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#21
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Nothing wrong with borrowing money. The place rates are now, it can be a good move. If you take the long terms, ALWAYS pay extra each month. Taking extra off the principle in a simple interest loan, helps knock down the effective rates as well. The biggest problem people get into is with credit cards. Those rates are the ones that will kill you. When Todd and I started selling boats (mid 80's), the best boat loans were at 12.5% variable. Lenders were also doing no money down and 180 month terms. Now that is tough to gain ground. A nice down payment, today's rates and some extra each month is a manageable loan. Let us know if we can help with anything. Ken
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#22
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reclender
Not true. NEVER pay extra! Since you're the lender I can see why you say that. Put that extra money in your own savings, if you lose your job you can still make payments. Otherwise if you miss a payment then they forclose. Always save a least 1 years wages. |
#23
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hmm...
From bowhunters post
i work in the banking industry and a good guide line is the rule of 20 on a 5 year loan for example 20000 x .2 = 400 per month on 5 year 30000 x .2 = 600 per month on 5 year Also not true 20000 x .2 = 4000, 30000 x .2 = 6000, I do not work in the banking industry. Last edited by superstockbigblock; 01-21-2013 at 02:42 AM. |
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#24
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#25
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You should never purchase a boat any other way except cash unless you are a professional guide or professional fisherman that wouldn't be able to maintain an income without it.
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#26
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30000 X .02 = 600 forgot the 0. think most people would have figure it out, to be exact a 20000 loan with a fixed rate of 7.35% works out to be 399.33 per month for 5 years. like i said it is a quick reference when trying to figure out a payment. usually through the dealers banks will offer a better rate trying to get that business and in return banks will pay that dealer a reserve for that business |
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Thanks, Ken |
#28
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#29
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Thanks, Ken |
#30
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Wait....I'm not quite done. I have been in the boat business since 1984. Sold, built, distributed, rep'd and now financed. To see customers come back and buy again because the prior one was a blast, is great. Also, to see 2nd generations come and turn into customers is also a plus. In all those years helping families spend more time together and building memories is by far the best. Kids and wives fishing, skiing, taking a ride on a river, color tours, vacations.........I love the boat business.
Been a good back and forth. You should know, we started this business because people needed help dealing with lenders. Some loans and buyers we do pass on or advise some to work on some credit issues first. We need customers today as any business does. But we also need customers tomorrow and in years to come. We ARE NOT BANKERS, and never even played one on TV Do I dare ask where "Frog Belly" came from. Please do not send any pictures to help explain. Thanks, Ken Last edited by Pezman38; 01-23-2013 at 02:23 PM. |
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