Boat Financing

[spikeitaudi]

Re: Boat Financing

Glad I could help a fellow Iboater and New Jerseyian.

 

[Summer Fun]

Re: Boat Financing

Matt, That link shows no boat.
Congrats on the new toy & have a SAFE summer with her !!!

 

[bchandler02]

Re: Boat Financing

isnt that for military only?

Anyone can join if you join the military family assoication (or something similar - dont remember the exact name.. its about 20 bucks if i remember right).

I did finally find a CU that came through for me, my old one from when I lived in Texas. They offered me 7.1 on up to 12 years and had no problem approving me for that. Now I just have to find the perfect boat.. found a few that were close but not exactly what I want.

Not sure if anyone could qualify.. but I know they do business in TX and CO.. the CU i used is Security Service (www.ssfcu.org)

 

[ovrrdrive]

Re: Boat Financing

Besides a mortgage I'd stay clear of taking in this kind of debt. Cars sometimes require payments; however, buying a boat under payments can be quite detrimental in the long-term picture.

If you can find a 36 month loan with a boat that has a 3 year warranty, then I'd say enjoy the loan.

I don't think people should finance houses either. By the end of the term you pay 3 to 4 times the cost of the house in interest and that just doesn't make good financial sense to me. When we bought the mansion last year we just dug out a few coins from the couch and sold off a few bails of cocaine we had that we were using as coffee tables and just paid cash for the house.

Some people (including myself) have no problem financing their toys. Yes you pay more for it but it doesn't make sense to me to save for 10 years to buy the boat you want just to pay cash for it. I buy my boats new and keep them for 5 years and then dump them and step up. The interest is all that it costs me to enjoy a nice boat.

To each their own. The OP asked for the best place to finance a boat, not whether or not he should do it.

 

[dingbat]

Re: Boat Financing

I don't think people should finance houses either. By the end of the term you pay 3 to 4 times the cost of the house in interest and that just doesn't make good financial sense to me. When we bought the mansion last year we just dug out a few coins from the couch and sold off a few bails of cocaine we had that we were using as coffee tables and just paid cash for the house.

Some people (including myself) have no problem financing their toys. Yes you pay more for it but it doesn't make sense to me to save for 10 years to buy the boat you want just to pay cash for it. I buy my boats new and keep them for 5 years and then dump them and step up. The interest is all that it costs me to enjoy a nice boat.

I could not agree more. The only reason you should not finance something is if you cannot afford it in the first place.

I finish paying off my boat next month. On average, it cost me $50 a month in finance charges. In the scheme of things, $50 a month is dirt and I enjoyed the boat 5 years earlier than I would have if I saved for it.