect and they cant afford to toss out 40 grand on a boat but can afford $250 a month.

[last chance]

Originally Posted by Darrenf442

Maybe everyone is not swimming in cash maybe they have a house, vehicles, kids, a camper ect and they cant afford to toss out 40 grand on a boat but can afford $250 a month.

amen

[Lundman1!]

Originally Posted by Darrenf442

Maybe everyone is not swimming in cash maybe they have a house, vehicles, kids, a camper ect and they cant afford to toss out 40 grand on a boat but can afford $250 a month.

One thing to keep in mind. A lot of folks on WC like to share with others what they have learned through life experiences. Some say its their life, let them do what they want and enjoy it...I don't disagree. But for those like myself that have been in debt, and are now out of debt, its a great feeling. But have some have said, its their life and their finances. If you want to get or stay in debt to someone else (the banker), go for it!

[That Minnesota guy]

From day 1 it seems somebody is always telling us how to do something. Pick up our rooms, how to dress, how to talk to people, how to act in public, how to treat our wives, raise our kids, spend our money. Most times those people are our parents trying to teach us to be responsible and have a better life then they have had. When we are younger we think they are nagging us or trying to run our lives. As we get older we think "hey maybe they knew what they were talking about."

I think thats called experience.

Only a fool doesn't consider advice given. But, ultimately it's our life and we can handle it the way we want to.

Each dollar you earn is a dollar you only earn once.