Home   |  Message Board   |  Information   |  Classifieds   |  Features   |  Video  |  Boat Reviews  |  Boat DIY
New boat financing - Page 2 - Walleye Message Central
Walleye Message Central

Go Back   Walleye Message Central > Boat Financing (Sponsored Forums) > Boat Loans / Extended Warranties 101

Thread Tools Display Modes
Old 01-09-2018, 02:07 PM
reclending's Avatar
reclending reclending is offline
Supporting Vendor
Join Date: Jun 2011
Location: Office is in Michigan
Posts: 84

As with any and all loans, no one answer is best for all people. Lets just say you have value to draw from your home. Now when you add the price of a boat to that amount, you could be paying interest on a much higher amount. Interest is charged on the "unpaid balance".
If you add a boat price to your current home loan, now you are paying interest on two loans against the same thing.
Someone mentioned that there is a rule change regarding these loans. No surprise. According to strict IRS rules, equity loans have never been deductible unless used for the home. I believe there are a few other acceptations like medical or education - special cases. The IRS had that figured out years ago. Most people probably get away with it but a shopping spree was never the intent of that type of loan.
A well placed and managed loan is never the problem. Most money problems are caused by the EXTRA untraceable stuff.
Let us know how we can help.
Thank you,
Office 517-543-6921
Cell 517-930-2721
Reply With Quote
Sponsored Links

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

All times are GMT -6. The time now is 11:39 AM.

Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2020 DragonByte Technologies Ltd.