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View Full Version : How do you guys pay for your boats?



wantacat
03-18-2005, 12:55 PM
Cash?Finance?Equity lines?etc. Just curious.

RiverOtter
03-18-2005, 12:58 PM
My dashing good looks :cool:

bchbum
03-18-2005, 12:59 PM
For me 1 day of overtime makes the payment ,but my boat didn't cost that much

superdave013
03-18-2005, 12:59 PM
cash for all toys

racecar.hotshoe
03-18-2005, 12:59 PM
My dashing good looks :cool:
The hell you say!............... :coffeycup :D

NOTALENT
03-18-2005, 12:59 PM
Cash?Finance?Equity lines?etc. Just curious.
Let me know when u find out..this shits expensive.. :D

H20Advantage
03-18-2005, 01:00 PM
I prioritize and also pick up overtime wherever I can.

Mandelon
03-18-2005, 01:00 PM
First boat: Cash $3500
Second boat: Financed $15000
Third boat: Cash $25000
Fourth boat: Equity Line, but paid it off in a few months. $45,000

WYRD
03-18-2005, 01:02 PM
I just go out back and harvest the money tree :cool:

jbtrailerjim
03-18-2005, 01:02 PM
I wish I could have payed cash for it. But I don't have that kind of dough laying around. So, I financed it. I'd never pull equity out of my house to pay for a depreciating assett.

RiverOtter
03-18-2005, 01:03 PM
The hell you say!............... :coffeycup :D
Dam Straight :D

chub
03-18-2005, 01:03 PM
Financed the first two. Paid cash for this one. River habit= Paid for!

riverbound
03-18-2005, 01:05 PM
Bought mine cash, Then put money into it as I could afford it. If I had a slow month the boat was ignored, good month the boat got worked on. IMO if you cant really afford it this is the way to go. SOme people get into the payment thing and then get overwhelmed by maintainence, breakage, etc...
It's not the prettiest/ biggest thing out there but my family and I enjoy it. and it is does not look like everyone elses boat.
http://www2.***boat.com/image_center/data/520/681Picture_313-med.jpg

OutCole'd
03-18-2005, 01:05 PM
Cash?Finance?Equity lines?etc. Just curious.
All the above, plus my left arm for a down payment.

BarryMac
03-18-2005, 01:07 PM
Third boat: Cash $25000
I think I was had, I gave him more than that for it when I bought it from him... :hammer2:

Dr. Eagle
03-18-2005, 01:08 PM
I paid cash for the Ultra, and the idea of taking a bunch of equity out of my house has stopped me from buying that new boat I'd love to have. I absolutely won't use conventional financing for a boat again. :hammerhea

Boat Loan Guy
03-18-2005, 01:10 PM
Financed mine..got a great rate though...

Rod-64
03-18-2005, 01:11 PM
I pay WEAKLY.

Flying Tiger
03-18-2005, 01:37 PM
Cash.
Saved for two years.

Parker Dreamin
03-18-2005, 01:41 PM
little down as possible with a great rate making payments monthly, and love it.

mbrown2
03-18-2005, 01:47 PM
1/3 down. Finance the rest...

Tequila-John
03-18-2005, 01:53 PM
little down as possible with a great rate making payments monthly, and love it.
WEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE

Havasu Hangin'
03-18-2005, 02:03 PM
You guys actually paid for your boats?
:D

WYRD
03-18-2005, 02:11 PM
You guys actually paid for your boats?
:D
I borrowed mine from a buddy and haven't seen him since................wonder why? :idea: :D :D

BarryMac
03-18-2005, 02:12 PM
I borrowed mine from a buddy and haven't seen him since................wonder why? :idea: :D :D
Concrete shoes perhaps...

Jbb
03-18-2005, 02:14 PM
I sold my Kidneys.....seemed like a good Idea when Brown talked me into it....In retrospect...Im not sure I would do it again.... :hammerhea

LUVNLIFE
03-18-2005, 02:15 PM
The two we have cash. Would be easy to hit the home equity for a new boat but def not very smart :wink:

6 Dollar Boat
03-18-2005, 02:23 PM
I put the downpayment on my Capital One Visa, and financed the rest with an adjustable rate home equity line... :yuk:
J/K Mostly 10's and 20's

CornWater
03-18-2005, 02:35 PM
I made the bitch work OT... :)
Ohhhh.. I'm a dead man...

WYRD
03-18-2005, 02:37 PM
I put the downpayment on my Capital One Visa, and financed the rest with an adjustable rate home equity line... :yuk:
That is such an Idea that way the interest is tax deductable! :crossx: :crossx: :crossx:I hope your just making the interest only payment :2purples:

6 Dollar Boat
03-18-2005, 02:40 PM
That is such an Idea that way the interest is tax deductable! :crossx: :crossx: :crossx:I hope your just making the interest only payment :2purples:
How did you guess, interest only and it's at 11%...what a great write off... :rolleyes: :rolleyes: :rolleyes:

Tom Brown
03-18-2005, 03:00 PM
A couple of afternoons work with a squeegy paid for my Glastron.
Sure, I don't have the best boat but at least I didn't have to sell my kidneys.

WYRD
03-18-2005, 03:02 PM
A couple of afternoons work with a squeegy paid for my Glastron.
Sure, I don't have the best boat but at least I didn't have to sell my kidneys.
Man I have been on that ride too...............it does 0-30 in like..............well..........um.........ok it only does 15 but it looks good with the vinyl racing stripe :D :D

4-B
03-18-2005, 03:17 PM
I consulted my lawyer and he told me not to answer this question :cool:

Procraftkev
03-18-2005, 03:20 PM
Paid cash and now Im poor.

Sane Asylum
03-18-2005, 03:26 PM
Pimp.........

hot_diggity_dog
03-18-2005, 03:26 PM
How did you guess, interest only and it's at 11%...what a great write off... :rolleyes: :rolleyes: :rolleyes:
I Paid cash! and now look, :messedup: I sell fish taco's next to Rocky's oranges on the offramp. :D
HDD :smile:

rivrbrat
03-18-2005, 03:32 PM
I will work for food sign!!!! Interstate 40 - 95 south offramp........

Three Days Only
03-18-2005, 03:47 PM
How did you guess, interest only and it's at 11%...what a great write off... :rolleyes: :rolleyes: :rolleyes:
And your pink slip is hanging on the wall on which side of the 4000 sq ft + garage!!! LOL :)
I just sold some cocaine, and then killed a rich family member!!

sorry dog
03-18-2005, 03:47 PM
I'm waiting for RD's answer on this one...

SHAKEN Not Stirred
03-18-2005, 03:48 PM
I clean Photoglou's house on Friday's.....
Do this laundry on Tuesday's & Thursdays......"More Starch Jay?"....
Mow his lawn on Mondays.....
Walk his dog on Wednesdays......
And on Saturday he takes my wife out to dinner.......At least I get a doggie bag!.....what a GREAT guy!!!!
On Sunday he let's me do all of my stuff......"Thanks Jay.....What a guy"
Hey....It pays the bills !!!!!!
CJG
:wink:

Sane Asylum
03-18-2005, 04:09 PM
My dashing good looks :cool:
So.......You own a gayliner???

moneypit
03-18-2005, 04:11 PM
I didnt know there was anyother way then money.. :hammerhea

bunny 166
03-18-2005, 04:15 PM
Marry a rich guy.... :wink:

Sane Asylum
03-18-2005, 04:20 PM
Plasma and sperm bank donor........

mtndewdrops
03-18-2005, 04:33 PM
Financed my first boat with my credit union, paid it off, then sold it after 5years.
Took the cash from the sale of the old boat, paid for half of the new boat and put the rest on Home Equity...lower interest and tax deductable.

CJ
03-18-2005, 04:36 PM
Marry a Rich Girl!

6 Dollar Boat
03-18-2005, 04:44 PM
I Paid cash! and now look, :messedup: I sell fish taco's next to Rocky's oranges on the offramp. :D
HDD :smile:
What offramp??? I'll be there in 15 minutes :cool:

THATJEFFGUY
03-18-2005, 04:49 PM
Uhhh, are we supposed to pay for them ???? Well, that explains all the rude phone calls from that finance company ! :eek:

78Southwind
03-18-2005, 04:53 PM
Marry a rich guy.... :wink:
Then date his wife :D

Garrddogg
03-18-2005, 04:54 PM
I sell my children to work in the fields!

Dribble
03-18-2005, 04:55 PM
It's not the prettiest/ biggest thing out there but my family and I enjoy it.
http://www2.***boat.com/image_center/data/520/681Picture_313-med.jpg
And that my friends is what matters most.

Bense468
03-18-2005, 06:26 PM
I didn't have any money so I just wrote a check... I had lots of those :wink:

UnionJack
03-18-2005, 06:46 PM
My Dad was stupid, and got drunk and fell off his boat... and well you know the rest

cola
03-18-2005, 08:23 PM
Financed my first boat with my credit union, paid it off, then sold it after 5years.
Took the cash from the sale of the old boat, paid for half of the new boat and put the rest on Home Equity...lower interest and tax deductable.
I took what you gave me, wrote a change order & emptied my sock drawer. Better last me 10 years. :wink:

Ion
03-18-2005, 08:34 PM
I paid cash for mine, but I can't comprehend why some of you stated you wouldn't pull some equity to buy one, when you can get a competitive rate, if not better than conventional, essentially be paying yourself back, not giving your money to a bank and last but not least, deduct the interest off your income taxes? Where's the downside? :idea:

Wet Dream
03-18-2005, 08:47 PM
Borrowed from the 401k and paid myself back. :D

6 Dollar Boat
03-18-2005, 09:10 PM
I paid cash for mine, but I can't comprehend why some of you stated you wouldn't pull some equity to buy one, when you can get a competitive rate, if not better than conventional, essentially be paying yourself back, not giving your money to a bank and last but not least, deduct the interest off your income taxes? Where's the downside? :idea:
I personally would not pull equity out of my house for a toy. If you have trouble paying the loan you loose your house not just the boat. Plus I am looking forward to having my house paid for. You will say "but what about the tax savings", if mortgage interest was such a great tax savings people would want a higher interest rate... :confused:

Sleek-Jet
03-18-2005, 09:22 PM
Cash.... slowly but surely... I have a hard time financing the types of boats I like (i.e. older ones)...

Ultrafied
03-18-2005, 09:44 PM
I personally would not pull equity out of my house for a toy. If you have trouble paying the loan you loose your house not just the boat. Plus I am looking forward to having my house paid for. You will say "but what about the tax savings", if mortgage interest was such a great tax savings people would want a higher interest rate... :confused:
On a Home Equity loan, if I'm not mistaken, you don't lose the home, but rather a "lien" is on it if you default. You would have to default on the first mortgage as well to have a foreclosure.
Also, the boat, when financed this way, is yours, title and clear, unless filed in with a BK. Or ... at least mine is. I own the boat, trailer, home, Sea Doo's and none of it is used as collateral.
Using the equity out of your home is not bad if down wisely. When refinancing with better rates, you can come out nicely. If you spend the equity foolhardily, it can be devastating. I'm not a rich guy who can plunk down 40-50k cash, but a person who can afford 40-50k financed wisely with my own money.

My Man's Sportin' Wood
03-18-2005, 10:26 PM
My husband has a guitar and he plays songs for people. That's how we got ours. :wink:

dean51267
03-19-2005, 05:21 AM
had to sleep wit hthe boat dealers wife once, I guess we all prostitute ourselves to some extent.

Ion
03-19-2005, 06:36 AM
I personally would not pull equity out of my house for a toy. If you have trouble paying the loan you loose your house not just the boat. Plus I am looking forward to having my house paid for. You will say "but what about the tax savings", if mortgage interest was such a great tax savings people would want a higher interest rate... :confused:
Oops! I was assuming everyone who would not use equity for their boat was responsible and made their payments. Silly, naive me!

a catered life
03-19-2005, 07:23 AM
paid cash for first one $900 bucks not a pretty sight worked on it slowly and the weekend after i rebuilt the engine sold it at the river on a holiday weekend for $4000 cash screwed that money off and had to save for a few years(meanwhile have s two of the worst boatless summers in my life) paid $12,0000 cash for this one about $2,000 more in repairs from eliminator :umm: and test rides now she runs like a wet dream :2purples:
also help to own our own small catering company while me and wifey work full time jobs

jailbird141
03-19-2005, 08:20 AM
I don't make the payments! Thats why I keep it in a locked garage!!! They'll never find it. :idea:

UnionJack
03-19-2005, 09:03 AM
I don't make the payments! Thats why I keep it in a locked garage!!! They'll never find it. :idea:
Nice, I know people who make payments and there boat is in there garage not being used.

Tahiti350
03-19-2005, 09:24 AM
I paid $100 cash for my first three boats (yes all 3 for $100), $50 for the 4th, Sold all 4 for $200 and a gutted 68 Cougar (never got any of them to the lake :rolleyes: ), paid $3000 cash for #5 (still have it :cool: ), traded a brand new 400 SBC for #6 (took it back and got my engine back, it was a rotten POS Rienell Cuddy Cruiser :220v: ), looks like #7 will be another motor trade, and #8 may be free (both jet boat hulls :) ).
Free and Cheap are interesting words, however, when used to descibe boats, that usally mean VERY expensive :cry: .

HCS
03-19-2005, 10:11 AM
I financed. 10 year loan. :jawdrop:
Boats paid off though. Paid it off a whole year early. :hammer2:

BarryMac
03-19-2005, 10:14 AM
Sell pimp juice on the corner of Rose and Grand... :D

Sanger Jet
03-19-2005, 10:15 AM
Drug Mule :confused:

repo man
03-19-2005, 10:15 AM
i stole mine

Dribble
03-19-2005, 10:22 AM
On a Home Equity loan, if I'm not mistaken, you don't lose the home, but rather a "lien" is on it if you default. You would have to default on the first mortgage as well to have a foreclosure.
I believe you are mistaken about that. A home equity line is a mortgage and the title to the house is security for that mortgage. I believe that a secondary lender can forclose and satisfy the first motgage form the foreclosure.

a catered life
03-19-2005, 10:28 AM
Sell pimp juice on the corner of Rose and Grand... :D
is that with or without the special nutty flavor :supp:

Scarab Jet
03-19-2005, 02:34 PM
My philosophy...
If I can't pay cash for something that depreciates over time, I just won't buy it... So, if I really want something bad, I just bite the bullet for awhile and save till I can pay cash for it.

Dr. Eagle
03-19-2005, 02:41 PM
I believe you are mistaken about that. A home equity line is a mortgage and the title to the house is security for that mortgage. I believe that a secondary lender can forclose and satisfy the first motgage form the foreclosure.
You are right on...
Don't make your payments on your second or HELOC...
You're DOOOOOOOOOOOOOOOOOOOMED......... :( :D
Well to be homeless anyway.

vegasriverjunkie
03-19-2005, 02:41 PM
I saved enough aluminum cans over the six years going to the river.... :mix:

BarryMac
03-19-2005, 05:10 PM
You are right on...
Don't make your payments on your second or HELOC...
You're DOOOOOOOOOOOOOOOOOOOMED......... :( :D
Well to be homeless anyway.
Why wouldn't you make the payments, if yu want to play than you have to pay, one way or another...

Sleek-Jet
03-19-2005, 05:12 PM
You are right on...
Don't make your payments on your second or HELOC...
You're DOOOOOOOOOOOOOOOOOOOMED......... :( :D
Well to be homeless anyway.
You could always live in the boat.... :crossx:

Dr. Eagle
03-19-2005, 05:30 PM
Why wouldn't you make the payments, if yu want to play than you have to pay, one way or another...
Well speaking for myself, I would and always have.
But the thought that you have some sort of protection from foreclosure because it's a HELOC or Second is a bit mistaken... that's all I was saying.

Dr. Eagle
03-19-2005, 05:32 PM
You could always live in the boat.... :crossx:
We have those in Sacramento. They anchor in the river in these broken down old houseboats... you know they're dumping "stuff" in the river... ewwww!
See, you could be DOOOOOOOOOOOOOOOMED to that! :p

LOWRIVER2
03-19-2005, 05:44 PM
Asset forfeiture,
I've got dirt on Mackie, I had his crew "recover" it during a warrant service.

Sleek-Jet
03-19-2005, 05:44 PM
We have those in Sacramento. They anchor in the river in these broken down old houseboats... you know they're dumping "stuff" in the river... ewwww!
See, you could be DOOOOOOOOOOOOOOOMED to that! :p
Hey, what's a little dysentery and cholera among friends.... :D Not like it every killed anybody... :notam: :(

Dawn Patrol
03-19-2005, 05:51 PM
I make my Wife sell Avon......
Avon Calling, Pick up your phone Damn it! :D

Holland
03-19-2005, 06:01 PM
Buy low and sell high... and run to the boat dealer

77charger
03-19-2005, 06:24 PM
financed mine for 10 years payment was 200 bucks i could afford that.Then we did a refi on the house got back some cash paid the boat off and my streetbike still have the payment as we did when we first moved in 3 years before.Not a second on the house either.Loan is at 250k so i still feel i am not upside down since my home is in O.C i know home prices will drop but i dont think much lower than that and i dont plan on selling my home soon anyways.I just wish i did what my dad told me when i was younger buy a house now you could afford it(they were under 150 at the time) for what i bought i paid 190 in 2000 but me being the one sayin i could find a fixer upper easily and i only had a truck payment at the time.
I can pull out enought right now to buy a new cat and diesel pusher but then i will be upside down very soon and struggle to make the house payment.

King on the River
03-20-2005, 10:26 AM
I wish I could have payed cash for it. But I don't have that kind of dough laying around. So, I financed it. I'd never pull equity out of my house to pay for a depreciating assett.
It really depends on what kind of boat you get I would'nt use equity for that new bayliner, but I've seen people buy a new conquest deckboat use it for 3 years then resell it for what they paid. When you look at being able to get a 4.5 - 5% interest rate on that (TAX DEDUCTABLE). Verses a 15year boat loan with a higher rate thats not tax deductable. You have to be able to afford to make the higher home payment, but if you get a regular boat payment that will usually be much higher. If you run into really hard times you can sell your free and clear Hot Boat and use that cash to help you get buy. If you run into hard times with the boat loan, they repo the boat and ruin your credit.
I am actually in the Mortgage Business, so if anyone is interested in running any loan senarios with me I'd be happy to help if I can.

Charley
03-20-2005, 11:54 AM
I Paid cash! and now look, :messedup: I sell fish taco's next to Rocky's oranges on the offramp. :D
HDD :smile:
Damn G, If you did that Rocky won't sell any more oranges.... well unless he's injecting them with goose :D