Like Tree0Likes

Has anyone Refinanced boat lately?

Reply
Old 12-03-2003, 12:49 PM
  #1
Registered
Thread Starter
 
bikinilover's Avatar
 
Join Date: Oct 2002
Location: Haslet, Texas
My Boats: Boatless for know
Posts: 628
Default Has anyone Refinanced boat lately?

If so who did you use and what rate did you get for 15 yr loan?
bikinilover is offline  
Reply With Quote
Old 12-03-2003, 04:21 PM
  #2
Registered
Thread Starter
 
bikinilover's Avatar
 
Join Date: Oct 2002
Location: Haslet, Texas
My Boats: Boatless for know
Posts: 628
Default

ttt
bikinilover is offline  
Reply With Quote
Old 12-03-2003, 05:20 PM
  #3
Platinum Member
Platinum Member
 
FormulaFan's Avatar
 
Join Date: Apr 2002
Location: Houston-Austin, TX
My Boats: 2006 Formula 400SS
Posts: 256
Default

6% - Bank of The West 800-827-7500 (20 yr loan).
FormulaFan is offline  
Reply With Quote
Old 12-03-2003, 07:44 PM
  #4
Registered
 
Von Bongo's Avatar
 
Join Date: Dec 2001
Location: Iowa - Missouri
My Boats: 1997 Cig Kevlar - powered by Boyd
Posts: 3,904
Default

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
Von Bongo is offline  
Reply With Quote
Old 12-03-2003, 09:02 PM
  #5
Registered
Trade Score: (1)
 
Steel Outlawed's Avatar
 
Join Date: Dec 2002
Location: Greenville, SC
My Boats: '01 Baja 33 Outlaw
Posts: 980
Default

http://www.marineloan.com/currentrates.htm
Steel Outlawed is offline  
Reply With Quote
Old 12-03-2003, 09:39 PM
  #6
Registered
 
Join Date: Jan 2001
Location: knoxvegas
My Boats: donzi
Posts: 22
Default

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...
Reddog is offline  
Reply With Quote
Old 12-03-2003, 11:03 PM
  #7
Registered
 
H2Xmark's Avatar
 
Join Date: Apr 2001
Location: beaumont tx
My Boats: 1997 Fountain 35 Lightning
Posts: 1,703
Default

you use the interest on the boat payment as a deduction on your taxes each year, it helps me out a lot
H2Xmark is offline  
Reply With Quote
Old 12-03-2003, 11:22 PM
  #8
Registered
 
Join Date: Dec 2000
Location: Solomons Island, Md
Posts: 916
Default

Quote:
Originally posted by Reddog
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...
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.
29 OUTLAW is offline  
Reply With Quote
Old 12-03-2003, 11:24 PM
  #9
Registered
 
Join Date: Jan 2001
Location: knoxvegas
My Boats: donzi
Posts: 22
Default

Quote:
Originally posted by H2Xmark
you use the interest on the boat payment as a deduction on your taxes each year, it helps me out a lot
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

Last edited by Reddog; 12-03-2003 at 11:41 PM.
Reddog is offline  
Reply With Quote
Old 12-03-2003, 11:50 PM
  #10
AT Cult Member #3
VIP Member
 
R Addiction's Avatar
 
Join Date: Oct 2000
Location: Pa.
My Boats: '99 Active Thunder Tantrum
Posts: 20,687
Default

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!!!
R Addiction is offline  
Reply With Quote
Reply

Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
Von Bongo
General Boating Discussion
16
09-11-2004 11:59 AM
CAP071
General Boating Discussion
13
03-28-2004 08:04 PM
BK
General Boating Discussion
0
03-11-2004 11:12 AM
PhantomChaos
General Boating Discussion
12
09-24-2002 10:44 AM
Hauling Trash
General Boating Discussion
7
06-11-2002 09:06 PM



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 10:37 PM.


Copyright 2011 OffShoreOnly. All rights reserved.