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Posts: 199
| 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!!!!
Amortization? |
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Posts: 983
| Muskie Gal - 10/31/2018 12:46 PM
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!!!!
Amortization?
pretty much just like situation I am in now spent 11k on boat that's not the boat I want. Luckily its a Ranger I can get my money back and some which is nice and now I want to upgrade because I didn't do it right the first time trying to save money. Dumped thousands into the boat with electronics, rails, holders, trolling motors, etc and not gonna take off when I sell. Should have just put the 11k down and financed 35k but lesson learned. I will sell in next yr or two and upgrade to a 620 and finance it for 10-15yrs and payoff early. If I would have bought a 2008-2012 620 to start I could be investing in the boat like I did on one im gonna sell and had a boat for the next 20 years and would still be worth solid money in 20 years. Ever see what a 15yr old 620 brings normally around 25k++ |
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Posts: 2
| I recommend looking into credit unions or community banks. These institutions are often smaller, community-based organizations that prioritize the needs of their members. They may offer lower interest rates on loans and higher interest rates on savings accounts compared to larger banks. Another option is to work with a financial planning company, they can help you make the best decision. As a physician, I have personally found working with a financial planner from thefinitygroup.com to be extremely beneficial. They helped me to make smart financial decisions, and to understand the best options for my investment and lending needs.
Edited by FrancescaHarris 1/24/2023 5:14 AM
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Posts: 1667
| For what a aspirin costs I didn't think Doc's needed to finance anything. |
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Posts: 309
Location: Selkirk, Manitoba | Lots of financing advice here - do factor in the implications of the cost of boat / loan length and amount owed at various intervals in relation to insurance for the boat (replacement vs agreed/actual cash value). Obviously you will want to insure so that you cover the loan if it is totaled, or be able to manage the difference = do not pay more than it's worth. You will want to also insure any new electronics, trolling motors, etc at replacement cost (covered in same policy or home policy).
Edited by Angling Oracle 1/29/2023 12:48 PM
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