Boat Loan

nchogberg · Post by **nchogberg** » Sat Sep 02, 2006 8:39 am

Hi Guys,

I'm getting ready to head down to Black Point marina and look at a '02 26x.

Where should I head for a loan, my bank or one of the advertised boat loan folks on the various web sites?

What terms can I expect, 8, 10 years?

thanx...
Nels

Captain Steve · Post by **Captain Steve** » Sat Sep 02, 2006 9:36 am

I got mine thru West Marine..or its affiliate. 10 year term, currently advertised at 6.99%

Night Sailor · Post by **Night Sailor** » Sat Sep 02, 2006 10:52 pm

check out your local credit unions. Although I paid cash for my boat when it was new, the last car I financed was with a credit union had had 4.5% on a new car, vs. 5.9 % at the lowest rate bank.

Lovekamp · Post by **Lovekamp** » Mon Sep 04, 2006 7:47 pm

My bank, an affiliate of a VERY small town bank, had the best rate when I bought mine. They treated it just like a car loan; I don't remember the exact details without going to the fire-safe for the documentation, but I think it was 5 years at 4.5%. The important thing is that it has to be a secured loan in order to have tax deductable interest as secondary residence. You might as well take advantage of every loophole the IRS allows!

HERNDON · Post by **HERNDON** » Mon Sep 04, 2006 8:13 pm

If you have a 401 K retirement program,
Check to see if you can borrow from it.
The interest you pay will be to yourself.
Verify this with your programs administrator.

The returns from the stock market have been
low up tlll people started pulling out of
real estate and re investing in the market.

Rob H.

kevperro · Post by **kevperro** » Mon Sep 04, 2006 9:10 pm

I'll be a party pooper. Don't borrow money to buy luxury items. If you cannot pay cash wait and save your money until you can.

Divecoz · Post by **Divecoz** » Mon Sep 04, 2006 10:43 pm

kevperro wrote:I'll be a party pooper. Don't borrow money to buy luxury items. If you cannot pay cash wait and save your money until you can.

I too must agree. Cash for all toys and summer homes unless you can leverage it.
Writing off interest is better than nothing but not much, sorry to say.

Rich Dad Poor Dad;
If you have to go to work everyday just to keep things that you have . . . . .Your a slave to your Things and Your Job
Never borrow money for things that go down in value.

deja_vu · Post by **deja_vu** » Mon Sep 04, 2006 11:01 pm

Aww, come on....he who dies with the most debt wins. Think of all those toys you got to play with that you didn't have to pay for.

Proudly, part of the "Me" generation.

Catigale · Post by **Catigale** » Tue Sep 05, 2006 4:05 am

MIddle ground...if you do borrow money for luxury items, dont get upside down on them...we had the cash, but financed Catigale plus options on a 5 year loan. At any time except maybe first year, we could have gotten out even.

10-15 year terms mean a lot of interest money.

Post by **Hamin' X** » Wed Sep 06, 2006 11:18 am

Write off the interest? Let's see: I give the bank $1,000, so I don't have to give $300 to Uncle Sam... ????? I never could get used to this new math.

Rich

ssichler · Post by **ssichler** » Wed Sep 06, 2006 11:39 am

HERNDON wrote:If you have a 401 K retirement program,
Check to see if you can borrow from it.
The interest you pay will be to yourself.
Verify this with your programs administrator.

The returns from the stock market have been
low up tlll people started pulling out of
real estate and re investing in the market.

Rob H.

Probably not a good idea because when you repay the loan it will be with after tax dollars and then when you finally withdraw for retirement you will be taxed again. In some cases if you leave the company before repaying this will considered a taxable distribution and you will be subject to early withdrawal penalties.

Catigale · Post by **Catigale** » Wed Sep 06, 2006 12:54 pm

Write off the interest? Let's see: I give the bank $1,000, so I don't have to give $300 to Uncle Sam... ????? I never could get used to this new math.

Rich

Amazing how many people dont get this....

LOUIS B HOLUB · Post by **LOUIS B HOLUB** » Thu Sep 07, 2006 8:50 am

kevperro wrote:I'll be a party pooper. Don't borrow money to buy luxury items. If you cannot pay cash wait and save your money until you can.

Sooo true.

Financing a big ticket luxury item is okay though, if one doesnt want to break a Certificate of Deposit and the CPA (admiral) approves

The "big mistake" is pulling out that plastic card for the luxury stuff...

Jim Cate · Post by **Jim Cate** » Thu Sep 07, 2006 9:18 am

kevperro wrote:I'll be a party pooper. Don't borrow money to buy luxury items. If you cannot pay cash wait and save your money until you can.

A Mac is a "luxury item"? - And all this time I thought it was a necessity.

Jim

Post by **kmclemore** » Thu Sep 07, 2006 6:23 pm

Jim Cate wrote:
kevperro wrote:I'll be a party pooper. Don't borrow money to buy luxury items. If you cannot pay cash wait and save your money until you can.
A Mac is a "luxury item"? - And all this time I thought it was a necessity.

Jim

I thought it was just a plastic hole where I dump money.

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