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Down payment question
#11617701
05/22/16 01:20 PM
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Joined: Sep 2013
Posts: 217
ETX_Chad
OP
Outdoorsman
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OP
Outdoorsman
Joined: Sep 2013
Posts: 217 |
I'm looking at buying my first boat and not sure how much I have to put down... Most sites say it depends on the boat value but then don't give examples.
The boat I want is a roughly $60K Center Console (New). Would I be good just putting 10% down?
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Re: Down payment question
[Re: ETX_Chad]
#11617708
05/22/16 01:25 PM
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Joined: Mar 2013
Posts: 9,169
Lee in Texas
TFF Celebrity
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TFF Celebrity
Joined: Mar 2013
Posts: 9,169 |
Sure but, it is what ever you can 'comfortably afford'. Most, myself included, don't want a boat payment at all or, for as short a time as you again, can afford. But, if your budget it 'tight'....then long time financing is great but, will cost you interest money. Really up to you.....but to answer your question: Yes, 10% should be fine JMO
God Bless
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Re: Down payment question
[Re: ETX_Chad]
#11617765
05/22/16 01:50 PM
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Joined: Sep 2013
Posts: 217
ETX_Chad
OP
Outdoorsman
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OP
Outdoorsman
Joined: Sep 2013
Posts: 217 |
Thanks Lee and I completely agree with you. The payments aren't an issue. The only reason I don't want to put a lot down is that last year the house flooded and we had to replace all hard wood floors, water heater, paint, etc and went through a huge chunk of savings and have been paying $1200 a month on our remodeling loan to make sure we pay it off before the zero interest period runs out. $6k is just what is be comfortable with right now to still leave our rebuilt savings in tact.
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Re: Down payment question
[Re: ETX_Chad]
#11619514
05/23/16 12:22 PM
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Joined: Oct 2010
Posts: 395
RecLending.com
Angler
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Angler
Joined: Oct 2010
Posts: 395 |
Having a good down payment is always a good idea. SOME lenders have different rates based on the percentage of equity in the loan. If they have lower risk SOMETIMES the rate gets adjusted. Having 10% is normally a good place to start. Ken
RecLending Office (517) 543-6921 Email: Info@Reclending.com Todd's Cell: 517-294-0459
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