Boat loan or Save and pay cash???

Skwake · Posted: Apr 01, 2003 10:52 pm Post subject: Boat loan or Save and pay cash???

What did u do? i am currently saving everything i earn and hopefully i will get enough to buy a new VLX or somethin with a Phat wake. Has anyone else done the hard yards and saved or is a boat loan the go???? Question

K-dub · Ladies Man Joined: 12 Jan 2003 Posts: 14760

pay cash!

- I wish I could!- Rolling Eyes

Skwake · Posted: Apr 01, 2003 10:57 pm Post subject:

yeah i wish i could too! bloody looks like a 2 or 3 year savin plan for me! brrgh! Rolling Eyes

K-dub · Ladies Man Joined: 12 Jan 2003 Posts: 14760

you would save without financing....unless you can get 0%.......HYEAH!...RIGHT! Laughing

Skwake · Posted: Apr 01, 2003 11:04 pm Post subject:

yeah haha man your orange malibu is sweet thats what i wanna get i reckon theres not much else in Aus you can buy, i reckon i will get sick of savin after a year or two and just get a loan and be in debt for the rest of my life! I love it though!!

west coast boarder · Addict Joined: 09 Mar 2003 Posts: 558 City: Nor Cal

Pay cash if you can so that you don't have to worry about making the payments.

K-dub · Ladies Man Joined: 12 Jan 2003 Posts: 14760

Not my Malibu....but thanks.

it's just the way it works though, you end up paying more in the long run with financing......who can afford to pay cash though? Not many!

Skwake · Posted: Apr 01, 2003 11:10 pm Post subject:

only people that can go for 4 years without a boat and then buy one cash i reckon!

criminally_minded · Posted: Apr 01, 2003 11:25 pm Post subject:

Skwake: they are called tight arses mate Wink

Skwake · Posted: Apr 01, 2003 11:30 pm Post subject:

u callin me a tight arse!?

criminally_minded · Posted: Apr 01, 2003 11:36 pm Post subject:

Nah mate, thats why I can't see you saving for 4 years!

Skwake · Posted: Apr 01, 2003 11:39 pm Post subject:

haha you are probably right after i give up saving we are bustin into the factory and floggin our own! or sinking every one on earth cos if i cant have one NOONE CAN! Twisted Evil

hahaha

criminally_minded · Posted: Apr 02, 2003 12:35 am Post subject:

Ha Ha.... go to bed softie... you have to be up at like 4 in the morning Laughing

Skwake · Posted: Apr 02, 2003 3:33 am Post subject:

MAN I WILL ROCK ON! i only need 4 hours sleep some red bull and a beer and im right to go!

OttoNP · Addict Joined: 13 Jan 2003 Posts: 848 City: MI

You've got to think about how much extra would you be willing to pay to have the item now. If it's more than what'd you'd pay in interest, then buy it. For example, if you got a 40,000 boat at 7% for five years you would pay $7522.88 in interest or about $1504 a year or $125 a month to have the boat now. If you saved the monthly payments you could buy the boat in 4.2 years. So would you rather save 792 a month for 4.2 years and not have a boat for those years or pay 792 a month for five years and have the boat the whole time.

Nick
________
Halfbaked

Mandy · Newbie Joined: 04 Feb 2003 Posts: 28 City: Austin, Tx

PAY CASH!!!!
Nick you are right on, invest your money the right way, and you will have your boat even sooner.
Mandy

derrick · Addict Joined: 13 Jan 2003 Posts: 723 City: Orlando

Like they said, you will pay a lot more in the long run, but if you do decide to finance, just make sure that with your financing plan you can afford the payments to a point where you don't have to constantly work or are constantly struggling for money just to pay for it, otherwise it's no good.
peace
Derrick

methodbackroll3 · Guest

rates are low most people finance for 15 years and only keep the boat 3-5 years anyway and get a new one you could start using the boat now and sacrafice the interest now

Nor*Cal · Ladies Man Joined: 12 Jan 2003 Posts: 9479 City: Sac

Who can seriously drop a full 30-50 g's cash??? Finance it like you would a car or house. Hardly anyone buys these things cash.

K-dub · Ladies Man Joined: 12 Jan 2003 Posts: 14760

You'd be suprised how many people buy a boat with a personal, or cashiers check Nor-Cal!
50K is nothing to some people.....I see it quite a bit round' these parts.

Skwake · Posted: Apr 02, 2003 9:09 pm Post subject:

well if I save up I will be able to drop 50k on a boat wont I! Plus i was thinking i would get a pretty decent deal if i paid cash does anyone think it would be a barganing point? 'look mate i have 50k in this briefcase wat can u do?' or are boat dealers stingy and wont bargain at all?

RUSSIAN · Posted: Apr 02, 2003 9:40 pm Post subject:

I've heard you get better deals when you finance.

Cowie · Posted: Apr 02, 2003 10:16 pm Post subject:

SKwake, ifyou are a good saver pay cash. Although we just bought a boat and paid $20k cash deposit and borrowed the rest. That way it is easy to get out ofthe finance if anything goes wrong as you owe less than the boat is worth, easy to sell and pay out the loan if you have to. We also took out loan over 5 years and are working on paying it back in two. That way you savea fair amount of interest and get the boat.

otiswunguy · Addict Joined: 13 Jan 2003 Posts: 871 City: Sammamish

if you get a loan then its kinda like leasing a boat in that you can make payments for a year and a half and then sell it for the original asking price. i know from experience. next time i will buy a less expensive boat and make huge payments. it really sucks when you get laid off and cant afford to keep your boat any more. Sad

Wiscokid · Outlaw Joined: 29 Jan 2003 Posts: 118

its all opportunity cost and all that stuff i forgot from economics

hOUston boarder · Criminal Joined: 13 Jan 2003 Posts: 79 City: TX

If you own a home, take out a home equity loan and deduct the interest from your taxes.

Rates are so low right now that it really doesn't cost that much to finance these items, compared to 4-5 years ago.

I financed mine, even though I had much more cash to put down on it. My loan is 6.5%, but can make more than that investing.

southsiderider420 · Newbie Joined: 18 Mar 2003 Posts: 11 City: beaumont Tx

you could get a less expensive boat and pay cash then keep on saving and sell your boat for close to what you payed for it and get a better boat then just keep movin up the latter. i hope this makes sense with no punctuation. peace

Sean_Brinston · Posted: Apr 03, 2003 8:31 am Post subject:

If you really want the boat, dont lease it , finance to own. It may be more expensive but like someone else said at least the boat will be yours.

Archie_bunker66 · Newbie Joined: 15 Feb 2003 Posts: 48 City: Medicine Hat

Cheapest way to get a new boat? Find some rich friends and mooch! Razz

Hey what ever works rite?

cndwakerider · Newbie Joined: 01 Apr 2003 Posts: 21

alright what u do is u get like less money than the boat costs and then u get a higher interest rate than ur apyin on the boat and u invest the money i dunno but u can save a few grand that way or u just buy lots of lttery tickets Question

calair03 · Posted: Apr 06, 2003 4:09 pm Post subject:

I bought my first boat for $27k and put down 10k and financed the rest. I paid it off in 22 months and then traded it in for 27k and paid the difference on a new cal-air. Waiting to pay cash (unless you can pay cash) makes no sense. Why wait if you can finance it and enjoy it now. Then if you can afford it you can pay it off fast and not waste so much money in interest charges.