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loan rates


Ifinallygota21v

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For me just towing to the lake and filling the boat run about 200 a day.

Yikes! You need to live closer to the water.

I'd estimate, at worst, I drink 1 gallon on my 3-4 minute tow (each way) to the lake, though probably less than that. Let's call it $1.50 in gas right now.

Even if I was dead empty (never am) and filled all the way up, even @ $2.50/gallon for premium I'm into it for $87.50. I never use a full tank on a full day on the water. Even when gas was $4/gallon, I could never hit that amount. Guess having a lighter boat/narrower hull has its advantages! I probably average $30 - $40 a outing.

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Yikes! You need to live closer to the water.

LOL have you seen America, west of the mississippi? Living closer to the water isn't really an option for most of us.

I am hoping to reap the cheap gas dividend this summer too tho!

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anyone who really believes never finance a toy is a rule that applies %100 of the time is obviously an immortal and we need to capture them and find their secret to eternal life.

Everything in moderation. If you have a 10 year loan on a BMW, 10 year loan on a Escalade, 2nd mortgage on a house and a 20 year loan on a Malibu you're an idiot.

But at some point it's smart to understand that our time on this planet is limited and to plan accordingly. We have enough free cash to pay our boat loan maintain the boat and use it all summer long. We understand that our boat loan is slightly irresponsible so we make sure we are ultra responsible in other areas of our finances. Currently we pay minimums on the boat loan because i actually have student loans that have a higher interest rate! As those loans drop off money will get shifted to the boat loan and it will get paid off.

Am I really just supposed to wait till I'm 50 and my kids are grown till I buy a boat?

Nope.

Live life to the fullest

Be financially responsible.

Have an emergency fund

Make memories

Take pictures and video.

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LOL have you seen America, west of the mississippi? Living closer to the water isn't really an option for most of us.

I am hoping to reap the cheap gas dividend this summer too tho!

Sad I only get one like for this!

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Our credit union was 4.5% on our new boat. 3 year plan to pay off. 12 year loan incase everything goes to hell. My formula, keep the debt really low, 25% or less. Finance long term and pay off short. That goes for all loans. Protect your credit and investmets. Drink a Margarita and enjoy my new boat!

This! My last boat, I financed for 5 years, paid it off in 3. Will be trading that one in, will finance it for 10 or 15, which ever gives me a better rate, with a goal of paying it off in 4-5 years.

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Am I really just supposed to wait till I'm 50 and my kids are grown till I buy a boat?

Why do some many people use this as the excuse to buy a new, or nearly new, boat?

I'm sure your family wouldn't have had any fun on a 20 or 30k boat.

Edited by Nitrousbird
  • Like 1
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Anyway did the OP find a good loan rate? Local credit unions are always the best. One of my local ones, Atlanta Postal CU, has 1.95% for up to 83 months. Georgia's Own does 3.99 for 120 months and 4.5 for 180. Lightstream has them for 2.99%.

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Why do some many people use this as the excuse to buy a new, or nearly new, boat?

I'm sure your family wouldn't have had any fun on a 20 or 30k boat.

That's what we were originally looking at but 30k boats were old and the loan payments were a lot more because you can't get as long of a term on a boat older than 5 years.

higher monthly payments plus the higher cost of ownership on a older boat seemed like a bad idea.

Bought nearly new loaded boat for about 15k more then the 10 year old boats we were originally looking at.

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That's what we were originally looking at but 30k boats were old and the loan payments were a lot more because you can't get as long of a term on a boat older than 5 years.

higher monthly payments plus the higher cost of ownership on a older boat seemed like a bad idea.

Bought nearly new loaded boat for about 15k more then the 10 year old boats we were originally looking at.

This is kinda what happened to me. I was looking for a 30-40k boat because I wanted to pay cash. I ended up finding out that if I spent 45 i could get the newer hull. If I spent 48 I could get the new tower. If I spent 50 I could get the newer (current at the time) electronics. I found an almost new one for 55 and ended up buying new for 60 and getting exactly what I wanted with a warranty (that I used a lot the first two years). I ended up financing half at a low rate and long term. I figure the interest paid is part of the price I needed to pay in order to have NO regrets on my purchase. I would have not been happy with myself if I bought an 07 or 08 and not been 100% happy with it, only to sell it and upgrade. In California, I pay 8% sales tax so that would have been an expense similar to what I will pay in interest on my loan if paid off as planned. So far I have no regrets and I have justified it to myself which is all that matters.

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Why do some many people use this as the excuse to buy a new, or nearly new, boat?

I'm sure your family wouldn't have had any fun on a 20 or 30k boat.

Why do you seem to care so much about people who disagree with you? Your opinion is far from the holier than though you are putting off here. You made a choice to have an older boat that is paid for, others are making choices to have a pyt & a new boat. Jealous bro? Your s***ty comment back a few pages to me about my family, suck it bruh. My $330.00 a month pyt on a new boat will hardly jeopardize my family. If you get something terminal in your early 50's I doubt your thoughts will be about how glad you are to have a boat paid off.

Edited by racer808
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Why do some many people use this as the excuse to buy a new, or nearly new, boat?

I'm sure your family wouldn't have had any fun on a 20 or 30k boat.

Not that I feel the need to justify my new boat, but rather help answer your question.

I am consider the cheap 1 of the family, therefore a 20-30k boat was looked at as an option. We owned a 95 Sunsetter, and I'd buy a used 1 in a heartbeat. Everybody on our lake is surfing. Therefore we decided we wanted a boat to surf. Having a maintenance free boat,easy to control ballast, ect was the goal. Obviously, older Bu's can be great surf boats. Just saw a newer one as easier to use. Up goes the budget to a used 13, maybe 14 with surf gate. Now, I totally expect to spend 50-60k. The dealer had some very low hour vtx's and a 20 mxz. I brought my wife with me. That was a big mistake. "Honey, the family would fit a lot better in this 1". The dealer gave me a crazy price on a 15 23lsv. It's the perfect boat for us. The important question for us was, can we afford the boat. We don't believe in, can we afford the payment. Super excited for summer!!!

Hope our journey helps answer your question.

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ahopkins22LSV

Not that I feel the need to justify my new boat, but rather help answer your question.

I am consider the cheap 1 of the family, therefore a 20-30k boat was looked at as an option. We owned a 95 Sunsetter, and I'd buy a used 1 in a heartbeat. Everybody on our lake is surfing. Therefore we decided we wanted a boat to surf. Having a maintenance free boat,easy to control ballast, ect was the goal. Obviously, older Bu's can be great surf boats. Just saw a newer one as easier to use. Up goes the budget to a used 13, maybe 14 with surf gate. Now, I totally expect to spend 50-60k. The dealer had some very low hour vtx's and a 20 mxz. I brought my wife with me. That was a big mistake. "Honey, the family would fit a lot better in this 1". The dealer gave me a crazy price on a 15 23lsv. It's the perfect boat for us. The important question for us was, can we afford the boat. We don't believe in, can we afford the payment. Super excited for summer!!!

Hope our journey helps answer your question.

Not to hijack, but what lake in WL are you going to be using that nice new LSV on? :biggrin:

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That's what we were originally looking at but 30k boats were old and the loan payments were a lot more because you can't get as long of a term on a boat older than 5 years.

higher monthly payments plus the higher cost of ownership on a older boat seemed like a bad idea.

Bought nearly new loaded boat for about 15k more then the 10 year old boats we were originally looking at.

My dad tried selling an old runabout last year and the 2 families who were interested said that because it was more than 10 years old, banks wouldnt even give them a loan. They ended up spending 4 times as much to buy new because it was the only way they could find a decent boat with a loan. I wonder why banks are so hesitant to give loans on older boats.

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This is kinda what happened to me. I was looking for a 30-40k boat because I wanted to pay cash. I ended up finding out that if I spent 45 i could get the newer hull. If I spent 48 I could get the new tower. If I spent 50 I could get the newer (current at the time) electronics. I found an almost new one for 55 and ended up buying new for 60 and getting exactly what I wanted with a warranty (that I used a lot the first two years). I ended up financing half at a low rate and long term. I figure the interest paid is part of the price I needed to pay in order to have NO regrets on my purchase. I would have not been happy with myself if I bought an 07 or 08 and not been 100% happy with it, only to sell it and upgrade. In California, I pay 8% sales tax so that would have been an expense similar to what I will pay in interest on my loan if paid off as planned. So far I have no regrets and I have justified it to myself which is all that matters.

Brian, you need to save some money and move to placer county - 7.5% sales tax! :)

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There are so many different methods of madness for purchasing cars, boats, etc these days. I would never knock anyone for purchasing a boat or a toy to bring family and friends together.

What shocks me is how many people really have no retirement plan in place. Debt free is a must for us to stay on plan for our target age, a wealth advisor has been a huge help for us, we have been with same planner for over 20 years now. I dunno, guess I am being optimistic I am going to live for a few more years. I don't want myself or my wife to work past 55 I might stop at 50 depending on how my body is holding up. Anyone else here have any retirement plans? I don't see myself not working at all but definitely not in my current profession. After I depart from my current profession I could see some part time work at my local boat shop in my future someday. World traveling with my wife, enjoying my grandkids, so many other things I want to do in my life than having to goto work. Hey, maybe I will wash cars for Brian at the Acura dealer :lol:

Edited by Fman
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Not to hijack, but what lake in WL are you going to be using that nice new LSV on? :biggrin:

White Lake in White Lake. Thank you Joe from Skiers Pier!!!

Hey Ahopkins, what lake are you on?

Edited by gdmatson
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Most people don't need it, but the longer term loans usually carry a much lower interest rate.

You've got that backwards. The rates typically go up with the term, and it doesn't matter wither it is mortgage, car loan, boat loan, student loan, or other secured debt. And fixed rates are higher than adjustables. I would use the term "always," but I don't want to go down the absolute path - I will say that I've never seen, nor heard of it. But the longer the term, the more exposed lending institutions are to rate changes (since they can't refinance the way consumers can). Therefore, the longer term the loan, the higher the rate.

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You've got that backwards. The rates typically go up with the term, and it doesn't matter wither it is mortgage, car loan, boat loan, student loan, or other secured debt. And fixed rates are higher than adjustables. I would use the term "always," but I don't want to go down the absolute path - I will say that I've never seen, nor heard of it. But the longer the term, the more exposed lending institutions are to rate changes (since they can't refinance the way consumers can). Therefore, the longer term the loan, the higher the rate.

I have found car loans do go up with term, but boat gets a lot better with longer terms.

post-16917-0-84563700-1453833159_thumb.j

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I have found car loans do go up with term, but boat gets a lot better with longer terms.

That's insane. They are competitive at 180 months, but about 2.5X higher than the going rate for the shorter term loans. This is more typical of what I see:

post-29203-0-18201400-1453834095_thumb.j

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