Best Finance Rate?

[F26]

What is the best rate anyone has seen lately for over 200K for 15yrs?

[Boatandrvloanguy]

For a boat loan? Most loans that size can go 20 years..

[DCBDaytona]

What is the best rate anyone has seen lately for over 200K for 15yrs?
Sorry for the ignorance...But why would you finance over $200k on a boat? After all, it is a boat not a house.

[Nautitwins2]

go to www.bankrate.com

[TOBTEK]

Sorry for the ignorance...But why would you finance over $200k on a boat? After all, it is a boat not a house.
because he wants to. AND some believe its smarter even if you have that kind of $$$$ its smarter to keep it were its safe.... in the bank or invested. IF anything ever happend to a 200 plus K boat, id much rather my insurance company speak with my finance company.... all the while the cash is safe in the bank!

[reDECKulous]

tobtek - well said.

[Tequila-John]

because he wants to. AND some believe its smarter even if you have that kind of $$$$ its smarter to keep it were its safe.... in the bank or invested. IF anything ever happend to a 200 plus K boat, id much rather my insurance company speak with my finance company.... all the while the cash is safe in the bank!
Nice work bud

[beaverretriever]

A teir credit.... 739 credit score or above should get you around 7.5-8% :)
Good luck.

[DCBDaytona]

because he wants to. AND some believe its smarter even if you have that kind of $$$$ its smarter to keep it were its safe.... in the bank or invested. IF anything ever happend to a 200 plus K boat, id much rather my insurance company speak with my finance company.... all the while the cash is safe in the bank!
Hmm, not buying it. :p But to each his own :)
Why are so many >$100k boats for sale these days?

[TOBTEK]

Hmm, not buying it. :p But to each his own :)
Why are so many >$100k boats for sale these days?
EVERY case is somewhat different in sure...... But would you accept, or be able to wrap your head around some just want a bigger faster boat. Some may have discoverd that the whole "performance boat" thing is a huge pain in the a$$, and now want a pontoon boat.
So, why arent you buying it? Let me ask you this Mr C.F.P...... is it smarter to write a check for say $200,000.00 plus tax and licence for a new "WEPB" ( what ever performance boat :) ) or put the normal 10-15% down and finance the balance? Please go into detail with your response..... amaze me with your vast knowledge of finances :rollside: :rollside:

[ChumpChange]

Sorry for the ignorance...But why would you finance over $200k on a boat? After all, it is a boat not a house.
How about because I can earn more money on my cash when it's invested properly than pay in interest on a boat. :rollside: :rollside: :rollside:

[andy01]

Who said anything about a boat? What a bunch of Jackass's, if is for a boat let me know I have a great guy......

[DCBDaytona]

EVERY case is somewhat different in sure...... But would you accept, or be able to wrap your head around some just want a bigger faster boat. Some may have discoverd that the whole "performance boat" thing is a huge pain in the a$$, and now want a pontoon boat.
So, why arent you buying it? Let me ask you this Mr C.F.P...... is it smarter to write a check for say $200,000.00 plus tax and licence for a new "WEPB" ( what ever performance boat :) ) or put the normal 10-15% down and finance the balance? Please go into detail with your response..... amaze me with your vast knowledge of finances :rollside: :rollside:
Everybody is entitled to their opinion Toby. :idea: It just depends on one's opinion of the word, "afford."

[DCBDaytona]

Sorry F26...I'm done, for now.

[riverracerx]

I know where you can get a good deal!
http://magicpowerboats.com/currentinv/Special%20financing.jpg

[Outnumbered]

Who said anything about a boat? What a bunch of Jackass's, if is for a boat let me know I have a great guy......
Confucius say one who call people bunch of jackasses should learn to spell jackasses first.:D

[Boatandrvloanguy]

So again my first question is this for A boat?
If so you would be looking at intrest rates between the high 6s and low 7s. Depends on credit and other factors..
Good to see many people on here care so much about how other people use there money...lol

[ClownRoyal]

So, why arent you buying it? Let me ask you this Mr C.F.P...... is it smarter to write a check for say $200,000.00 plus tax and licence for a new "WEPB" ( what ever performance boat :) ) or put the normal 10-15% down and finance the balance? Please go into detail with your response..... amaze me with your vast knowledge of finances :rollside: :rollside:
Now that is some pretty damn good stuff.

[JB in so cal]

I know where you can get a good deal!
http://magicpowerboats.com/currentinv/Special%20financing.jpg
That's just Ron loaning all of his past customer's cash back to new customers.
I always like seeing him cruise through the channel waving at all of us...
"I made $13k off that guy... I made $22k off that guy... I made $11k off that guy..."

[wsuwrhr]

Ouch
That's just Ron loaning all of his past customer's cash back to new customers.
I always like seeing him cruise through the channel waving at all of us...
"I made $13k off that guy... I made $22k off that guy... I made $11k off that guy..."

[F26]

Sorry for the ignorance...But why would you finance over $200k on a boat? After all, it is a boat not a house.
why wouldnt you pay cash for your house and pay simple interest on the boat ? Im not a smart man but isnt simple interest cheaper? And yes it is a boat 15 to 25% down.

[CornWater]

why woulnt you pay cash for your house and pay simple interest on the boat ?
Pretty sure you don't need to answer... It's nobodys business what YOU choose to do with your money. If you got it to spend I think that's great, more power to you. I'm not exactly sure when this site became an outlet for jumping down someones shit because they do things differently than you.
:rolleyes:

[Nord]

Time for me to check out that Deck boat ;)

[F26]

Pretty sure you don't need to answer... It's nobodys business what YOU choose to do with your money. If you got it to spend I think that's great, more power to you. I'm not exactly sure when this site became an outlet for jumping down someones shit because they do things differently than you.
:rolleyes:
GOOD ANSWER
next time i will ask for an a$$hole and not an opinion

[bigq]

why wouldnt you pay cash for your house and pay simple interest on the boat ? Im not a smart man but isnt simple interest cheaper? And yes it is a boat 15 to 25% down.
I think it has to do with taxes
:rolleyes: but like you I am not a smart man. I was smart enough though to invest in a zip tie company when DCB was a small company.http://www.planetsmilies.com/smilies/happy/happy0129.gif

[TOBTEK]

Everybody is entitled to their opinion Toby. :idea: It just depends on one's opinion of the word, "afford."
I hope you know im jack bustin your balls..... Jr DCB boy :rollside: :rollside: :rollside:

[gmejia]

5 7/8

[Nautitwins2]

EVERY case is somewhat different in sure...... But would you accept, or be able to wrap your head around some just want a bigger faster boat. Some may have discoverd that the whole "performance boat" thing is a huge pain in the a$$, and now want a pontoon boat.
So, why arent you buying it? Let me ask you this Mr C.F.P...... is it smarter to write a check for say $200,000.00 plus tax and licence for a new "WEPB" ( what ever performance boat :) ) or put the normal 10-15% down and finance the balance? Please go into detail with your response..... amaze me with your vast knowledge of finances :rollside: :rollside:
Not going to stir the pot with this, because everyones situation is different. But if I were a business owner, this is the route I would go. An individual buying a depreciating asset above what they can afford just does not make sense to me. But if you are using the boat as write off that is a whole other story.
Disclaimer... Please consult your CPA, prior to making said purchase..

[DCBDaytona]

why wouldnt you pay cash for your house and pay simple interest on the boat ? Im not a smart man but isnt simple interest cheaper? And yes it is a boat 15 to 25% down.
Since this is back up top...LOL.
There is a simple answer to this...Well atleast in my mind. :p
No more opinions from me, I'm the a$$hole. :cry:

[DCBDaytona]

I hope you know im jack bustin your balls..... Jr DCB boy :rollside: :rollside: :rollside:
I know, I know...And no, I'm not a CFP. But don't think I formed my opinions growing up with a father as a CFO. :p

[plaster dave]

Pretty sure you don't need to answer... It's nobodys business what YOU choose to do with your money. If you got it to spend I think that's great, more power to you. I'm not exactly sure when this site became an outlet for jumping down someones shit because they do things differently than you.
:rolleyes:
That is the best thing I have read in along time on H.B.

[F26]

Since this is back up top...LOL.
There is a simple answer to this...Well atleast in my mind. :p
No more opinions from me, I'm the a$$hole. :cry:
Just yanking your chain but i am listening and learning...

[It's Only Money]

For the most part sound financial advise is to finance appreciating assets - or at least those assets that have a chance for appreciating. This is represented by land and housing for example. Don't finance [b][i]depreciating assets such as boats, cars, trucks and other consumables. This is a generality. As for leaving the money in the bank because it is safer...how? Bank failures do occur though rare. Investmenst? See Enron, Worldcom, Tyco, Global Crossing and other large companies that lost all shareholder value. As for investments versus financing - only a good argument if your investments return a greater amount than the finance charges are costing you. The reasons people finance depreciable assets are by and large due to the fact they can't afford to purchase them outright and are willing to take the loss for the purpose of "renting" the asset from the bank or finance company.
A little math for those who might be interested (those that understand it can skip this section!)
Let's say you purcahse a $200,000 boat on a 15 year loan at 7% interest and put 10% down ($20K). Your payment would be $1,617.89. If you keep the boat the entire 15 years and never sell it (unlikely) your total payments would be $291,220.36. Add the down payment and your total cost would be $311,220.36. That's $111,220.36 dollars lost to the finance company. Now the boat should be worth something after 15 years but I can't guess what but certainly NOT $311,220.36.

[Mrs.Killer]

For the most part sound financial advise is to finance appreciating assets - or at least those assets that have a chance for appreciating. This is represented by land and housing for example. Don't finance [b][i]depreciating assets such as boats, cars, trucks and other consumables. This is a generality. As for leaving the money in the bank because it is safer...how? Bank failures do occur though rare. Investmenst? See Enron, Worldcom, Tyco, Global Crossing and other large companies that lost all shareholder value. As for investments versus financing - only a good argument if your investments return a greater amount than the finance charges are costing you. The reasons people finance depreciable assets are by and large due to the fact they can't afford to purchase them outright and are willing to take the loss for the purpose of "renting" the asset from the bank or finance company.
A little math for those who might be interested (those that understand it can skip this section!)
Let's say you purcahse a $200,000 boat on a 15 year loan at 7% interest and put 10% down ($20K). Your payment would be $1,617.89. If you keep the boat the entire 15 years and never sell it (unlikely) your total payments would be $291,220.36. Add the down payment and your total cost would be $311,220.36. That's $111,220.36 dollars lost to the finance company. Now the boat should be worth something after 15 years but I can't guess what but certainly NOT $311,220.36.
Finance companys sure make a killing.....

[DCBDaytona]

For the most part sound financial advise is to finance appreciating assets - or at least those assets that have a chance for appreciating. This is represented by land and housing for example. Don't finance [b][i]depreciating assets such as boats, cars, trucks and other consumables. This is a generality. As for leaving the money in the bank because it is safer...how? Bank failures do occur though rare. Investmenst? See Enron, Worldcom, Tyco, Global Crossing and other large companies that lost all shareholder value. As for investments versus financing - only a good argument if your investments return a greater amount than the finance charges are costing you. The reasons people finance depreciable assets are by and large due to the fact they can't afford to purchase them outright and are willing to take the loss for the purpose of "renting" the asset from the bank or finance company.
A little math for those who might be interested (those that understand it can skip this section!)
Let's say you purcahse a $200,000 boat on a 15 year loan at 7% interest and put 10% down ($20K). Your payment would be $1,617.89. If you keep the boat the entire 15 years and never sell it (unlikely) your total payments would be $291,220.36. Add the down payment and your total cost would be $311,220.36. That's $111,220.36 dollars lost to the finance company. Now the boat should be worth something after 15 years but I can't guess what but certainly NOT $311,220.36.
This clearly restates my point...

[Mrs.Killer]

This clearly restates my point...
When it was coming from you, it was all wrong :rolleyes: go figure

[Red Horse]

Bear with me and my spelling as I have been drinkin...
First off, it is every Americans God given right to invest, finace or summarly throw away money on bad debt. With that being said, there are several times when financing something will make sense.
All this assumes you have the 200K cash
Lets say you want this 200K boat. Throw down the 20-30% (40-60k)depreciation as a down payment, get you a long term loan and basically rent the boat for the short term (3-5 years) and then sell it assuming the market will bear what you want to sell it for. Take the rest of the money and place it is semi liquid 6 month CDs laddered at 10K a month. World Saving has a good rate. Lets use a real world off of one of my CDs of 5.83% for 6 months. That is 291.50 per 10K in a CD for 6 months. For the sake of argument lets go with 1 year at 5.83% Make is simple 583 bucks on 10K (Stocks would be real hard to compare). Use the 30% down and you have 140K for CDs. That is 14, 10K CDs at 5.83% APY. Lets do the math. 583 X 14 = 8162. That is the interest you would make a year on the 140k assuming you have 14, 10K CDs at 5.83% APY.
A 140K loan at 7% for lets say 20 years will carry a montly payment of 1085.42 a month. The interest paid will range from 816.67 a month (based on 5 years) to 704.43 a month. At the the 5 year time frame the 140K loan will have cost you $45,884.39 in interest. On the other hand you have made $8162 per year for the last 5 years for a total of $40,750. Keep in mind that I have not figured in the increase of interest rolled over every year on the money earned. This gives a difference of $5134.39. Divide that over 5 years and the boat only cost you about a grand a year. Hell I drink that much a year. However, you cannot do anything with the money that is in the bank except offset the interst you are paying. With that being said, finance as little as possible unless you can get a interest only ARM just to control an apprecialting asset such as land.
Just my uninformed .02 cents. :boxed:

[Outnumbered]

Bear with me and my spelling as I have been drinkin...
Dude, you're hardcore....you posted this at 9:15AM :220v:

[OutCole'd]

Dude, you're hardcore....you posted this at 9:15AM :220v:
He's a lightweight, He is stationed in Japan. It was prbably 7:30 pm and he was OUT! :) :)

[djunkie]

Dude, you're hardcore....you posted this at 9:15AM :220v:
Well being as he is in Tokyo I'd say its probably around drinking time for him.

[Magic34]

That's just Ron loaning all of his past customer's cash back to new customers.
I always like seeing him cruise through the channel waving at all of us...
"I made $13k off that guy... I made $22k off that guy... I made $11k off that guy..."
Couldn't you say that about most of the boat companies owners? Heck, the previous owner of Nordic just spent over $500k in landscaping alone (not including pool) at the house in Havasu off of 95.

[It's Only Money]

Bear with me and my spelling as I have been drinkin...
First off, it is every Americans God given right to invest, finace or summarly throw away money on bad debt. With that being said, there are several times when financing something will make sense.
All this assumes you have the 200K cash
Lets say you want this 200K boat. Throw down the 20-30% (40-60k)depreciation as a down payment, get you a long term loan and basically rent the boat for the short term (3-5 years) and then sell it assuming the market will bear what you want to sell it for. Take the rest of the money and place it is semi liquid 6 month CDs laddered at 10K a month. World Saving has a good rate. Lets use a real world off of one of my CDs of 5.83% for 6 months. That is 291.50 per 10K in a CD for 6 months. For the sake of argument lets go with 1 year at 5.83% Make is simple 583 bucks on 10K (Stocks would be real hard to compare). Use the 30% down and you have 140K for CDs. That is 14, 10K CDs at 5.83% APY. Lets do the math. 583 X 14 = 8162. That is the interest you would make a year on the 140k assuming you have 14, 10K CDs at 5.83% APY.
A 140K loan at 7% for lets say 20 years will carry a montly payment of 1085.42 a month. The interest paid will range from 816.67 a month (based on 5 years) to 704.43 a month. At the the 5 year time frame the 140K loan will have cost you $45,884.39 in interest. On the other hand you have made $8162 per year for the last 5 years for a total of $40,750. Keep in mind that I have not figured in the increase of interest rolled over every year on the money earned. This gives a difference of $5134.39. Divide that over 5 years and the boat only cost you about a grand a year. Hell I drink that much a year. However, you cannot do anything with the money that is in the bank except offset the interst you are paying. With that being said, finance as little as possible unless you can get a interest only ARM just to control an apprecialting asset such as land.
Just my uninformed .02 cents. :boxed:
And exactly how much do you have AFTER taxes since the interest you make on the laddered CD's are taxable as ordinary income - let's say 35-40% based on California and Federal tax rates. On your example and the tyhpical California boater buying a $200K boat he'd be in the 28% Fed and 8% California tax rates. That takes 36% off of the top of the profit from the CD's. Or a total of $14,692 leaving $26,118 profit from the investments - assuming constant interest rates for the next 5 years. So now you've spent $65,125 and recouped $26,118 for a total out of pocket expense of $39,007 or $650 a month again assuming that depreciation doesn't eat further into the resale and you have to come up with more cash to pay off the loan.

[racecar.hotshoe]

Dang you guys are all smart and shit :rolleyes:

[Red Horse]

I wasnt about to get into taxes, depreciation, write off etc after my 4th Crown and Coke :cool:

[F26]

If you have one financed and the other paid for why wouldnt you pay cash for the house as compounded interest is much more versus simple on the boat. With the right accountant i dont think tax is horrible anyway for a business owner. Am I wrong?

[It's Only Money]

F26 - Interest is interest when financing a purchase. The monthly interest expense applied is calculated on the unpaid balance of the loan. For an example...with a 6% annual interest rate, you would be charged interest of 0.5% (1/2 of 1 percent) on the current balance outstanding on your loan each and every month until the loan is paid. This is regardless of whether it is a home or a car or a boat - same calculation process. At the beginning of your loan the portion of your payment that is applied to the interest is higher than towards the end of your loan when the portion of the principal is higher than the interest. "Compound" interest is when you make a deposit in an interest bearing account and you are paid interest on all of your money in the account. After the first day of the deposit (assuming daily compounding) you are being paid interest on the previous day's interest. For example: Deposit $10,000 in a 6% (annual rate compounded daily) account. On day 2 you will have $10,001.64 in your account. At the end of the day on day 3 you will have $10,003.29. At the end of 1 year you will have $10,616.57 - more than the $600 that simple interest would pay you if only calculated at the end of the period. That is compound interest.

[ChumpChange]

Couldn't you say that about most of the boat companies owners? Heck, the previous owner of Nordic just spent over $500k in landscaping alone (not including pool) at the house in Havasu off of 95.
Gee Whiz, where did he import those rocks from?

[ThongMagnet]

You only live once. If your making the dough, then I say why stop with just a $200k Boat. Go for a new 2007 Piper Meirian aircraft for only 10K a month :)

[Chipster27]

How about because I can earn more money on my cash when it's invested properly than pay in interest on a boat. :rollside: :rollside: :rollside:
Good point but don't forget to factor in the depreciation of the boat. Roll a $200k boat off the lot and you've probably (conservativly) lost $30k before it hits the water.
I love to have my money work for me, but you have to account for all the variables. It takes a lot of interest on the money saved (re-invested) to equate to the depreciation you will experience on a boat. In addition, pulse check on the economy leads you to believe the "previously owned" boat market is going to be stagnent causing an accellerated depreciation.
But WTF do I know.