Do you own your boat
 

With the recent threads about borrowing money, boat loans, credit scores, etc... It has me wondering how many people actually own 100% of their boat and how many people are borrowing money to pay for their boats?

Personally, I could have financed a much nicer boat than what I have but this is my first offshore style boat so instead of getting in over my head I opted to buy what I could afford to pay for cash.

Unless I screw it up, which is highly possible, I'll make it a private poll so nobody can see how you vote if you don't want them to know.

Re: Do you own your boat
 

WE own part of it. The trailer and the steering wheel ( Thanks Too Old).

Re: Do you own your boat
 

I own mine outright, next one I will finance as I need the writeoff.

Re: Do you own your boat
 

Own mine.Gas and maintenance is like having a payment book in itself.

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Even when you pay them off seems like the bleeding never stops.If i'm going
to fiance Home Equity loans are the great way to purchase your toys,if you
can benefit from the right off.

Re: Do you own your boat
 

I own mine.

Re: Do you own your boat
 

Always pay cash for toys so you can afford to fix them when they break.

Re: Do you own your boat
 

It ownes me :D

Re: Do you own your boat
 

yeah, no kidding....

Re: Do you own your boat
 

I used to own my boats... THEN... I decided I needed a boat payment. Got rid of two that I owned and financed one. Something is wrong with this picture :rolleyes:

Re: Do you own your boat
 

It's my good credit that lets me have a 250k boat loan, it's a 2nd home write off for us. I wish I had a job where that much cash was on hand for what ever I wanted.

Re: Do you own your boat
 

exactly.... no payments but i spend enough on it... :cool:

Re: Do you own your boat
 

Not to be confused with the other Mild Thunder ...
My boat was paid in cash, bought it from Dallas Heat from this Site. this is my
3rd boat started out with a 23ft rinker paid cash for all 3 and I'm working my way up to a 32-35 footer
gas,winter storage ,maintenance , summer slip and lift added up is just as high as a payment tho.

Re: Do you own your boat
 

Not that it's worth much but yes she is paid for. :evilb:

Re: Do you own your boat
 

Agreed :drink:

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The bank owns part off it and the wife pays for the other parts!! :p

Re: Do you own your boat
 

We are getting good feedback, but what do you own/ finance? I owned 3 boats last summer, all paid for....now 1 performance boat (paid for)
98 Formula 312, title in hand!!! :D

Re: Do you own your boat
 

paid cash for my 79 mistress, and am paying cash for the blower motors, ouch... jc's right gas and maint should be like a large boat payment...

Re: Do you own your boat
 

Paid!.

Re: Do you own your boat
 

'99 30 spectre paid cash.... '05 f-250 paid cash.... '04 American Ironhorse paid cash.... '04 modena, um, paid mostly cash, the rest on home equity..... :D

finance the houses, pay for the toys.... (or at least pay for the toys through your house) :D

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?

Re: Do you own your boat
 

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....

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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Some states dont require titles for loans on boats, thats what Im doing. :drink:

Re: Do you own your boat
 

that sounds like a recipe for disaster!! what if you want to sell it and double your money and just walk away?

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.

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! :mad:

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.

Re: Do you own your boat
 

I have 2 boats 1 I own :drink: 1 I pay bank for :D

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Paid cash!

Re: Do you own your boat
 

paid for !!

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I own the Cigarette, the Comanche owns me.

Re: Do you own your boat
 

I dont finance toys :D

Re: Do you own your boat
 

Never paid cash for a boat and never will. I only pay cash for investments. Boats are not investments. I enjoy boating and will probably always on one or two, but they will be financed with the least amount possible paid down. If the economy suffers like several years ago after 911, the boat could go, but not other more important things like my house
I have no problem making payments and have a warrranty to cover problems

Re: Do you own your boat
 

been paid off for a couple of yrs now :evilb: ...........I see some great deals out there now (like Todds Active Thunder,that Fountain that Fred had or Mitches AT).......but I cant do it............doug

Re: Do you own your boat
 

That dog don't hunt , Put your 200k in a Legg Mason account earn 14to 17% yearly.
Home Equity loan 3.8% plus the mortgage interest as a tax deduct.DO the math
money to cheap to borrow now days,besides if you always pay cash how can you
establish a healthy credit line.I like paying cash for gas,food,sex or anything you cant
see the next day.Just my point of view.

Re: Do you own your boat
 

i think we are arguing a moot point, we are arguing investment philophsy at this point... if i feel better with my toys paid for, that is what matters, if you feel better with more cash in an account and your toys financed, that is what matters.... i don't think the people who have the option of buying the boat cash are the people that get themselves in trouble... i like the idea of the toys being paid for so that if i need to, they are easliy sold, even if it is under market value at the time, try that with a 300k bank note attatched to your boat...

plus money won't be cheap forever, it will go back up....

Re: Do you own your boat
 

old but I own it!!!

Re: Do you own your boat
 

They can't change a fixed interest rate,good point when interest rates go up so does
your investment accounts.With 300k in the right investment the earnings may cover
your boat note and if needed can still pay off the loan if need be!!!!!!!!!!

Re: Do you own your boat
 

Finance a boat = the fastest way to throw your money away other than the dog track .. ?% for 10-15 years plus depreciation.. No THANKS
I buy my boats after someone else paid full ticket , now cant afford it anymore and sells it to me for a song ..Use it for a couple years and sell it for break even or profit.. My boating costs me fuel and maintenance . :D