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Message Subject: Financing a New Boat?

MJB_04

Posted 6/5/2003 12:17 PM (#72367)
Subject: Financing a New Boat?

Posts: 346

For a 5 year plan for a new boat, interest is 3.9 at a Credit Union. Does anyone have anything better?

mavmskyb8

Posted 6/5/2003 12:20 PM (#72369 - in reply to #72367)
Subject: RE: Financing a New Boat?

Posts: 260

Location: Kentucky

Not a bad idea to look into a home equity line of credit. Low rates and no set monthly payment. Good luck!

dpratt

Posted 6/5/2003 1:09 PM (#72377 - in reply to #72367)
Subject: RE: Financing a New Boat?

Location: Woodstock, IL

I don't think you'll be able to beat that deal, even with a home equity plan.

I thought I had a good deal at 6.9%.

mavmskyb8

Posted 6/5/2003 2:26 PM (#72378 - in reply to #72367)
Subject: RE: Financing a New Boat?

Posts: 260

Location: Kentucky

interest is tax deductable on a home equity line!!

MeHabeeb

Posted 6/5/2003 2:40 PM (#72379 - in reply to #72367)
Subject: RE: Financing a New Boat?

Posts: 492

Location: Lindenhurst, Illinois

Interest on a HE Loan is tax deductible but make sure you don't go with the Home Equity just because it is deductible. The benefit is only equal to your effective tax rate so if you pay 15% tax you save 15 cents for every dollar of interest paid. If the rate you can get vs. the home equity rate is less and covers that 15 cent differential you would be better off with the conventional loan.

Edited by MeHabeeb 6/5/2003 2:42 PM

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