View Poll Results: Do you own your boat
I paid cash or paid off my boat loan
152
58.24%
The bank owns my boat
109
41.76%
Voters: 261. You may not vote on this poll

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Do you own your boat

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Old 01-25-2005, 12:44 PM
  #21
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Default Re: Do you own your boat

I own mine...everytime I get tempted to pull the trigger on a new boat I can't justify paying 12 months out of the year for only 3 or 4 months usage here in N.Y. I do have a question for the future....Does it pay to buy outright or is it best to take advantage of the second home write off ? I guess it is all relative to the inerest rates and your financial situation...what do you guys say?
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Old 01-25-2005, 12:47 PM
  #22
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Default Re: Do you own your boat

Quote:
Originally Posted by JOHNNYD454
I own mine...everytime I get tempted to pull the trigger on a new boat I can't justify paying 12 months out of the year for only 3 or 4 months usage here in N.Y. I do have a question for the future....Does it pay to buy outright or is it best to take advantage of the second home write off ? I guess it is all relative to the inerest rates and your financial situation...what do you guys say?

if you are going to borrow, might as well get some benefit, either claim it as a second home or use your existing home to finance it....
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Old 01-25-2005, 01:02 PM
  #23
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Default Re: Do you own your boat

I am currently paying the bank for the money they lent me. But I have the title in hand. Next boat will be registered to the marina. Easier to make it a tax write-off as a business expense.
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Old 01-25-2005, 02:22 PM
  #24
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Default Re: Do you own your boat

Some states dont require titles for loans on boats, thats what Im doing.
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Old 01-25-2005, 03:26 PM
  #25
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Default Re: Do you own your boat

Quote:
Originally Posted by Game On
Some states dont require titles for loans on boats, thats what Im doing.

that sounds like a recipe for disaster!! what if you want to sell it and double your money and just walk away?
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Old 01-25-2005, 03:47 PM
  #26
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Default Re: Do you own your boat

Paid cash on the barrel.
Since it was only 13K I cashed in some stocks from my investment account.
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Old 01-25-2005, 03:47 PM
  #27
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Default Re: Do you own your boat

I'm more than half way done with my loan! My fear is that WHEN it's paid for, then the boat payment will turn into repair payment. That's why it almost makes more sense buying (financing) something newer, rather than having an old one that you end up having to fix all the time!

As soon as I paid off my F-350, the trans went!
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Old 01-25-2005, 05:03 PM
  #28
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Default Re: Do you own your boat

Cash! Always cash. If you don't have the cash you can't afford it. I do know guys with the cash but opt for a loan because it makes good financial sense if you're buying a big ticket ($200k+) boat. But these guys could pay cash if they had to.

It just doesn't make sense to take a loan out if you can't really afford it. What do you do if you blow a hi-dollar motor or chunk a drive? I own mine free and clear, when I need new motors I just build them. I don't have to borrow more money to fix it.
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Old 01-25-2005, 05:20 PM
  #29
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Default Re: Do you own your boat

I have 2 boats 1 I own 1 I pay bank for
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Old 01-25-2005, 05:46 PM
  #30
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Paid cash!
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