I just bought a new bass boat. The dealerships really push the long loan terms obviously. Honestly I could have just paid it off immediately in cash, but decided to finance it with them for 60 months. I'm paying 3x the monthly payment though to pay it off in a couple of years.

It's obviously a VERY BAD deal for anyone that does the 20 year loan and pays the minimum. I doubt many people are that dumb.

I agree. It's not foolish to use other peoples money for certain things, but a new car, truck, camper, motor home, jet ski, boat or new anything that depreciates doesn't make good sense. It makes better sense if the interest is low, or zero, but it's still not a good decision. You're going to lose every time.

I have never understood the point of trying to count other people's money. However someone chooses to pay for something I don't really care at all. Damn sure ain't losing sleep over it. I know my financial limitations and needs so I assume others do as well.

We go from arguing about boat financing to calling people old or girly men. LOL.



239 easy payments and one HARD payment...

/Mitch Hedberg

are we witnessing an Aggie-on-Aggie verbal assault here?

I'm a new member but have been lurking around for several years. I think the price of new boats comes up at least twice a year. Wasn't there a picture not too long ago of the $90K Ranger 521 at Bass Pro? To each his own and how they decide to buy, new or used. It's what makes the world go round.

The fact that people are willing to take on 20 year loans and pay tens of thousands of dollars in interest is a big driving factor behind the rising prices of boats, though. Imagine if boat loans did not exist. There simply aren't enough people who can afford to buy a $70,000 boat outright, so boat manufacturers would be forced to sell their product at a lower price.

There is a reason that boat prices keep going up as loans keep getting longer.

So, you could make the argument that people willing to take on these long boat loans and pay all that interest are driving up the prices for everyone else.

Sorry now I ever brought this up, I wasn't trying to bash or denigrate anyone and certainly wasn't trying to tell anyone how to spend their money. Last time I purchased a new boat was in 1995
( a Basscat Pantera 2 ). I paid half down and financed the rest at my bank for 2 years. So after reading the price and financing of a new Nitro at BPS I was shocked at the final price and the idea of financing one for 20 years. Just never occurred to me that some folks did that. I was wrong and if any of you did buy one with a 20 year note more power to you. Enjoy your purchase but no need to trash the messenger. I just posted what I saw with no intention of offending anyone. If it came across that way and you were offended please accept my apologies.

Not necessarily I do 7 years zero down 3% actually under 3 on 60,000 and pay a little over 700 a month. There is way better options if people would shop around and not jump on the first deal thrown at them.

Sad to say, many buyers today only consider the monthly payment.

You gotta pay for borrowing money. If it's a "want" vs a "need" you are gonna have to pay even more. That's just the way it is.

Yea, I guess it's apples and oranges. But think what that house would have made if paid cash for the house. I know most can't do that though. I never finance anything, if I can't pay cash, I don't buy it. That being house, trucks, land, boats or whatever. Hate giving my money to someone else.

If you got a mortgage around here recently it looks pretty good most likely. And the effective rate is lower because of the fact that you can deduct the financing expenses on your income tax. Example - my mortgage rate is in the 2s, but the value of the property has doubled since i bought it. Its not quite free money, but pretty dang close!

Boat loan - no thanks for me, I am happy driving a beater that's paid for.

I really want a new boat but hate payments to much to ever pull the trigger and my boat probably catches more fish The wife and I only allow 1 payment and that is the house mortgage

Pretty easy math for me. If I have my money invested and it averages 6% growth and I can borrow at 4%. I would borrow. I really don't see the advantage of paying cash for everything un less it is just sitting in a non earning account. I know markets swing thus my average assumption. My boats are paid for. My cars and motor home have very low interest loans. The interstate on the motor home is deductible like a mortgage.
Nothing wrong with a good loan. I also always want to be right side up so start with a 70% LTV.