Here's what your asking for......My $.02, you can't afford it, if this is a used boat you'll still be paying for something that should have sunk already. (most brands, not all)

$70,000
7.5%
20 years


$563.92
Monthly Principal & Interest $135,339.66
Total of 240 Payments

$65,339.66
Total Interest Paid

good calculations. My rule of thumb is I always like to pay at least 75% down for toys. My rule of thumb is if you can put close to 50% down you cant afford it

Add in a 5% lost opportunity cost & the decision to buy/finance that boat really costs $223,000 over the 20 years (and even more if you go out more than 20 years).

I agree. Save up and buy when you can afford it. I know that's not what you want to hear, but I am in your same situation right now. Boatless sucks!

That or get an older or smaller boat. There are plenty of 27-29's for 40 grand or less out there. Hell I bought my twin 91 for 26, engines were brand new in it upolstry was new. It looks no worse than a 2005. I know how it feels sometimes you have your heart set and want to get something but it doesnt work. I have a brand camaro and had to make the choice of keeping the camaro or getting a newer boat well I opted for both. Also if you look there are a lot of 33ft or 10M fountains out there in the late 80's that are nice

He's got a 1998 28ft Donzi now....Personally, I wouldnt go 10 years older to gain 2-5 feet.

me either but I wouldnt go for broke or get a crazy loan to do it either.

Me neither. Ive got a friend who bought a 2002 Nordic Heat 8 years ago for $75k and put zero down. Financed it over 15 years at $700 per month...Here we are 8 years later, he's already paid $67k in payments (the balance is $45k) and he now has 750 hours and its only worth maybe $32-$34k. We laugh about it all the time because I kept telling him before he signed on the dotted line to go buy a used scarab or a baja for $35k but he just wouldnt listen. Now he wishes he would have.

Im a firm believer in buying used. If the boat is newer, putting 25% down (minimum) and financing max term of 10 yrs. If the boat is over 10 years old max term should be 5 years.
Bottom line, you should own your toys--not the other way around!!

Right on and its this new American attitude that everybody is entitled to have what they want, and they deserve whatever they want is rediculous. Shame on banks for letting people do this and trapping people in loans. But people did it with houses too, cant say I feel bad for them either

[QUOTE=Powerquest_Baby!!;3353331]Ive always felt that 10 years should be the max term for a boat loan. [QUOTE]

I agree for the most part.....I financed my boat for 15 yrs (after a large down payment) and set up my payments as if it was a 10 yr loan (meaning I was paying extra principal each month). My rational was that if things got tight and I needed to switch the allocation on my $$ around, I could reduce my monthly payment to a more managable amount. Fortunately I never had to do that, but it all depends on what your situation is like. But I agree with what most have said, if you are doing it because you can't afford a 15 yr, but can swing a 20 yr, you probably should just stick with the boat you have.

[QUOTE=Big Time;3363729][QUOTE=Powerquest_Baby!!;3353331]Ive always felt that 10 years should be the max term for a boat loan. I agree with your plan but you have to have the discipline. I do it with cars. I get 6-7 year loans gives me a lower payment and I pay big chunks when i can. I usually have car notes no longer than 4-5 years.