onesickpantera

iTrader: (1)

Good call. If you're currently behind on the payments the bank may do a short sale. Plus, I have no idea what boat loan interest rates are these days as I know they are getting tougher. But it looks like it is currently about 12%. If the new buyer can get a lower rate and a short sale this could be a great deal for someone.

Sorry to hear this Rocky. Keep your chin up!

Dono77056

I can't believe the bank would loan for 20 + years at 12%, thats fricken criminal. No surpise if something is taken back, no way to build up equity in the short. I did a 6 mos note on my 24 at a lil less than 6% and b*tched about that. I cant even get a mortgage at fair rates with 50% equity and enough cash to pay it off the remaining in reserve. Stuck with two year balloons at 8%. I don't know what to say on this deal...if you need the money for family and it's life and death..thanks to out great healthcare...I'd probably sell the the motors if push came to shove. Cash and maybe a small block swap. Unless its a live aboard I cant see why any lender in their right mind would go more than 5 years. Maybe it's naivety on my part I just assumed most of the high end stuff were cash deals. I've always bought used on cash or short notes. Whatever happens to the bank happens.

jayhawk261

I think it is quite common to get a 15 to 20 year note on a boat. It is due to the huge sticker price that ALL boats carry nowadays. I suppose it is up to the individual and his tastes as to whether or not he wants to finance the ride and take extra tax deduction as a 2nd home. Just because someone can't pony up $100k in cash for a boat, doesn't mean he can't afford to have it, run it, and enjoy it. Paying cash for everything is certainly a way to minimize any risk to yourself, but not everyone has the luxury of doing so. If everyone was forced to pay cash for the boat that they want, OSO would most likely not exist. The fraternity of boat owners would consist of a very much smaller group of people.

Sorry to hear about your situation Rocky. That is my favorite 28' Pantera hands down. I'd love to take it off your hands, but with the way the banks are now, I can't get a boat loan to cover it. Good luck with it, and I hope it works out for you.

Airpacker

wow $835.00 per month X 12 months x 19 years = $190380.00

Dono77056

I have a different mindset the way I was raised, not to be disrespectful to anyone but it's pretty simple.

1. Always have enough money saved to live on for a year.

2. If you can't pay cash you can't afford it.


I just have a different way of looking at things, if you can't pony up the 100K then no you cant afford the other things. How do you pay to repower a 100K boat several times over the course of the note without more debt. Unfortunately our country doesn't set a good example speninding and borrowing money that we don't have rather than just tough it out.

jdub

iTrader: (1)

"I did a 6 mos note on my 24 at a lil less than 6% and b*tched about that. I cant even get a mortgage at fair rates with 50% equity and enough cash to pay it off the remaining in reserve. Stuck with two year balloons at 8%"

Doesn't sound like you paid cash either...so does that mean you couldn't afford it? Not at all...there are alot of reasons and benefits to finance.

hp500efi

thats what my calculator said and I had to check the batteries...

Dono77056

Actually I did, put the proceeds of the boat i sold to the new boat. Instead of cashing a CD for the difference borrowed against it to boost my credit, paid it off when the CD matured. Funny thing about credit is that your score will go down if you don't borrow. Still 12% blows my mind for 20 years on something that won't appreciate.

moviemoney

look guys this is now going the wrong way, yes it is VERY common to finance a boat for that long, and it is not that I am out of money but I am ttrying to cut out the payments that are making it tough each month. Please stay on course with this thread. My interest rate is around 9%. If you were to make some calls regarding long term loans on RVs and high end boats you will find that more people finance then pay in full cash, this is because if you get the right loan and you bought it at the right price ,in the past ,the way the economy was , then most people would only keep the boat a few years and sell it for what they owe or make a small bit of money, to move up.When I worked @ Powerboat mag, most people would say that they did not want to pay it in full because it was throwing too much money away on something that deprecated in value. The botom line is that there are two kinds of buyers cash, and payment.Pick your poision.My mom has cancer, we are taking care of her,I do need to sell the boat so I can pay her bills, she is much more important to me then a boat or my F***en credit, so I would let it go because of her only, if she wasn't sick I would be keeping the boat .I love it !I would just like to see it go to a person who would love it too, and all they would have to do is call me and we can talk about anything ,insurance , payoff, or if they want they can sell the damm thing after they want to move up , I dont care, this is just all about me helping my mom and cuting out something that I can longer afford because of the most f***ed up thing that has happened to me since my dad died 3 years ago @57 years old, mom is also only 57.
Thanks to you all and if I sound like an ******* ,I am very sory it just got me upset that this thread was changing directions.None of what I have written was or is directed to any person that is reading it ,it was just gearal thoughts.
Thank you,Rocky

jayhawk261

Well said Rocky! I hope it turns out for you!