Per my trusty HP 12C (the Ranger of financial calculators), the APR on the deal you described is about 6%, which is probably not too bad for an expensive toy. But I think about utility theory, and if the boat is just a tool to produce catchable fish, is the quality of the fish you can catch on a $60k boat that much better (or better at all) than a $30k boat? Or does the $60k boat satisfy some other emotional need that a $30k boat does not?

Fishspanker hit the nail on the head. My first boat loan was for 15 years because I was 27 years old and was scared of a huge payment. I ended up paying it off in 3 years and have paid cash for every boat since. With a simple interest loan there isn't a penalty to pay it off faster and if I would have switched jobs or something I would have had a easier time making ends meet.

If you have equity in your home you can take out a home equity loan to pay for some or all of your new boat. Lower interest rate generally and tax deductible.

I am looking at doing a cash-out refi on my home. For a couple of reasons but one of which is because the interest will be lower and the taxes paid are deductible. Figured it was the smartest way to do it. Besides, lenders don't like to see a brand new loan for a boat just as you're applying to refinance.

People really do 240 month boat loans?

IF they offer a good interest rate I will take it any day and any time. Just depends on Interest Rate for me.

Money has been cheap to borrow for the last 6 year or so

It's almost foolish not to use other people money if they want to give it away........

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You hit on an interesting point there JC, fish are caught by good fishermen not good boats but these new bass boats are so dam pretty and have all the bells and whistles you can think of. Guys just lust over them and the thought of owning one clouds their better judgment. I could probably afford one but just can't see paying that kind of money and I definitely don't need one. I play golf as well as fish and I like the latest and greatest clubs and I buy them occasionally but not from the PGA store, I buy them used on Ebay.
I will say this about the Nitro boats, if I were going to buy a new boat they certainly would get a hard look from me. The one I looked at definitely was rigged out and had everything I wanted and probably $15-$18000 cheaper than Ranger, Skeeter, Phoenix.
All ya'll out there that have a shiny new high dollar bass boat God bless you, enjoy it and I hope you
catch the fish of a lifetime.

Thank God I don't need or want a tournament style boat. 20 foot with a 200 HP basic model is good enough for me. Upgrade the electronics when you can pay cash for it. Keep the boat inside when stored.
One boat will easily last me 15 years

I got a 2% on my truck and couldn't pass that up.

Inflation is at minimum 2% so I'm paying back cheaper dollars than I'm borrowing.

I have a friend that his wife is in the financing business at John Eagle....she told him that a new Honda can be financed to 120 months!!
Ignorant.

On a similar note.....how about a new boat lease? Does it exist?

It's getting hard to find anyone that will finance one for low terms. I bought a boat 2 weeks ago and I couldn't find anyone that would go lower than 7 years.

My $24,000 boat loan was 10 years, 6 percent interest. I didn't want to be stuck with a big payment if times ever got hard. I have a wife and 2 boys. I paid it off in 3 years.

They can be had but have to shop around. Also short term low interest rates are dependent on credit and income. Wife and I bought a new boat back in February and got 4.99% for 72 months with ZERO down. Admittedly even the F&I reps at the dealership said this was the exception not the norm. And FWIW we'll pay it off in 36 months.

Name someone that bought a boat for x amount, and sold it for 50% higher than they bought it 30 years later. That's the difference

You realize you pay taxes every year on your home when you take out mortgage right?