Where to get a boat loan for a used boat? (Recommendations?)

[DaNinja]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Every situation is different, so never say never.

7 years ago my wife and I had done a very good job to pay off our mortgage early. We had two kids, ages 8 and 11, and we decided our next big purchase would be a boat. We looked around and finally choose one we had to borrow money for. Best decision we ever made.

The boat is now paid off, but now we have a mortgage on a lake house!

Dave Ramsey would kick my butt. Paid off the primary in mid-2006, I think, and a few months later had mortgages on a lake property in Texas and a lake house in Missouri. Both are "toys" and should never have been financed. Financing toys increases your risk and the cost of the toy.

I am at the lake place as I type, but I know this place would feel better if I had just paid cash for it. The best toys are those without a payment book.

 

[UncleWillie]

Re: Where to get a boat loan for a used boat? (Recommendations?)

... I just bought a $300k lake home with cash I saved in a year's time...well actually 8 months time since the beginning of the year. We've saved 500k so far this year.

...We are middle class around here.

Middle class would assume you are somewhere near the US Median Income of ~$50,000. Putting you near the 50% group.
With 500k+ of discretionary income you will place well in the top 1%.

We all live in different worlds where we think we are just normal, and we think everyone else lives about the same.
Far from the truth!

 

[jkust]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Middle class would assume you somewhere near the US Median Income of ~$50,000. Putting you near the 50%
With 500k+ of discretionary income you will place well in the top 1%.

We all life in different worlds where we think are just normal, and we think everyone else lives about the same.
Far from the truth!

Most folks in my neighborhood and that I generally associate with such as the kid's friends' parents, etc are business owners and executives. We are pretty much middle of the road. In my particular industry, I am at the bottom rung of the compensation scale.

I want to be the guy on this thread who made 300k in 8 months!!

Ha Ha, no... of all of our income, I saved 500k in 8 months. The 300k was the cost of our relatively basic (by MN standards) cabin purchase. Now I have only 200k for the year saved but there's 4 months left. We are habitual savers and always have been. Always used instead of new for us.

 

[gtochris]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Ha Ha, no... of all of our income, I saved 500k in 8 months. The 300k was the cost of our relatively basic (by MN standards) cabin purchase. Now I have only 200k for the year saved but there's 4 months left. We are habitual savers and always have been. Always used instead of new for us.

Mind sharing what field you are in?

Heck- I save alot and live a rather conservative existance, but when you make 50K ish which is very middle class and your partner makes 50K, we as a couple are considered "comfortable" in terms of middle class america- but making it in 2013 isnt exactly a cake walk even with our income.

 

[jkust]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Mind sharing what field you are in?

Heck- I save alot and live a rather conservative existance, but when you make 50K ish which is very middle class and your partner makes 50K, we as a couple are considered "comfortable" in terms of middle class america- but making it in 2013 isnt exactly a cake walk even with our income.

My wife owns a M&A firm which she started with a phone and zero dollars so she could stay at home with the kids originally and I am in the risk consulting industry. We are the epitome of college actually paying off as we were both brought up right at the poverty line. Our definition of conservative is generally beyond most folks version. No cable tv package, no caller id or call waiting. I even did my own brake job last summer to save the money yet I attend the swankiest Manhattan parties with celebrities for my job. We are anomalies in that I have Wall Street clients yet paint my own walls at home.

 

[gtochris]

Re: Where to get a boat loan for a used boat? (Recommendations?)

(sigh) I feel like life is constantly getting in the way of my fun! I think I'm going to delay this purchase (again) :blue: Really want to get a Pellet stove installed before winter hits (5K), got my tuition to pay this week (2.5K) for fall semester, so good by extra down payment. I had my boat forsale on Craigs list and got alot of response but am going to pull it off so I don't sell and end up without.