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Started By
Message
re: Boat Loan
Posted on 7/8/14 at 7:38 am to Ric Flair
Posted on 7/8/14 at 7:38 am to Ric Flair
quote:
It's not the $270, it's the $20k being sunk in to a 12 year old depreciating asset that scares most of us.
The return is the enjoyment for him and his family. I don't know if some of you just post what you think others want to hear or you really live like that but you should really have a little fun.
0
Posted on 7/8/14 at 7:42 am to Ric Flair
quote:
If he can pay off 8k in a year, then why does he have a credit card balance
The balance is only $355 for some materials for a fence I built two weeks ago and the only reason its on my cc is because I gave my dad my debit card to get lunch with while I ran to home depot. I dont run them up and hold a balance.
quote:
It's not the $270, it's the $20k being sunk in to a 12 year old depreciating asset that scares most of us
I know its a boat and at some point Murphy's law will take over. But I know the boat and know the owner and am confident Im not buying someones else headache. If my goal is to keep it a couple years and sell it for a nice price to buy a new boat, then I think I have done a good move. Its not like im trying to finance the entire thing. Just wanted to know how difficult it would be to get around 8k for the rest.
Posted on 7/8/14 at 7:44 am to 4WHLN
Posted on 7/8/14 at 7:48 am to Motorboat
quote:
Boat Loan
quote:
Motorboat
Expert here. Take his advice.
Posted on 7/8/14 at 7:50 am to slackster
I'd like to clarify that you're not going to garner much sympathy from the MB for a boat loan, and you pretty much killed whatever sympathy was available with the fact that you're buying a Donzi. 
Posted on 7/8/14 at 7:54 am to slackster
I don't even know what a Donzi is
Posted on 7/8/14 at 8:02 am to yellowfin
quote:
I don't even know what a Donzi is
He used to be a running back for my highschool. I think he played small college ball in Mississippi.
Posted on 7/8/14 at 9:28 am to BAMAisDIESEL09
quote:
Buying a boat will probably be the worst investment youll ever make.
I have two
But who the hell ever said buying a boat is an investment?
Posted on 7/8/14 at 10:07 am to 4WHLN
Dow Louisiana FCU is good if your boat falls into their guidelines, not 100% sure about that age and could depend on HP.
I would advise that you shouldn't expect a 12 year old performance boat in good shape to be similar to an outboard boat in good shape. It will likely be a money pit and an IO performance engine could grenade at any minute.
I don't see the big fuss with everyone advising against a boat, if you feel good about how it fits with your finances then cool, but just be warned spending a couple grand between boat and trailer maintenance over the next few years is very likely.
I would advise that you shouldn't expect a 12 year old performance boat in good shape to be similar to an outboard boat in good shape. It will likely be a money pit and an IO performance engine could grenade at any minute.
I don't see the big fuss with everyone advising against a boat, if you feel good about how it fits with your finances then cool, but just be warned spending a couple grand between boat and trailer maintenance over the next few years is very likely.
Posted on 7/8/14 at 10:56 am to tes fou
Agree with post above.
Your best bet is a local credit union. Not sure what type of LTV they will offer on a 12 year old boat.
Your best bet is a local credit union. Not sure what type of LTV they will offer on a 12 year old boat.
Posted on 7/8/14 at 11:33 am to tes fou
quote:
I don't see the big fuss with everyone advising against a boat,
because our economy crashed 5 years ago due primarily to irresponsible borrowing...many of the folks who couldn't repay their loans went whining to the gov't to get them out of trouble...
ETA: No offense to OP. I'm not suggesting you're personally and singularly responsible for the Great Recession.
just noting a possible reason why so many are so quick to rain on your parade....
This post was edited on 7/8/14 at 12:01 pm
Posted on 7/9/14 at 10:14 am to Ole War Skule
quote:
just noting a possible reason why so many are so quick to rain on your parade....
Well its his parade not mine, none of us have much info to know his risk of default or level of responsibility as a borrower.
The reality is buying a 12 year old performance boat is going to be a little tricky to finance depending on HP, and it will likely be unreliable and expensive to maintain in relation to the cost.
I always like to explain to people with boats, ownership cost is typically relative to cost when new. Especially when it comes to performance boats it will be several times as expensive to maintain as a comparably priced new boat.
Posted on 7/9/14 at 11:18 am to Ole War Skule
quote:
because our economy crashed 5 years ago due primarily to irresponsible borrowing...many of the folks who couldn't repay their loans went whining to the gov't to get them out of trouble...
govt repaid boat loans?
Posted on 7/9/14 at 4:35 pm to yellowfin
quote:
govt repaid boat loans?
Did I say anything about gov't repaid boat loans?
Posted on 7/10/14 at 6:34 am to Ole War Skule
Maybe you missed the thread title
Posted on 7/10/14 at 9:05 pm to yellowfin
Borrow against you savings, shouldn't pay more than 2% interest
Posted on 7/10/14 at 9:16 pm to thibtigerfan
DO NOT buy the boat unless you pay it in full with cash.
Posted on 7/11/14 at 2:58 pm to 4WHLN
Bust Out Another Thousand. Remember that phrase. I bought my first boat used and loved every second I was in it but boy did I sink some money into it.
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