Remember to give your CPA a call and see if you can write off the interest paid on this new loan. If I'm not mistaken you can consider a boat a second residence if it has a toilet it in. Might make up for the 12K dif. over time. Good luck with the new boat!

I believe it is a toilet and Microwave, but check me out on this.
Enjoy your new toy! :drink:

congrats and enjoy!

Here is the information regarding deducting your boat loan interest:

Tax deductibility of interest on boat and yacht loans

Under IRC section 163 (h)(2) a taxpayer may deduct any qualified interest on a qualified residence, which is defined as a principal residence and one other residence owned by the taxpayer for the purpose of deductibility for the tax year. IRC section 163(h)(3) defines qualified residence interest as any interest which is paid or accrued during the tax year on acquisition or home equity indebtedness with respect to any qualified residence of the taxpayer.

In accordance with IRC section 163(h)(4), a boat will be considered a qualified residence if it is one of the two residences chosen by the taxpayer for purposes of deductibility in the tax year as long as it provides basic living accommodations such as sleeping space (berth), a toilet (head), and cooking facilities (galley). If the boat is chartered out, the taxpayer will have to use the boat for personal purposes for either more than 14 days or 10% of the number of days during the year the boat was actually rented, in accordance with IRC section 280A(d)(1).

Form 1098 is not necessary in order to receive the qualified interest deduction. In accordance with IRS instructions for Schedule A, form 1040, if the taxpayer does not receive form 1098, deductible mortgage interest should be reported in line 11 instead of line 10 on Schedule A.

1.9 sounds good to a poorwatabe like me .....its only money guys.....u cant take it with you.ever see a brinks truck follow a funeral procession?lol

SO a difference of $327.13 a month.

327.13 x 12 = 3925.56

and first three years at 0% hard to beat that.

I would take that savings of 327.13 a month and dump it into a ROTH IRA

Just my .02

See post #24

About the loan being on the books for 39 months?

How does the IRS know if I have a galley?

What kind of boat do you have?