Offshoreonly.com - Help With Financing!!!

Quote:

Originally Posted by Griff (Post 3517161)

Sorry, but this makes no sense financially, especially for somebody with a "debt to income ratio that is next to none"
If you need 20 years for a 50k loan, then there is a problem. It is highly unlikely that you will find any 20 year loans, at least not for under 100k.

True that means you can not afford it. Here are some numbers and facts. To start off with your going to go 20 year in for a boat that is already 13 years old? You really going to keep it till its its 33 years old?

If you go 20 years and your rate is say 5% which I think is probably better than you will see but you will pay 329 a month you will almost pay 30,000 in interest in that boat. Does that make sense??? If your going to do this at least do a ten year you will only pay 13 in interest and your payment will still be low 500's.
Your best bet is to save up 10-20k and take a 7 year loan out max. You go the route you are thinking you will be upside down on that boat forever.