Boat Loan

[Bob C]

I was young once also. Got married in 1969, had a good job, built a house, owned three vehicles, and four boats. Living the good life but it only took about three years for me to realize very little of my paycheck was mine anymore, I was working for everybody else. My wife got a job and we devoted every penny we could toward paying off debt. We drove the same vehicles for seven years and I didn't trade any more boats. It took us five years of doing without and accounting for every dime to get out of dept. That was everything but the house and we put everything into paying it off so two years later, we were 100% dept free. I have been debt free ever since.

Then we decided to sell everything we had, quite the Maintenance Superintendent job I had making very good money, but working 90 hours a week and join the Air Force as and A1C for $760 a month. Uncle Sam funished us all epense paid, extended vactions to Italy, Germany, Sicily and got paid to travel all over Europe and the US for 22 years. I say that because we had the money, even on an Airman's pay when I first went in and the part time jobs we had over there, to travel, see and do most anything we wanted, I also made rank very fast too, so that helped.

Being debt free is the only way to go. You don't have to worry about savings, that becomes automatic. It also leaves you some free money to invest, and generally make a whole lot more than what a dinky savings account pays today.

I also got married in 1969. I did things different than you. I bought a fixer upper house, had 2 used cars and no boats. I have paid cash very few times but the debt I have is low. I'm picking up my new boat on Saturday along with a payment book.

I lived the good life too. The good life to me was coming home after work to two little girls waiting for me at the door. The best times of my life. I don't know the statistics, but I'll bet there are probably a thousand boats financed for every one cash bought. It is a problem when people buy things on credit just because they can. That's when things go bad.

[R520dvx]

To answer your question ... without giving you a sermon .... try www.reclending.com they specialize in boat and Rv loans. I have never personally used them, but hear good things.

[Dockhead]

To answer your question ... without giving you a sermon .... try www.reclending.com they specialize in boat and Rv loans. I have never personally used them, but hear good things.

Thanks. I actually saw them mentioned on another site after I posted this.

I am going to give them a call.

[james 14]

Old post I know but being in LOL I'm curious if the credit union you were looking at is Suncoast and who you ended up using. They offering 7.9% right now I just can't come to terms with financing at that rate and I really don't want to do 10 years even though I'd plan on having the boat for longer than that. I check Bank of America and their's was around 5% but still...

I'm thinking I'm gonna set about 10k aside and pay cash for a late 90s model bass boat. That idea might change when I start seriously looking but its my current plan. I can fish another year out of the jon boat and pay cash in a year. The truck will be paid off (0%) this year and that money will go into the boat fund.

[Wachati]

http://www.daveramsey.com/home/

I love this. Yeah you might want to work on that emergency fund first, lol. I think Dave calls that the debt snowball. My motto is if you can't pay cash, the only exception being a house, than you can't afford it. Especially recreational vehicles...BUT if there is one item going into debt over, I would definetly recommend a BASS BOAT!! I am not here to preach....just saying "It is what it is", somehow I will work that into every post if possible.

[scbassin]

My Credit Union has 3.25% for 5 years which is not bad.