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Need advice: seller-financed classic boat purchase

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Old 01-21-2012, 11:26 AM
  #21
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Appreciate the advice. Being very honest, my better half is very frugal, which has kept our finances in good shape. With a tribe of little kids, and one income, the only way I'm getting a boat now, is if the stars line up and the seller finances over a longer period..which will keep payments in what I consider "discretionary" level. $250 is not a problem. $500 will require some lengthy "my dream of boating with the family" discussions. Anything over that, and my own internal CFO will balk. Also, just because a bank will lend you money, that doesn't necessarily mean you can / should afford it. Just look where our great country is today because of loose lending standards and lack of foresight. It makes much more financial sense for me to get a great seller financed deal, then to give the banks their government backed loan shark level interest payments. Wow. I'm ranting. Anyway, I'm sure all meant well. My glass is always full, not half full, and certainly never half empty. Cheers d911
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Old 01-25-2012, 06:01 PM
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Originally Posted by dave911 View Post
Appreciate the advice. Being very honest, my better half is very frugal, which has kept our finances in good shape. With a tribe of little kids, and one income, the only way I'm getting a boat now, is if the stars line up and the seller finances over a longer period..which will keep payments in what I consider "discretionary" level. $250 is not a problem. $500 will require some lengthy "my dream of boating with the family" discussions. Anything over that, and my own internal CFO will balk. Also, just because a bank will lend you money, that doesn't necessarily mean you can / should afford it. Just look where our great country is today because of loose lending standards and lack of foresight. It makes much more financial sense for me to get a great seller financed deal, then to give the banks their government backed loan shark level interest payments. Wow. I'm ranting. Anyway, I'm sure all meant well. My glass is always full, not half full, and certainly never half empty. Cheers d911
How'd it turn out for you?
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Old 01-25-2012, 10:12 PM
  #23
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How'd it turn out for you?
No luck yet. I'd pay the $25k if the terms were right, but he wants a premium for carrying. Can't blame him, but I think he'll soften over the next couple weeks. I'll update when / if deal goes through. D911
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Old 01-26-2012, 08:01 AM
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Premium? You mean higher interest rate? Can you disclose the terms?
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