.
.
The Equal Credit Opportunity Act prohibits the consideration of an individual's Age as factor in making a credit decision. I'm not saying a bank wouldn't refuse to make a 30yr loan to a 70yr old, but they better come up with a different reason for their decision.Originally Posted by Hunna
I don't know a single person under 30yrs old pulling that kind of money except a couple in California and one in New York. Of course a 150k a year in California is near starving.
Nothing wrong with financing a boat for 15 yrs to have a low note if you hit a rough patch (health..etc). Just hammer it while things are good.
Double the note!
To the OP's question. Cost equals demand. People want these 80k dollar boats and buy them. So manufacturers keep the prices high and make the money. I personally think it ill hit a point, and the Bass boat bubble will bust. When it does, I will buy me another new boat.
Last edited by Cajunhunter67; 03-23-2019 at 04:20 AM.
2016 BassCat Pantera II
Mercury 200 ProXs
My blood boiled when I saw the ridiculous prices of the Vexus boats. Guy may have a tough time finding a 30yr loan on a boat.
2017 Phoenix 819
2016 200ProXS, s/n 2B359849, Mod 1200P73BD
This^^^^^^
My Dad always talked about a big garage. He loved mechanic work and could make anything work or simply make anything. He was 64 when I said "What are you waiting for, build the damn garage enjoy your money while you are still here you can't take it with you". Well he did and enjoyed every second of it. He simply loved being out there. Dad passed 2 years ago next week at 70. Building that garage was the best thing I had talked him into and who cares if nothing was left or we had to sell everything to pay the bank back. Having had a hard life he deserved to have some enjoyment in his latter years.
But a 30 year loan for a "middle class' family, blue or white collar, is scary. I know it can always be repo'd and some think the payment is gone, but not here in KY. Once the sell or auction of the item you are still on the hook for the balance after whatever they got for it.
I can spend a little extra now because kids are grown, house is paid for and we are doing alright. We tend to do extra in IRAs, .......well........and eating out :)
But 30 years on a boat, ouch!!
But, as field of dreams says, "Build it and they will come." when people stop paying the prices they will stop raising prices. Besides it's no skin of the manufacturers back. It's all in the banks. They make so much profit anyway. Some write offs from boat loans is probably needed.
"No one is useless in the world who lightens the burden of another" Charles Dickens
"Just because I do not agree with you does not mean I hate you or that I do not respect your opinion. We need to relearn that in our society."
2004 Ranger 521DVX
2004 Yamaha Vmax HPDI 250
What are those kids doing for a living?
Bank of the West does 15 and 20 year boats loans. Over $50,000 they will go 20 years. Not sure about 30 but it would not surprise me. I say go for it, if he dies before its paid off all they can do is come get it. Just like a credit card, if the wifes name isnt on the account they can not collect the money. They can only collect for who's name is on it. Yall do know the federal reserve is a scam and the money is not real. Its just useless paper. The FR was created to put countries in debt. Research who started the FR. Taxes were imposed on all of us illegally. So if you can get over on the gov or bankers go for it. Its not a loss for them, TRUST ME!
Oil/gas, self-employed, linemen, sales, athletes, & commercial construction would be the bulk
2014 920/SHO
Thats what i did, i just put a new 225 G2 on my 2000 ranger for 20k and i have a 10 warranty with that, im 55 so im good for a long time, until they pass e15 then we are all done if that goes through.
Really, why? Age discrimination is what that is called.
Choosing not to give someone in their 70s a 30 year loan is not discrimination imo it is just good sense.
As with the mortgage crisis, only in the eyes of politicians is it a good idea to loan someone money who might well have a problem paying it back.
"The man of system is apt to be very wise in his own conceit; and is often so enamored with the supposed beauty of his own ideal plan of government that he cannot suffer the smallest deviation from any part of it…He seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chessboard.” Adam Smith, The Theory of Moral Sentiments
I love the guys that defend the prices and then say that if you can't pay in cash then you can't afford it.
Reply With Quote