Do you own your boat outright or still owe?

[Junk Fisherman]

Just broke down and bought my new boat. $75k loan for 15 years at 15% interest. Heck of a deal!! I'll only pay $180k for it when it's said a done!!!

Just kidding but seeing the folks ridicule others for not paying cash does get old. Thankfully, not everyone is condescending about it, and are truly trying to help folks avoid financial hardship down the road I've been looking at boats and pricing for several years now. Just can't make myself spend the money...by the time I do break down and purchase, I'll know everything there is to know about nearly every dang boat on the market

The ridicule comes with guys making very poor financial decisions when they should exercise restraint and get their finances in order. For me at least, I will not criticize a fella for a taking out a small loan to get out on the water. But a 20K-30K loan financed for 10 years when a guy should be getting his finances in order is what gets rightfully chastised. Granted, there are a lot of variables that come into play but we all know guys who buy boats they really can't afford.

[Bellville_Tx_Fisher]

The ridicule comes with guys making very poor financial decisions when they should exercise restraint and get their finances in order. For me at least, I will not criticize a fella for a taking out a small loan to get out on the water. But a 20K-30K loan financed for 10 years when a guy should be getting his finances in order is what gets rightfully chastised. Granted, there are a lot of variables that come into play but we all know guys who buy boats they really can't afford.

It isn't just boats. It's cars, trucks, houses, clothes, tackle, food...the problem isn't guys who buy boats they can't afford. It's people not being responsible with anything. I drive a 10+ year old truck with just under 200k miles on it. I'm constantly getting asked "when are you gonna get a new truck?"...my answer is "when I can find one that I can afford that isn't just stupid expensive"

same thing goes for a boat...I may buy brand new, but I highly doubt it. I'd rather someone else take the depreciation hit. But I won't ridicule anyone for their choices. I don't know what other folks financial situations are. They may be complete morons and irresponsible. But you won't hear me say "if you can't pay cash for it, you shouldn't buy it", even tho it was 10 years between my last financed anything before we started looking for a house. It bit me on the butt when I asked about loans, and I had to break down and get a CC so that I could work on establishing a credit score. Granted, I don't necessarily regret living 10 years debt free. But I did have to jump through hoops last year to get a credit rating.

I'm just saying that mentioning to someone that the shouldn't don't over extend, is a little more polite than the borderline name calling that I've seen in the past

[chsapeak]

I put a deposit down and took a loan out for the balance $200/month. Don't even consider it a payment.

[soloman]

I owe on mine could have paid cash but I didn't want to tank my savings so I put 5000 down and financed the rest at less than 5% interest "used boat". I also pay as much as I comfortably can monthly only have to pay 200 but usually ends up around 400.

[tjsellsfords]

True!

In spite of all the joking, for about 90% of situations it's financially crazy to borrow for most anything that depreciates, especially toys like boats. But low current interest rates make it much less crazy than it used to be.

Some people have the discipline to pay off quickly. Some have financial issues like divorce that they know are going to clear up. Nothing wrong with spending a little extra money so you can have fun sooner, but if you have a truck payment, a boat payment and a bike payment, you are selling your future for toys today.

[tjsellsfords]

Own

[like2fish2]

Own my Ranger...love it.

[JimDee]

Own.

[TheBassmaster]

Own

[crwood]

owned exactly one year after the build date

[DanB_Z21]

5 year loan on 2005 Ranger z21 with a Yamaha 250 HPDI,,, it will be paid of in a couple of months though :)

[Flex]

Own

[Boostr]

Owe on a used stratos. 5.4% 5 year rec loan with sub $200 monthlies, and I can pay it off early with no penalty. Can't even feel the payment. It also helps if you have money in the bank that can cover the loan if something happens.

[Newt]

I own both of mine.

Skeeter TZX 200, 2005
Xpress 17' w/ jet 2003

But, I owe my wife for letting me own two.

[Newt]

I own both of mine.

Skeeter TZX 200, 2005
Xpress 17' w/ jet 2003

But, I owe my wife for letting me own two.

[mtnman1085]

OWN IT!!!!

2001 Tritn TR-186
Mercury 150

[Fishysam]

The way I see it is boats are going up about 1500 a year and over the course of my 10 year loan I'm paying a total of 9000 in interest if I don't pay extra so 15000-9000=6000 ahead vs just saving and paying cash.

[dirtseller]

Own

[woppercatcher]

If you make payments long enough you will own. I bought mine new, financed for 5 years and paid off in 3. When I get ready to buy another one will do the same thing

[Dubee]

Own. 2001 tr21 bought new. Financed 15yrs, paid off in 6