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Financing a boat.


Jeffro84

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My 2 cents: (probably really only worth 2 pesos)

If someone can afford to pay cash for the boat but choose to finance (boat loan or home equity) then that is one thing. However, if that person can only afford the boat by borrowing gobs of money that is likely overextending themself and maybe they should consider a used boat or saving (novel concept) until they can truly afford the boat. It pains me to see people living beyond their means... kind of like the USA.

The Outstanding Public Debt as of 26 Mar 2008 at 01:34:02 AM GMT is: $9,397,599,273,875.66

The estimated population of the United States is 303,689,821 so each citizen's share of this debt is $30,944.73.

The National Debt has continued to increase an average of

$1.64 billion per day since September 29, 2006.

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I suppose if I wanted to take it another step...I could take my $75K cash and spend it on a boat or take a loan for $75K at say 6.5% (equity line) or take my $75K put in a solid balanced fund earning an average return of 8.5%...pay the monthly loan, write off the interest on my taxes, and take the extra 2% and put it in my gas tank!!!!!!!! Just a though...

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Guys I'm not over-extended. A mortgage,boat and car payment are my only large obligations. I took a portion of the cash for a nice downpayment.The main reason for the refinance is a little better interest rate than I had and to totally finish the house.

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I went with US Bank through the selling dealer. They were better than anything else I could find. Even better than my credit union...

Eventually I rolled it into my credit line too...

Pat

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Guys I'm not over-extended.

Jeffro, the comments in this thread weren't directed at you nor were they about you. We have had this conversation every winter once cabin fever sets in. Yes.gif:lol: Just differing opinions on what is financially "reasonable"; which, by the way, is different for every persons situation and each persons risk and/or debt tolerance. Don't take it personally, no one was implying that you were foolish or over-extended. No.gif Cool? Thumbup.gif

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I already had a equity line sitting there when I got out boat. I've only used about half of it and I'm not itching to burn up the rest of it. I'd rather have the reserves for an emergency.

Just my $0.02

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Being a newbie I probably did take some posts wrong. I just know talking with my financial advisor about my intentions, he recommended the path I took. This site is awesome and I realize there are differing opinions on every topic.

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