Need advice: seller-financed classic boat purchase
01-21-2012, 10:26 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
01-25-2012, 05:01 PM
#22
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Location: Grosse Pointe Farms, MI
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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
01-25-2012, 09:12 PM
#23
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