Did the topic boat loans make the redundant list? I hear about a guy that was 70 years old and turned all his assets over to his children. Then he went out and financed a motor home for 25 years. He told his kids that the loan would outlive him and to let them come and take the motor home. Of course the kids gave him a generous allowance out of his assets to go along with his pension.
I disagree. I know and hear from bank loaners that say they recommend even if you have the money to pay extra, to utilize this strategy and just pay more per month. At the end of the day, you pay it off faster AND you get the lower rate. BUT to take advantage of this strategy you HAVE to pay more per month.
Ask what the payment is on the 60 month plan, then take the 20 year plan. Then you try and make payments like you had taken the 5 year plan. If something happens to your source of income then you can step back and make the payments based on your loan for 20 years.
You must be the one I asked to change a $100 bill for me at the boat show. I remember you saying that was change for you! LOLOriginally Posted by Bill2e
A real banker will call you a moron for buying a depreciating asset. But I get it, a young person who doesn’t make much money, only has 1 way to buy a new boat and that’s what keeps them broke.
That would make a good down payment
Always love these threads with the self righteous showing up with unsolicited advice.
I’m not going to be buying a boat. WTS my philosophy for a boat loan is that 5 years is max and that I includes leaving some breathing room in case things go south.
GETFISHED !!!
Problem is banks use these long term loans to get people qualified that can’t afford to make extra payments.
Then they wind up repossessed later down the road after they get tired of making payments on a old boat
I buddy of mine just took out a 20 year note on a Skeeter. You gotta do what you gotta do. To each his own. It's a purdy boat for sure.
2000 Javelin Renegade 20 DC.
Strong men create easy times, Easy times create weak men & weak men create hard times. Sheikh Rashid bin Saeed Al Maktoum
In 1944 18-20 year old's stormed beaches, and parachuted behind enemy lines to almost certain death.
In 2015 18-20 year old's need safe zones so people don't hurt their feelings. "Author Unknown"
In 2021 18-40 year old's want to and work to cancel you out if you have a different opinion.
He's going to be okay , will mom let him park it in the garage ?
Loan to buy a little Bass Boat? Come on, this is BBC, CASH ONLY!
I have seen some nice looking 20 year boats and they sold for almost their new price.The payments for the first few years on that new sparkly boat that turns heads, might not seem too bad, but I'd hate the though making those last payments in 2044 on a 20 year raggedy old boat that looks like a POS.
If you can get a low interest personal loan and leave your cash in a compound interest paying account every month which is better, cash or loan?
Can't get too strict on the loans. Bank will fill up with trash.
And...A loan is locked in, so you pay back in tomorrows dollars.
The payments for the first few years on that new sparkly boat that turns heads, might not seem too bad, but I'd hate the though making those last payments in 2044 on a 20 year raggedy old boat that looks like a POS.
2023 ranger 198p
I know now my dad was broke as a joke. But that boat he financed made for the best memories I have of him 40 years later. I'm glad he was willing to take that path and recognize what really mattered. He died with 7 dollars in his checking account, but he was happy ��
1250/month and I'm done in 5 yrs...2 to go
I paid $58,500 for a new 2021 ZXR20 in 2021. I financed the whole thing.
