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Jan 23rd, 2013
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Who will loan 15 years on a new boat? #12415384
09/05/17 09:57 PM
09/05/17 09:57 PM
Joined: Sep 2003
Posts: 339
Claremore,OK
V
Von Online content OP
Angler
Von  Online Content OP
Angler
V

Joined: Sep 2003
Posts: 339
Claremore,OK
What lenders will actually go 15 years on a new boat? Will need around 50 k.

Re: Who will loan 15 years on a new boat? [Re: Von] #12435174
09/21/17 01:01 PM
09/21/17 01:01 PM
Joined: Oct 2010
Posts: 354
reclending.com Offline
Angler
reclending.com  Offline
Angler

Joined: Oct 2010
Posts: 354
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


[Linked Image]

Ken Lamain
Office (517) 543-6921
Cell (517) 930-2721
Re: Who will loan 15 years on a new boat? [Re: reclending.com] #12436158
09/21/17 11:47 PM
09/21/17 11:47 PM
Joined: Jun 2016
Posts: 1,077
i-Fish Offline
Extreme Angler
i-Fish  Offline
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Joined: Jun 2016
Posts: 1,077
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.
Re: Who will loan 15 years on a new boat? [Re: i-Fish] #12442675
09/26/17 04:06 PM
09/26/17 04:06 PM
Joined: Oct 2010
Posts: 354
reclending.com Offline
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reclending.com  Offline
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Joined: Oct 2010
Posts: 354
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


[Linked Image]

Ken Lamain
Office (517) 543-6921
Cell (517) 930-2721
Re: Who will loan 15 years on a new boat? [Re: Von] #12446835
09/29/17 04:41 PM
09/29/17 04:41 PM
Joined: Oct 2012
Posts: 4,119
Cash, Texas
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lenahorse Online content
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Posts: 4,119
Cash, Texas
Wonder what a $50000 boat would actually coast with a 15 year note?
After 15 years value?

Re: Who will loan 15 years on a new boat? [Re: lenahorse] #12447124
09/29/17 09:25 PM
09/29/17 09:25 PM
Joined: Jun 2008
Posts: 881
shotgunwilly Offline
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Posts: 881
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

Last edited by shotgunwilly; 09/29/17 09:26 PM.
Re: Who will loan 15 years on a new boat? [Re: Von] #12477201
10/24/17 05:42 PM
10/24/17 05:42 PM
Joined: Oct 2010
Posts: 354
reclending.com Offline
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reclending.com  Offline
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Posts: 354
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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Ken Lamain
Office (517) 543-6921
Cell (517) 930-2721
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