View Poll Results: is ypour boat paid off or on a loan ?
totally paid off
200
51.55%
I have a loan somewhere that helps me have it.
188
48.45%
Voters: 388. You may not vote on this poll
is your boat paid off or on a loan ?
12-17-2006 | 10:14 PM
#33
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Joined: May 2006
Posts: 4,224
Likes: 1
From: West Creek NJ
Re: is your boat paid off or on a loan ?
I have a loan but my house is almost paid for and my bussiness is totally paid for so personally I would rather invest than pay for a boat cash also I'm 1.99 % years 1 to 2 and 2 to 20 3.49% so interest is minamal
12-17-2006 | 10:52 PM
#34
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Joined: Nov 2003
Posts: 9,950
Likes: 0
From: 1 Flu Ovr KuKos Nest-WI
Re: is your boat paid off or on a loan ?
You can get a 20 yr to qualify and pay it off in 5,10,15 if there is no prepayment penalty. Just figure your payments at whatever term you want to pay early and put a note in each month stating you want the extra money to go to principle. No need to switch term, you may need the extra money if things get tough. 
Also, you can deduct the interest off Fed Taxes if the boat qualifies for living quarters and you overnight 14 day per year, just as you write off home loan interest.
Also, you can deduct the interest off Fed Taxes if the boat qualifies for living quarters and you overnight 14 day per year, just as you write off home loan interest.
12-18-2006 | 04:48 AM
#36
Gold Member
Joined: Jan 2001
Posts: 4,155
Likes: 2
From: Kissimmee, Florida
Re: is your boat paid off or on a loan ?
Paid cash for mine. Money came from an inheritance.
Using part of that money may not have been the right thing, but it did keep me from having to sell it come the divorce. Florida law says that anything purchased with a personal inheritance or money earned before we were married, is mine.
Using part of that money may not have been the right thing, but it did keep me from having to sell it come the divorce. Florida law says that anything purchased with a personal inheritance or money earned before we were married, is mine.
12-18-2006 | 07:20 AM
#38
Charter Member
Joined: Nov 2000
Posts: 7,215
Likes: 401
From: Merritt Is. Fl. USA
Re: is your boat paid off or on a loan ?
Our Nordic on a loan with National City Bank, (Watch out for these idiots!, whole different story! 
) and we always pay off our loans early. The Seadoo is payed for, and we'll pay off the Nordic real soon, if I can't grt this crap straighten out with National City bank!
Dean
) and we always pay off our loans early. The Seadoo is payed for, and we'll pay off the Nordic real soon, if I can't grt this crap straighten out with National City bank! Dean
__________________
Everything is for sale @ a certain $$
Everything is for sale @ a certain $$
Last edited by Dean Ferry; 12-18-2006 at 08:55 AM.
12-18-2006 | 09:01 AM
#39
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Joined: Mar 2002
Posts: 3,459
Likes: 1
From: Winnipesaukee
Re: is your boat paid off or on a loan ?
Originally Posted by jeff32
you guys are lucky to have your interest on houses deductible. In Canada, we don't. But we have other good things you don't, like free health care ( I hope I have the right words...)
12-18-2006 | 09:05 AM
#40
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Joined: Mar 2002
Posts: 3,459
Likes: 1
From: Winnipesaukee
Re: is your boat paid off or on a loan ?
I cant buy the argument that having liguidity for investments can return dividends high enough to compensate for depreciation and interest on a boat loan. You would have to make 20% on your money to break even.
