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WakeWorld Discussion Board » >> Boats, Accessories & Tow Vehicles Archive » Archive through January 14, 2005 » Boat Payments « Previous Next »
By sid7 (sid7) on Tuesday, October 26, 2004 - 3:45 pm:    Edit Post Delete Post
I am hopefully getting a new boat before too long and I was wondering what everyone's boat payment is, how many years financed, and what kind of boat. Just for my own good really cause I am having a problem knowing that boat payment will go up! :-)
 
By Mike (mikeski) on Tuesday, October 26, 2004 - 4:18 pm:    Edit Post Delete Post
Just search the internet for a loan payment calculator.

If you finance $40k for 10 years at 5% apr your payment will be $425/mo. Put at least 20% down or you will be upside down for the first 3 years.

 
By good day for boating (ccraftskierfan) on Tuesday, October 26, 2004 - 5:15 pm:    Edit Post Delete Post
Most boat loan payments are calculated using simple interest. The interest paid is calculated using the unpaid balance and how many days between payments. Best to add extra to your payments to bring the interest payments down, while lowering the principal amount.
 
By mike (clubmyke) on Tuesday, October 26, 2004 - 7:39 pm:    Edit Post Delete Post
i would shoot for the 15 year loan and try to pay it off early... the rates for under $50k is 5 7/8 % and 5.5% for over $50k financed.
 
By JT (aidan) on Tuesday, October 26, 2004 - 9:48 pm:    Edit Post Delete Post
Why 20 % down.........Money is cheap right now. Get loan for the max and invest the rest of your cash into something, you should earn more than 5%...You wont be upside down if your smart don't get all the junk you don't need......we have 03 VLX , perfect pass........what else you need. I owe $41,300 on boat and feel I could sell for what I owe.........Oh and the money I invested made me 4K so far this year.
 
By Rod McInnis (rodmcinnis) on Tuesday, October 26, 2004 - 10:27 pm:    Edit Post Delete Post
If you get a loan I highly recommend that you make sure that it is a simple interest loan. What you really want to avoid is a loan that is based on "the rule of 72" or similar jargon. These loans are designed to make you pay all the interest early and make little or no payments on the princple until after you have paid all the interest.

It works out the same IF you continue paying for the entire term of the loan, but you really get a raw deal if you want to pay the loan off early.

I would be surprised if you could get a boat loan with less than 20 down. Most financial institutions don't like having more money out on something that it is worth, and a boat depreciates a lot in the first year or two. Banks are more likely to loan 90% or even 95% on a house because in most areas the property values increase and it is really hard to destroy the land!


 
By don hunter (hundo) on Tuesday, October 26, 2004 - 10:42 pm:    Edit Post Delete Post
If you have great credit you can choose your own structure. Your debt ratio must not exceed 40% with Bank of the west and if your over 700 score you are an automatic approval with no stips. At least put down your taxes and fees, JT is right why put so much down.
 
By Justin Rudd (jrudd) on Wednesday, October 27, 2004 - 1:15 am:    Edit Post Delete Post
Good credit will get you zero down on a boat loan. You could likely even get 110% if you needed it.
 
By mike (clubmyke) on Wednesday, October 27, 2004 - 2:00 am:    Edit Post Delete Post
justin is right.... i was offered that.... all i put down was 5% and i got 5.5 % for 15 years....
 
By Paul (psudy) on Wednesday, October 27, 2004 - 7:02 am:    Edit Post Delete Post
don't forget that if you get a boat with a toilet in it, you can write off the interest on your taxes.
 
By Big Dog (air_sv211) on Wednesday, October 27, 2004 - 7:18 am:    Edit Post Delete Post
Will a five gallon bucket count as a toilet? (LOL)
 
By sid7 (sid7) on Wednesday, October 27, 2004 - 7:26 am:    Edit Post Delete Post
I was just inquiring about everyone's payments, so I wouldnt feel so bad about mine. I know how all process works, I was taking a poll
 
By Paul (psudy) on Wednesday, October 27, 2004 - 8:12 am:    Edit Post Delete Post
Maybe if you drill it into the floor, then just run a hose to your ballast tanks so you can quickly dump it:-)
 
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