What would you do?

[OG SmashSauce]

2 minutes ago, 813basstard said:

1. You’ll never be happy when you settle.

2. Find a women with money.

lol ya, no I get.  

 

If I could find a woman that had money and allowed me to do the things/hobbies I want to do I would get one lol

[Mobasser]

Like others have said, I would not finance your boat with a credit card.

[Junger]

5 minutes ago, OG SmashSauce said:

 

the interest rate for me would be 9.99% on the boat usin my cabelas credit card. 

 

 

 

But that's on an open line of credit, and it's not a fixed term. If you don't make monthly payments enough to pay down the total accrued balance, you'll end up paying interest on the capitalized interest. Basically if you ran into some kind of hardship and can't make payments, that debt will just keep accruing interest on itself and you'll be in a big deep hole.

[BrianMDTX]

?You can’t always get what you want, but if you try sometimes, well, you just might find, you get what you need?

 

And what you don’t need is staggering credit card debt! 

[OG SmashSauce]

5 minutes ago, Junger said:

 

But that's on an open line of credit, and it's not a fixed term. If you don't make monthly payments enough to pay down the total accrued balance, you'll end up paying interest on the capitalized interest. Basically if you ran into some kind of hardship and can't make payments, that debt will just keep accruing interest on itself and you'll be in a big deep hole.

ahhhh ok copy that! tyty

[Catt]

 

Again a dumb Cajun's opinion 

 

If you purchased the boat with credit cards how much would that note be?

 

That shows you can afford to pay off existing debts. I wouldn't use that whole amount but at least 50-75% of it.

[Deleted account]

10 minutes ago, Junger said:

and you'll be in a big deep hole.

 

You are the expert, but I would say he is already in a big hole....

[Cbump]

10 hours ago, OG SmashSauce said:

Hey guys,

 

Thought it would be fun to explain my situation and WHAT WOULD YOU DO? if you were in my situation.

 

So....currently I have $500 down to order a 2023 Bass tracker classic XL (black/50HP/boat cover). The total is coming out to $18,382. I am PLANNING on just purchasing it with credit cards because my debt/income ratio is too high due to student loans so I am 90% sure I cant finance it.... but I am not in money trouble what so ever.  I can change my mind when the boat comes in and get my money back, no big deal.

 

My dilemma is...I REALLLY want a Ranger 198P but is way out of my current budget. But it is the boat I truly want. So, I am not sure...I am no finance/money guru....lol

 

Should I wait to someday possibly get the boat I want? 

Should I settle for the classic? because honestly it would be settling.

Should I maybe look for another boat completely? a used one maybe?

 

What would you do?

 

Would love to see some different opinions!

 

 

Man I have zero problem with anyone financing a boat if that’s what they want to do but there’s no way in hell I’d put It on a credit card. Even worse, multiple credit cards like It sounds like you would do. That’s a terrible idea. Don’t do It. 

[Functional]

As someone who paid off their student loans well before my wife/sister/BIL, I can say life is MUCH less stressful without that looming over you. I paid mine off quick but had I known what I know now I would have paid it off even faster. 

 

I agree with everyone, a kayak, canoe, john boat will serve you great until that student loan is paid off. And if the ranger is what you are really gunning for wait until you are in a position to buy it. If you determine that will take you quite a few years and need something more than a kayak/canoe DEFINITELY dont buy a temporary boat new, youll be out money you could have used towards the ranger. A used boat youll loose little to no money when you go to sell it if kept well. 

[slonezp]

57 minutes ago, OG SmashSauce said:

 

the interest rate for me would be 9.99% on the boat usin my cabelas credit card. 

 

 

You have $18K in open credit on a Cabelas card? How can you not qualify for a secured loan from a bank?

[AlabamaSpothunter]

1 hour ago, Junger said:

Buy a used kayak with that $500, pay down your debt and live within your means. Save a little more and then buy a used boat for $5,000 and keep saving. Then buy your first new boat once you understand how to manage your finances.

Sir, this is an American drivethrough, you can't order fiscal reasonability here ?

[volzfan59]

4 hours ago, Ski said:

Do NOT use credit cards!

Do NOT settle for something you really do not want!

Keep saving!

Just my two cents.

 

Excellent advice right there. While I personally love Tracker Boats, if it's not what you want you'll always regret the purchase. Best thing that you can do with your credit card's is to cut them up and pay them off.

[Junger]

1 hour ago, Deleted account said:

 

You are the expert, but I would say he is already in a big hole....

 

Maybe, maybe not. Depends on the composition of the OP's school debt, and balance and if it lead to a decent paying job of course. If it's $80K'ish and mostly federal Stafford sub and unsubbed loans, it'll have a low rate and serviced over 10 year period, which isn't crushing.

 

At the end of the day, most people look at cash flow and think they can afford something. I look at it like a balance sheet where your assets either generate future income, or depreciate (decline) over time. It's OK to have some depreciating assets, but you better have enough assets to generate future income to cover your liabilities. I could go on and on, but this is a fishing forum so I'd rather read about spinning vs casting reels and which one is better.

[Tennessee Boy]

  I think it was Waylon Jennings that said

 

“1 percent of fishermen buy the boat of their dreams,  everyone else settles.  That’s what country music is about.”

 

I’m not sure I’ve got that quote exactly right but you get the point. ?

[TnRiver46]

Used trackers are readily available and usually a good deal, I think there’s a cult following of the late 1980s models . Even if you have to fix some stuff, you’ll come in well under 18k. Probably under 8k.

 

my bank hooks me up with an interest rate more like 5% if I need a certain amount of cash. Doubt they’d do 18 for me tho haha

 

[OG SmashSauce]

2 hours ago, slonezp said:

You have $18K in open credit on a Cabelas card? How can you not qualify for a secured loan from a bank?

Yep...ummm, my student loans prevents me from getting a loan. I have $93k in student debt for my 2 degrees.  

 

 

[WIGuide]

Many here have weighed in and I'd have to agree to not purchase on a credit card. If the boat isn't what you want, definitely don't buy new. Just like a vehicle, a new boat takes a hit as soon as it's pulled out of the parking lot. Keep saving and looking for something used to get you out on the water. It's possible to find some good deals out there and keep trading up without paying as much. As a perfect example, I went from a 10' Bass Hound to a 16' Ranger and after I sold the Bass Hound it only cost me $400 to upgrade. I did it again and got a newer 17' Ranger for $1,200 upgrade cost.  Obviously, you don't come across these deals every day so it's a long game, but it is possible. You won't lose nearly as much when you sell them and in cases like mine I was able to sell my boats for more than I paid even though I had used them for years. This past year I was able to sell my 17 footer and that ended up being most of my down payment to finance the boat I REALLY wanted. 

[Bankc]

I'd still talk to some banks.  Even with $93k in student loan debt, you might still be able to qualify for a loan.  You just might have to put up more of a down payment to make it work for them.  If you can put up enough down payment where the bank can make their money back and then some by reselling the boat should you default on the loan and they have to repossess it, the bank should be more than happy to give you that loan.  At that point, it becomes a no-risk investment for them.  And they love those.

 

Do this.  Figure out how much you can spend on a monthly boat payment and spend the next year putting that amount of money away into a savings account each month.  That'll tell you if your figure is correct, without the risk of losing anything if you overestimated it.  Then you'll have a healthy down payment to work with.  You'll owe less on the loan and have lower monthly payments.  You might even get a better rate.  And all you had to do was delay the boat purchase for a year or so.  

 

The problem with Cabela's 9.99% interest rate is it's going to be variable.  Even if they claim you are "locked in" to that rate, if you're late on just one payment, they can jack up your rates to a sky-high amount and keep raising them whenever they feel like it after that, even if you make the rest of your payments on time.  And trust me, they will do things to help make sure that happens, like "accidentally" not mail you a bill one month.  Or if you do automatic withdrawals, they might set it up so that your payment is withdrawn on the last day of the billing cycle, so if there's a delay due to a technical issue or some other problem, you're in trouble, even if it's not your fault.  One tiny slip up can cost you tens of thousands of dollars here.  That's way too risky.  A regular bank loan is a lot safer and more flexible.  Plus, with a credit card bill that size, there's a good chance the boat will soon wind up being worth less than what you owe, as it'll depreciate faster than the money you put into it.  And each month, your minimum payment could go up, making it harder and harder to make those payments.  Credit cards are designed to get you into trouble.  That's how they make their money without you putting up any collateral.  

[Cbump]

1 hour ago, Junger said:

spinning vs casting reels and which one is better.

Easy.  Casting. 

[OG SmashSauce]

Ok...this cant be a coincidence LOLLLLLL. I'm gonna look into this more but I just received an email from department of education. Apparently my school (devry university) was on a list of 150 schools that have had a class action lawsuit open for years and it just finished?   Here is part of the email:

 

You are receiving this letter because you are a member of the class of federal student loan borrowers covered by the recent settlement of the Sweet v. Cardona

Pursuant to the Sweet settlement, the Department of Education will do the following:

• discharge your federal student loan(s) taken out for your enrollment in the DeVry University ("Relevant Federal Student Loan(s)");
• provide a refund for any payments made to the Department of Education on your Relevant Federal Student Loan(s), including Relevant Federal Student Loan debt that you previously paid off; and
• delete the credit report tradeline associated with the discharged loan(s).

The discharge of your Relevant Federal Student Loan(s) means that you will no longer owe the debt. You also may receive a refund for prior payments made to the Department on your discharged loan(s) related to DeVry University.

 

 

lol....this cant be real? no way. 

[Cbump]

Click or hover over the name It came from and see what the email address is. 

[padlin]

With our present batch of politicians anything is possible. But this sounds like it may fall under the “too good to be true” saying.

[OG SmashSauce]

8 minutes ago, Cbump said:

Click or hover over the name It came from and see what the email address is. 

The email is

 

U.S. Department of Education <noreply@studentaid.gov>

4 minutes ago, padlin said:

With our present batch of politicians anything is possible. But this sounds like it may fall under the “too good to be true” saying.

LOL...right? 

 

 

[Cbump]

Might be legit

 

• Legitimate emails from the Education Department. After you apply, you may be asked to “upload tax documents verifying your income — or to give updates on your application. Those emails will only come from noreply@studentaid.gov, noreply@debtrelief.studentaid.gov, or ed.gov@public.govdelivery.com.”

 

 

https://student-guide.org/devry-university-student-loan-forgiveness/

[Junger]

It's real.

 

https://studentaid.gov/announcements-events/sweet-settlement

 

https://studentaid.gov/sites/default/files/sweet-v-cardona-school-list.pdf

 

Not gonna tell you what to do with your money now that apparently you're going to get a windfall, but I'd still buy a used boat first (if this is your first boat ever).