25homes - 10/31/2018 12:27 PM
Muskie Gal - 10/18/2018 3:34 PM
25homes - 10/18/2018 12:17 PM
I really like my CU have couple loans through them but when I asked about a boat they treat like a car and only wanna do a loan for 4-5yrs which is usually fine but if your looking at a used 08-12 and gonna be $40k plus ID like little longer loan which I know lots of lender do extended financing on boats 10-15yrs
This is not a house, a boat is a toy. You have any idea how much interest you would pay over 15 years.
Yea that is told to you up front and considering I work with auto loans daily I know exactly what its gonna cost if you get 4% for 15 years cost you over 11k in interest based on buying 50k boat with 15k down which is about where I would be if I made a move...I wouldn't hold loan for 15 years gives you low payment in the $200s so I can pay xtra when I want but have low payment on a TOY!! To me No big deal ppl do it every day with cars just they do 6-7yr loans but then trade in at 3 yrs roll negative and have payments for 15 years strait no different ... I cant afford a 30k-40k boat on a 4 year loan let alone afford a 90k boat on a short term loan so 15 years no biggie can payoff early some of the banks will go 20 years plus on new Ranger boats..If you don't want a $1000-1500 a month boat payment your choice is older boat or extended financing.. I haven't done it yet paid 11k cash for last boat but would have no issue throwing down 15k on a 50k boat and financing 35k for 15 years can payoff early and 50k 620 gonna hold value well if you take care of!! Like the Old sane Goes....YOU GOTTA PAY TO PLAY!!!!
