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chrisallenhogs

How long did you finance your boat for?

How long did you finance your boat for?  

360 members have voted

  1. 1. How long did you finance your boat for?

    • No way on financing - 0 years
      149
    • 1-5 years
      55
    • 6-10 years
      41
    • 11-15 years
      96
    • 16-20 years +
      19


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chrisallenhogs

Maybe this has been done but there is always debate on how long to finance a boat for.

Edited by chrisallenhogs

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barefootpaul

I said No way. Personally I would never finance a "Toy". As a rule never anything that depreciates.

Then again a understand people who say "life is short, get what you want". If you are willing to pay in the long term to have fun now...

Never owe more on a boat than you can unload it for in a weeks time.

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mibarefooter

For me it is cash flow. If I can make more money on my money than what the bank is charging then I will finance.

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DIE2SURF

I voted No Financing. I only buy used boats, and only pay cash.

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dmer8282

They gave us the same rate for 10 or 15. We financed for 15 years just in case times got bad, but paid it off in 5. Pay over the min. payment as much as you can early in the loan and you will save big $$$$!

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Birm

Didnt finance the boat. Thinking about financing the fuel this summer! :unsure:

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MalibuNation

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BlastRlxi

I would be curious to know what percentage bought new vs. used. That would probably also factor in the decision to finance or not and the term of the loan.

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2thdoc01

I added mine on my refi of the house. I had 175k of equity in it, and refi made my payment increase 60 dollars per month. Building a new house next summer, so I will have a little less equity to cash out, but in effect it will be paid for....

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Helinut

Man if I had 175K of equity in my house.... It'd be payed for!!! :)

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2thdoc01
Man if I had 175K of equity in my house.... It'd be payed for!!! :)

LOL, I got lucky, we built at the right time in the right place! I did alot of manual labor myself, which saved cash, but not back aches!

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chrisallenhogs
Man if I had 175K of equity in my house.... It'd be payed for!!! :)

LOL, I got lucky, we built at the right time in the right place! I did alot of manual labor myself, which saved cash, but not back aches!

If I had $175k equity it would mean I had about 550 more sq feet with a paid off house.

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bigD

I had a large down payment and financed 5 years but paid off early.

For the last 10 years I've e had a separate fun money or "toy" account at a Credit Union that my employer direct deposits $500 into a month out of my check. If I can't afford to pay cash or pay something off in a couple of years with it I can't afford it. So I've paid cash for 3 dirt bikes,payments on a wave runner for 2yrs, payments on my last truck, a couple of Cabo trips when I was single and payed off the boat, a 70 Chevelle paid for half of the boat.

I've been putting that amount in my fun money account for so long I don't even miss it in my budget. One other thing that helps me is that the credit union is in another town and I don't have a credit card or ATM to access the money so I can't spend it easily.

The bad thing is that everything but the house is payed off so I bought some new wheels for my truck and was thinking about building a custom chopper or fixing up my 66 Chevy. Then my Wife made inquiries about this semi secret slush fund I was reminded that I was married now and that a chopper or any other unauthorized purchases would not be a good idea at this time :(

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68Slalom
I had a large down payment and financed 5 years but paid off early.

For the last 10 years I've e had a separate fun money or "toy" account at a Credit Union that my employer direct deposits $500 into a month out of my check. If I can't afford to pay cash or pay something off in a couple of years with it I can't afford it. So I've paid cash for 3 dirt bikes,payments on a wave runner for 2yrs, payments on my last truck, a couple of Cabo trips when I was single and payed off the boat, a 70 Chevelle paid for half of the boat.

I've been putting that amount in my fun money account for so long I don't even miss it in my budget. One other thing that helps me is that the credit union is in another town and I don't have a credit card or ATM to access the money so I can't spend it easily.

The bad thing is that everything but the house is payed off so I bought some new wheels for my truck and was thinking about building a custom chopper or fixing up my 66 Chevy. Then my Wife made inquiries about this semi secret slush fund I was reminded that I was married now and that a chopper or any other unauthorized purchases would not be a good idea at this time :(

Oh man, is that the way it works. That was my last fight with the purchase of my sport bike, but I still did it.

We put a hefty down payment on our boat and financed the rest for three years with the intention of paying it off in one year, that year has past and have another year to go at the rate we are paying now, that's ok. I would then find something else to spend the money on, but need to face the reality of a future savings account for my older age :) Just can't think about that right now Whistling.gif

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tomfish

as long as you are not upside down ever (which requires a decent down pmt initially) financing the boat for a long time 10-15 years is not a bad thing IMHO.

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jmadden

I'm in the don't finance the toys camp. As far as new vs used, I've had 2 new boats and 4 used boats since 99 and have been able to pay cash for them all. While the new boats depreciate a bit right off the bat, they hold their value fairly well when properly taken care of. I've had real good luck with the 2-5 year old used v-drives. I've been able to sell 3 of them for the same or more $ than I paid for them. I haven't had a boat I loved since the VLX I bought new in 04. Should kept that one. Cry.gif

I've also been very fortunate to be able to buy the 5th wheel, 2 ATV's, tons of boards, a sky ski, a sweet classic car, and put 3 kids through college without going the loan route. I've never had a problem justfying spending the $ for what we enjoyed doing as a family, I just didn't want to go into debt to do it with our short water season.

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auto

30 years, broke all the time

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Lakenut
as long as you are not upside down ever (which requires a decent down pmt initially) financing the boat for a long time 10-15 years is not a bad thing IMHO.

How so? Don't see many people who are still paying on thier 1993 malibu that they bought new.

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footnlongline
30 years, broke all the time

Is that even possible? Maybe the saying "everything is bigger in Texas" is true, including boat loans.

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auto
30 years, broke all the time

Is that even possible? Maybe the saying "everything is bigger in Texas" is true, including boat loans.

It was a joke. Biggrin.gif Simple ROI equation for me, is my capital making more money in the market, or should I write a check for the purchase price. One of the worst things that happened to my smooth water was the 15yr boat loans.

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Tahoe07

I believe in paying cash for my toys. I have had 4 boats 3 used and 1 new. I currently own a 2006 RLXI which I payed cash. Here in Wisconsin the season is to short and it would chap my a?? to make payments in the middle of the winter. To me if you cannot pay cash you should not own it. Everyone is different but it works for me.

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Pistol Pete

My saying..."Don't buy what you can't pay for"

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jayjoans
I voted No Financing. I only buy used boats, and only pay cash.

Plus1.gif

Let somebody else take the hit. There are great deals to be had, you just can't let the money burn a hole in your pocket. I've gotten to the point that the challenge of getting the very best deal on something I purchase is a tremendously enjoyable exercise.

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wakeup

We've bought used in the past and paid cash, and we bought new in 06 and paid cash. Even if a person finances, I still say have the cash and have it available to pay it off at anytime.

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mrothwell
We've bought used in the past and paid cash, and we bought new in 06 and paid cash. Even if a person finances, I still say have the cash and have it available to pay it off at anytime.

This is what I did this time. I paid a little over 50% of the out-the-door price in cash, but had the remaining amount available. The remaining amount is being used for investing, but I could get it out fast.

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