Do you own your boat outright or still owe?

[bassassin]

Just curious as there is always the running joke on here of "I always pay in hard cold cash" lol. Do you own your boat with zero payments for financing at this time?

Even if you only owe a few months payments - respond as "owe" (to make it simple). Or "own" if you truly do.

Me personally: Own

[Thermodude]

Own

[Wild Heethen]

OWN. From day one.

[Tom G.]

OWN. From day one.

[Cajun Skeeter]

OWN. From day one.

Ditto

[21XDC]

I own my old beater.... I paid 1/2 cash and took 10 years to pay the rest.

[Triton19x2]

own

[Bob G.]

I own my old beater.... I paid 1/2 cash and took 10 years to pay the rest.

Beater Bullet!!

I paid in full when I bought my boat used. 1/2 cash that I had from savings and 1/2 from HELOC. Sold previous boat in one week (no loan) and put proceeds towards HELOC. Paid remainder of HELOC in 4 months.

[roosevelt tom]

2001 Gambler own

[edwonbass]

1994 Tin rig. Still making payments if dumping money into it counts.

[Crankinstick]

Own wrote a check BBC tradition.

[John Jackson]

2004 Stroker and I own it.
Will be my last boat.

[dartag1829]

Paid cash for my 2002 Ranger in 2004. Sold a Mastercraft ski boat when I quit skiing. Treat it like a baby and it looks better than a lot of 5 year old boats. The Ranger quality back then rivaled Mastercraft boats. I cringe when I see todays 70k boats sitting without covers, dirty and scratched. Guess people today have a lot more money than I do.

[CatFan]

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.

[Bob G.]

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.

I would have a hard time making payments on a boat that sits not being used about 6 months of the year. I don't have a problem with a mortgage and truck payment as I use them every day.

[Steve Stephens]

I fished out of a handed down boat from my grandfather till I saved hard for 7 years and saved 24,000 and paid cash for my 04 Basscat cougar.

[bpy]

Although this has nothing to do with the bass boat world, many people with any sort of 'cabin style' boats will borrow and finance their boat loan. The reason being is that any boat (or RV) with a head and galley can qualify for interest deductions because the boat can be written off as a second home. So with that in mind, you borrow at 4.5%, write off the interest, and keep your money in the market and get.....maybe 7.5%?
With that thought process, it doesn't make sense to tie up so much money in to a depreciating asset. Most lenders will require 20% down but depending on the age and brand of the boat, will stretch the terms out 10 years or beyond.

Bass boat, I own.
Offshore boat......making payments and staying ahead of depreciation. That way I won't have to bring a check to the closing when I sell (trade!).

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.

[The Bass Junkie]

Although this has nothing to do with the bass boat world, many people with any sort of 'cabin style' boats will borrow and finance their boat loan. The reason being is that any boat (or RV) with a head and galley can qualify for interest deductions because the boat can be written off as a second home. So with that in mind, you borrow at 4.5%, write off the interest, and keep your money in the market and get.....maybe 7.5%?
With that thought process, it doesn't make sense to tie up so much money in to a depreciating asset. Most lenders will require 20% down but depending on the age and brand of the boat, will stretch the terms out 10 years or beyond.
.

We borrowed when we bought our "new to us" cabin cruiser last year. I put 25% down, and I use it as a "second home" and I do stay there when i work in austin. Funny thing is our "minimum payment" is less than it costs us to dock it. Our last boat was paid for, we sold it and paid off some student debt etc. I hope to have this one paid off within 2 years, even though the note was for much longer. Large boat financing is great when you can use it to your advantage.

[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