Re: Buying a boat... Tips on getting a loan???
"How do people buy boats when the seller (private or marina) sell the boats for above market value? I dont have 10K to put down on a 30K boat."
"BTW, I have the money to buy the boat cash. But I would like to keep some of that money, because I am looking at putting 25-35% down on a house."
You are contradicting yourself, go back and read your posts, If you could buy the boat with cash then do that, any financial advisor will tell you that. You are going to have a much easier time getting a home loan with a better interest rate on a house vs a boat. That will save you tons of dough. Financing a 30K boat at 7% interest will cost you around 42K over 5 years. and in five years that boat will be worth around 12-15K. A house on the other hand will hold value. You asked a financial question and I offered my opinion. And I stand by my contention that this is symptomatic of our society and its financial problems. Everyone thinks the deserve a 4000 square foot house and two new Escalades and a 30K go fast boat. Not saying that's you but I see a lot of it, and it is all built on a house of cards.
I have the money.... let me rephrase... "I dont want to put 10K down on a 30K boat" is that better?
I am sure the loan will be paid off before the term is reached. Like stated above, I will be paying a 45K truck off a year and half early, and that was with NOTHING down.
Again, the money is not the object. I dont want to eat up 30K now to buy a boat just incase I see a house I might want, I dont need to use all summer to make up the 30K. I am cool with 5-8K down, can I put 10K down, sure, do I really want to? No, especially considering that I am going to pay it off early, so I will miss alot of the interest on the boat as well. What is it going to make a difference in the payment? 30 bucks maybe??
BTW, on a joking level, you would never see me in a Escalade... and I would be very content with a poll barn on lake access... lol... and a 30K boat isnt anything. A brand new apache or cig. is a boat, and I am not looking to get one of those anytime soon, thats way too much boat, and way too much money, maybe maybe I could afford the payment, but I dont think it would leave the driveway, I wouldnt be able to afford to put gas in it, and that would be if I stayed at home with mom.... lol
again I understand where you are coming from, I am pretty knowledgeable with my money, I dont spend more than I can afford, and I save quite a bit. I don't just blow it to blow it, and if I lost my job as a mechanic, I make more than enough landscaping to pay the bills and have fun. If anything I would just expand my company more.
