Notices

Finance a new boat

Old 03-17-2023, 10:03 AM
  #1  
Registered
Thread Starter
 
Join Date: Nov 2006
Location: Florida
Posts: 3
Likes: 0
Received 0 Likes on 0 Posts
Default Finance a new boat

Looking to finance a new catamaran, over 300k
zzjay65 is offline  
Old 03-22-2023, 01:39 PM
  #2  
Registered
 
Join Date: Nov 2022
Location: Texas Gulf Coast
Posts: 14
Likes: 0
Received 3 Likes on 1 Post
Default

I'm a finance broker in the marine industry and can help you find a home for your loan if still needed. I'm also a insurance broker/agent as well. PM me if you'd like and I'll explain everything
Drrpm2004 is offline  
Old 03-22-2023, 05:27 PM
  #3  
Registered
Thread Starter
 
Join Date: Nov 2006
Location: Florida
Posts: 3
Likes: 0
Received 0 Likes on 0 Posts
Default Cat finance

Thank you for taking the time to respond to my forum. I end up getting a great rate with my local credit union at 6.5%.
zzjay65 is offline  
Old 03-22-2023, 05:32 PM
  #4  
Registered
iTrader: (1)
 
Join Date: Nov 2009
Location: KY
Posts: 3,909
Received 391 Likes on 304 Posts
Default

Originally Posted by zzjay65 View Post
Thank you for taking the time to respond to my forum. I end up getting a great rate with my local credit union at 6.5%.
No comment on your rate but Insurance I recommend member Sy Goldberg , he goes thru CHUMB
AllDodge is offline  
Old 03-23-2023, 10:48 AM
  #5  
Registered
 
Join Date: Nov 2022
Location: Texas Gulf Coast
Posts: 14
Likes: 0
Received 3 Likes on 1 Post
Default

Decent rate IMO. Just keep in mind credit unions usually won't go very long on term though. I've got multiple banks that will go 15/20 and even 25 yrs out. Don't let that scare you because these are all simple interest loans so you're only paying interest on the time you have it open.
Due to the fact that statistics show that people only keep their boats for 3-7yrs, stretching it out helps keep you payment down and keeps your DTI down in case you want to buy something else down the road and so on.
I also carry Chubb among many others on the insurance side.
Let me know if I can be of help, THX!
Drrpm2004 is offline  
Old 03-23-2023, 02:00 PM
  #6  
Registered
 
Join Date: Jan 2021
Location: Gothenburg, Sweden
Posts: 213
Received 75 Likes on 51 Posts
Default

Donít buy toys with borrowed money.
Markus is offline  
Old 03-23-2023, 08:17 PM
  #7  
Registered
 
Join Date: Nov 2022
Location: Texas Gulf Coast
Posts: 14
Likes: 0
Received 3 Likes on 1 Post
Default

Originally Posted by Markus View Post
Donít buy toys with borrowed money.
Many moons ago, my elders told me the same thing and we used to think that was sound advice however, that's not how it really works anymore if you weren't born with a silver spoon in your mouth.. Regardless of myself being in the finance business, I don't pay cash for things like this and I have more money in my pocket because of it. (Pay your bills of course and don't over purchase what you can't repay) I'm a father of 4 and I've been investing for 20+yrs and if I personally paid cash for everything I've had, I wouldn't have the stellar investment positions I have today even though they are down overall due to the market conditions. Every persons situation is unique to them. For all you know, ZZJay might have zero issues repaying a loan on his boat so why tell him not to? He might be invested elsewhere making more money off his
"toy money".

Smart money borrows money for things like a boats, RV's, plane's, cars etc. Same reason a lot of millionaires rent homes, condos and so on. Statistics don't lie and when they show you that people get in and out of these items often, why pay cash? Leave your money invested somewhere making you more money is the name of the game. If you're invested in anyway right now in the market, odds are you're down overall so pulling money out accepts that loss and then turn around and put that into a rec loan? No thanks

Then again, I can't knock a hard working family that just wants to get out on the water for a change and don't have new boat/rv money just sitting in a piggy bank. Saving for years is not only extremely hard but kids grow up, hobbies change etc and then what? Not fun anymore.
Plus have you seen pricing today vs 10 yrs ago? (It's absurd)

It's all about rate of return. As mentioned above every situation is unique and you have to factor the interest rate loss money vs the investment gain money and decide for yourself. I do million+ dollar loans all day and these guys could pay cash for anything they wanted...why is that? My 2cents..


Drrpm2004 is offline  
The following 3 users liked this post by Drrpm2004:
Cms51 (03-24-2023), division1 (03-23-2023), IGetWet (03-24-2023)
Old 03-24-2023, 05:48 AM
  #8  
Registered
 
Join Date: Sep 2013
Location: Wisconsin
Posts: 1,947
Received 637 Likes on 272 Posts
Default

Originally Posted by Drrpm2004 View Post
Smart money borrows money for things like a boats, RV's, plane's, cars etc. Same reason a lot of millionaires rent homes, condos and so on. Statistics don't lie and when they show you that people get in and out of these items often, why pay cash? Leave your money invested somewhere making you more money is the name of the game. If you're invested in anyway right now in the market, odds are you're down overall so pulling money out accepts that loss and then turn around and put that into a rec loan? No thanks
Bingo! Weíll put. Why blow all your cash on a toy when you can use the banks at a good interest rate and pay it off in 3-5yrs? The ďdonít be buying a toy if you canít pay cash for itĒ ideology is about as antiquated as the plunger.
IGetWet is offline  
Old 03-24-2023, 06:33 AM
  #9  
Registered
 
Join Date: Jun 2021
Location: SW Ohio
Posts: 762
Received 336 Likes on 192 Posts
Default

Originally Posted by IGetWet View Post
Bingo! Weíll put. Why blow all your cash on a toy when you can use the banks at a good interest rate and pay it off in 3-5yrs? The ďdonít be buying a toy if you canít pay cash for itĒ ideology is about as antiquated as the plunger.
IGet Wet,

And yet, there's a plunger in nearly every bathroom. That said....


Thanks. Brad.
(937)545-8991
Brad Christy is offline  
Old 03-24-2023, 11:50 AM
  #10  
Registered
 
Join Date: Nov 2022
Location: Texas Gulf Coast
Posts: 14
Likes: 0
Received 3 Likes on 1 Post
Default

Originally Posted by Brad Christy View Post
IGet Wet,

And yet, there's a plunger in nearly every bathroom. That said....

(3) Robert Kiyosaki - The Most Awkward Interview In the World (Must Watch) - YouTube

Thanks. Brad.
(937)545-8991
I remember watching that interview and LOL
Drrpm2004 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell or Share My Personal Information -

Copyright © 2023 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.