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#12415384 - 09/05/17 04:57 PM Who will loan 15 years on a new boat?
Von Offline
Angler

Registered: 09/09/03
Posts: 310
Loc: Claremore,OK
What lenders will actually go 15 years on a new boat? Will need around 50 k.

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#12435174 - 09/21/17 08:01 AM Re: Who will loan 15 years on a new boat? [Re: Von]
reclending.com Online   content
Angler

Registered: 10/29/10
Posts: 328
Originally Posted By: Von
What lenders will actually go 15 years on a new boat? Will need around 50 k.



Several lender will. Let us know if you need a hand. The key to that is to ALWAYS pay additional every month you can. Puts you in better shape when a shinier one come along.
Thank you,
Ken
_________________________

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#12436158 - 09/21/17 06:47 PM Re: Who will loan 15 years on a new boat? [Re: reclending.com]
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 489
Originally Posted By: reclending.com/
Several lender will. Let us know if you need a hand. The key to that is to ALWAYS pay additional every month you can. Puts you in better shape when a shinier one come along.
Thank you,
Ken


Yup. You'll get upside down quick.
_________________________
If you can't find em wind em.

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#12442675 - 09/26/17 11:06 AM Re: Who will loan 15 years on a new boat? [Re: i-Fish]
reclending.com Online   content
Angler

Registered: 10/29/10
Posts: 328
Originally Posted By: i-Fish
Originally Posted By: reclending.com/
Several lender will. Let us know if you need a hand. The key to that is to ALWAYS pay additional every month you can. Puts you in better shape when a shinier one come along.
Thank you,
Ken


Yup. You'll get upside down quick.



Did you see the part in the answer about "ALWAYS pay additional every month you can"? That is the key. Long term just sets the minimum. I tell people to treat it like a credit card payment. You CAN pay the minimum and you will get home after a while. Long expensive road between. Not smart money to pay minimums on any loan.
Ken
_________________________

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#12446835 - 09/29/17 11:41 AM Re: Who will loan 15 years on a new boat? [Re: Von]
lenahorse Online   content
TFF Team Angler

Registered: 10/11/12
Posts: 3945
Loc: Cash, Texas
Wonder what a $50000 boat would actually coast with a 15 year note?
After 15 years value?
_________________________
Fishing on Texoma
http://www.striperexpress.com
903/786/4477


www.mtpocketstackle.com

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#12447124 - 09/29/17 04:25 PM Re: Who will loan 15 years on a new boat? [Re: lenahorse]
shotgunwilly Offline
Pro Angler

Registered: 06/22/08
Posts: 767
Originally Posted By: lenahorse
Wonder what a $50000 boat would actually coast with a 15 year note?
After 15 years value?


$50,000 borrowed at 5% for 15 years will cost you $71,171 if you made just the min payment.

In 15 years the boat might be worth $18,000. Add maintenance, repairs, gas, and insurance for 15 years... expensive hobby. roflmao


Edited by shotgunwilly (09/29/17 04:26 PM)

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#12477201 - 10/24/17 12:42 PM Re: Who will loan 15 years on a new boat? [Re: Von]
reclending.com Online   content
Angler

Registered: 10/29/10
Posts: 328
Just as a side note here - We have NEVER seen anyone make 120, 144 or 180 minimum payments. Not smart money use. We always tell people to pay additional each month. Treat a boat payment like a credit card payment, don't pay the minimum. A loan contract is not an agreement to make a specific number of minimum payments. It is an agreement to pay back the borrowed amount. Smart money makes extra payments and is in good shape to trade boats in a few years.
Gotta be smart with the money.
Ken
_________________________

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