re: Boat Loans

quote:

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Boats are expensive enough, the last thing you need to add on is interest expense. If you can't pay cash for it, don't buy it.

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Definitely heard that. Long story short here is I'm trying to help myself and a friend out. He and his wife are getting a divorce , and she's got the rights to the boat (she currently works as a civilian contrator in Iraq with no plans on coming home anytime soon to deal with the "boat situation"). I'm trying to buy it up front from her so we can keep it in our group of friends. We plan to pay the loan off quickly over the course of a year, assuming we can get a loan without an early pay off penalty, to minimize any interest payments.