Has anyone Refinanced boat lately?
 

If so who did you use and what rate did you get for 15 yr loan?

ttt

6% - Bank of The West 800-827-7500 (20 yr loan).

Depends on the amount of the loan but we have rates as low as 5.50% on 15 years.

Give me a call if you want to visit about it.

Mike 573-348-2761 x 2471
Central Bank

Don't mean to piss anyone off, but if financing long term are you sure you really sure you can really afford a boat? Aren't you perpetually upside down? I paid cash for mine and still am not sure I can afford it (used Donzi 22 C/502). I worry about financing my home for another 13 years. If I had boat payments for 15 years I would stroke out...

you use the interest on the boat payment as a deduction on your taxes each year, it helps me out a lot

When you can lock in a long term rate of 5% like you can nowadays, you would never want to pay cash. Take the cash you would otherwise spend on the boat and invest it. Even a loser mutual fund will earn you 8% over 15 years. You come out 3% ahead.

I was watching Susie Orman on TV one day and she gave some guy the exact same advice.

So H2 - you pay say $5000 in interest, what does that save you in taxes - $2000 or so max? If so, you are $3K down per year. Plus you are sucking hind tit paying the principle. And what are the rules to be able to deduct interest - mustn't it qualify as a "second home"? Does a 25 footer really qualify? I don't think any of our performance boats really meet the intent of the law and are on the edge oof the letter of the law. And don't seriously mention "business expense" - well if you do I guess you are depreciating the "principle" as well

Use someone elses money......get the longest , lowest rate loan you can get!!! It's what we do...It's cheaper and Better than Drugs!!!;)