Purchasing a used boat from a dealer % rate

[ch312]

15 hours ago, grimsbylander said:

 Bloomberg's Financial tip of the week: Don't take financial advice from a guy that says things like " Buy the boat dude... who cares!" lmao

 

There's a difference between financially responsible people and those who're absolutely clueless when it comes to managing money and credit. The former typically have this attitude because they're so good with money that financing a significant purchase is a non issue while the latter will max out their credit, stay in debt, and have no clue what they're doing. The OP is clearly in the first group as his latest post suggests he is doing well for someone his age and is more than capable of managing funds.

AKRISONER, I don't think you're giving yourself as much credit as you deserve for being financially responsible. It's obvious you're on the right path and I don't think you realize how little of an impact financing $15k will have on your day to day life. Reward yourself for your hard work and enjoy life. 

$15k + $1.5k interest over say 3 years = $16.5k/1095 days is a whopping $15/day you need to scrounge up to afford this boat. Judging by the little information you've posted, you could easily afford this.

 

 

[grimsbylander]

There you have it...apparently you can afford it, it's the best decision and there's no reason not to!! Enjoy!! lol

[BillM]

With the exchange rate right now, buying the US wouldn't be an option I'd consider.   However, we did purchase from Michigan when the exchange was a lot more favourable..   I could sell the boat now for what I paid 5 years ago.

[Sinker]

I look at life a lot different than most of you. 

Cost of boat: $20K

What boat is worth to me: PRICELESS

 

End of story. 

Simpe, eh? 

S. 

[moxie]

Go do it ! But one caveat Get what you know will serve your needs for the long run. Be responsible but spend as much as you can afford to...... and then some. Don't leave room for regrets.

Not everyone has 30 to 50k stuffed under their matress . Don't lose sleep over paynents either. You can wait a lifetime to scrimp and save and might eventually have enough to pay it outright but by then you might have to spend it on adult diapers or someone else will spend it for you on some sweet flowers and your casket instead and that ain't no fun. 

  Live it while you can cause life has no guarantees .

Edited January 30, 2018 by moxie

[BillM]

On 1/29/2018 at 3:42 PM, Sinker said:

I look at life a lot different than most of you. 

Cost of boat: $20K

What boat is worth to me: PRICELESS

 

End of story. 

Simpe, eh? 

S. 

Bingo.

[AKRISONER]

this is fair...things i love most in life

Family

my dog

my girlfriend

fishing and being in the boat doing it....im out there 100+ days a year so i think I can justify the couple hundred bucks a month...especially now that ive spent the last 2 years really getting my gear to a level where I want it to be. Obviously rods can break etc...but for the most part im set up on that front now...I was probably spending that much gearing myself up anyways for the past two years. Gotta remember, you can always resell a decent boat so not all is lost if crap really does hit the fan. You might lose your equity in it, but thats a sunk cost anyways.

[Chuck Enwinde]

On 1/29/2018 at 6:16 PM, moxie said:

Go do it ! But one caveat Get what you know will serve your needs for the long run. Be responsible but spend as much as you can afford to...... and then some. Don't leave room for regrets.

Not everyone has 30 to 50k stuffed under their matress . Don't lose sleep over paynents either. You can wait a lifetime to scrimp and save and might eventually have enough to pay it outright but by then you might have to spend it on adult diapers or someone else will spend it for you on some sweet flowers and your casket instead and that ain't no fun. 

  Live it while you can cause life has no guarantees .

I'd agree with this.  Two foot itis or a motor upgrade will cost you a lot more than interest payments.  Get the boat you want.  

[BassMan11]

Sounds like your finances and in order and you can afford to have a little debt so go for it man. Another option is to use a line of credit to buy a boat "cash" and then you can create your own payment schedule.... depending on the rate obviously. This is what I did and it gives you the flexibility to either pay the minimum or pay as much as you want. Also depending on what boat (size and model) you are looking for, 15-20k can get you a Lund or an Alumacraft.. you just need to find the right deal. In my opinion dealers will always be at the higher end of the used boat market... you are probably better off to go with a private sale closer to the end of the year for your best value.

My best advice..... CONSTANTLY be checking boat trader and Kijiji for boats. The good deals are gone within an hour of being posted. Good luck man... fun times

[ch312]

On 1/31/2018 at 8:49 AM, BassMan11 said:

Sounds like your finances and in order and you can afford to have a little debt so go for it man. Another option is to use a line of credit to buy a boat "cash" and then you can create your own payment schedule.... depending on the rate obviously. This is what I did and it gives you the flexibility to either pay the minimum or pay as much as you want.

 

You can use that HELOC "cash" to buy a cottage or for a down payment on another property too. A HELOC makes it possible for people to buy an investment property as these require 25% down and most people do not have that cash. Taking this route, you can sit back and let tenants pay off your debt for you. Or, setup a HELOC on the rental so the tenants are paying the mortgage on your rental AND paying for your toys.

Using equity can open up a whole new world of awesome. If you're financially responsible, at least consider some of the options available out there that can make your life way more fun and provide financial freedom while using none of your own money. 

 

Life is short, might as well enjoy it by using someone else's money to fund your happiness....

 

[Old Ironmaker]

A pack of smokes a day= $420.00 a month

A 24 a week and a bottle= $240.00 a month

$8160.00 annually and I'm being conservative, more like 10K a year cash on booze and cigarettes.

Some people must choose as to what is in their budget, simple as that. I have known some guys, and gals, that smoke a pack or more a day each, down a 24 a day and a few bottles a week between them. They usually don't own a boat or can tell the front from the back of it on a good day, sad really .

[boombap]

On 1/28/2018 at 8:03 PM, grimsbylander said:

 I don't see where anyone is giving him a hard time. What I see is people offering up financial advice based on experience. An alternative way of thinking only gives him more options.

Oh, and in my case, you'd lose your bet, badly. 

Bloomberg's Financial tip of the week: Don't take financial advice from a guy that says things like " Buy the boat dude... who cares!" lmao

 

Lmao! From what he posted he seems to be financially stable.. so yeah buy the boat dude whos cares.

[ch312]

On 2/7/2018 at 2:29 PM, Old Ironmaker said:

A pack of smokes a day= $420.00 a month

A 24 a week and a bottle= $240.00 a month

$8160.00 annually and I'm being conservative, more like 10K a year cash on booze and cigarettes.

Some people must choose as to what is in their budget, simple as that. I have known some guys, and gals, that smoke a pack or more a day each, down a 24 a day and a few bottles a week between them. They usually don't own a boat or can tell the front from the back of it on a good day, sad really .

 

This is why discussions about finances and credit are usually so interesting. You have the people who've been making good money all their lives, but they're not capable of managing money or have horrible credit so they cannot fathom a financially responsible individual financing something. Then you have the folks who make little money and have maxed out their credit at high rates and cannot escape the predicament they've put themselves in so they tell others to never use credit. Then you have those who're financially responsible with great credit that do what they want because financing is so cheap and a few extra dollars per month is a non issue.

 

This thread has inspired me to go shopping for a new ATV that I plan on financing instead of using cash. The cost to finance? Less than $275 over two years. If they deny my financing I'll use the HELOC and it'll cost $580 in interest. $11.45 ($0.38/day) vs $24 ($0.80/day) per month in interest fees. Pennies and meaningless either way.

I'm almost tempted to finance the OP's boat and charge him a few points just to make sure he buys it!

 

 

Has anyone been part of private lending? I've been considering it for a while now, just not sure where to start. 

 

Edited February 9, 2018 by ch312

[pics]

Go for it.. Just never ever take the bank up on their offer to roll the line of credit into the mortgage.. That's when you really pay!! 

[misfish]

Anyone notice how happy I am fishing from a $400 float aboat???????

 

 

[Old Ironmaker]

If there are do overs in life I would have financed a boat after I got divorced in 89' and didn't wait until for almost 20 years, long years. I shopped around and knowing nothing about boats then I almost bought a 19' Bayliner cuddy with the "L" Force outboard, no internet with a bevy of knowledge to research then. It was a sexy looking boat and I was in the mood for that then. Actually I had the cash after I bought a condo but lost the boat cash it to a few bad legit deals so stopped shopping. So after that I was shy to finance, I could have afforded a payment. I did finance a Benz 560 SEC a few years latter that was my toy that I found in Florida that I sold 10 years latter for what I paid for it not including interest. Knowing what I know now I am glad I waited otherwise I may not have ever bought another boat when it fell apart. Those Force OB's didn't last 3 years. I didn't have to wait that 20 years though. 

Go for it man. Now because of my health it looks like I will be selling my baby this spring. You know what the best 2 days in a boaters life, I call Bull, I will be sad seeing her hooked up on another guys truck. You seem to be a level headed individual and can well afford a payment. No do overs in life. Go buy your boat. Not a 80's or early 90's Bayliner though.

Edited February 10, 2018 by Old Ironmaker

[JTube]

My 2cents from another old guy... in addition to financial...think long & hard about where &how you plan to use the boat. Seen many guys buy more boat then they need or before they knew what they really wanted & regret it.

There's no such thing as a perfect all-around boat. 

Fibreglass & Wide beams mean more weight and more weight means bigger more pricey outboard needed

but is really nice to have on big water. Beware of under=powered package deals (popular with Legend & others).

You will have as good a time fishing in any well running craft with features you like customized to your liking

as you will in a $90,000 fancy rig that put you in the poor house. The main thing is to get out there!

[Old Ironmaker]

On ‎2018‎-‎02‎-‎09 at 8:42 PM, misfish said:

Anyone notice how happy I am fishing from a $400 float aboat???????

 

 

That is not a boat, 1 step above a pool toy! Just because you catch more fish than 10 of us put together, or more, doesn't mean you catch them from a boat. If it doesn't cost you at least $100.00 per outing it ain't a boat!

[misfish]

8 minutes ago, Old Ironmaker said:

That is not a boat, 1 step above a pool toy! Just because you catch more fish than 10 of us put together, or more, doesn't mean you catch them from a boat. If it doesn't cost you at least $100.00 per outing it ain't a boat!

More money for tackle and BEER 

[Old Ironmaker]

37 minutes ago, misfish said:

More money for tackle and BEER 

Aren't you supposed to be out fishin' Dude? I woke up with a strained Achilles Tendon. I shoveled at least 15 feet of walkway yesterday.  My body sucks, 15 feet a shovel width, guys used to want to be me, now I don't want to be me. I can't even take out the garbage and recycle today, that's a useless body. I dare not ask my wife after she's been out working for 10 hours on a Sunday. That's not fair. Maybe I'll ask the 87 year old lady next door.

My point is that you are supposed to fish for the both of us.

Edited February 11, 2018 by Old Ironmaker

[misfish]

Fished from 6 am til noon today. I live here. Do not need to spend all day out there. LOL

 

Moving about by foot is a be atch here right now, so one move is alot of work.

Sorry for the hi jack AK

 

Good luck with the new boat.

Edited February 11, 2018 by misfish

[Old Ironmaker]

5 hours ago, misfish said:

 

 

Moving about by foot is a be atch here right now, so one move is alot of work.

Sorry for the hi jack AK

 

Good luck with the new boat.

He is used to it by now. You are bragging now Brian. I was feeling so good yesterday I told Tich I might try and walk a few hundred yards today. Maybe with a cane.

[AKRISONER]

no problem on the hijack lol most threads that get enough replies always go off topic.

 

For consideration is that this is definitely going to be a "starter boat/fart around boat" of sorts for me. The problem is that my current set up just doesnt fish 3 guys at all...you can do it but its just not really reasonable. Thats the main driver here, I want to be able to fish 3 guys   My pops actually bought the boat of my dreams last fall and at 65 years old im sure once he gets on in his years he will not have any problem with me using it a bit more frequently. The issue is that as it currently stands I dont have the freedom to take that boat where I want or when i want.

 

I think the concensus here and the logic about getting a HELOC might be the way to go when im ready to pull the trigger...I dont see myself purchasing in the spring when the prices are favorable to the seller...might wait until people are thinking about having to store their boats next fall. 

 

shopping around is fun...what i have seen so far looks promising!

[Sinker]

I think the most versatile boat is a 16ft tiller. You can fish 3 no problem, with a lot more room than a lot of much bigger console boats. You can handle some big water, and easily launch into smaller back lakes. You don't even notice it behind the truck towing, and fuel is next to nothing. Simple and effective. I've had the same boat since '93, and I catch as many fish as any other fancy boat, I will guarantee that. I've had tons of people ask my if my boat is an 18 footer too....they look at it and say, wow, that's a big boat.....but its not really. Just deep and wide, and tons of floor space to move around. That's my opinion anyways, I've been in and fished from all kinds of boats, and I like fishing from a wide open tiller the best. 

 

S. 

[BillM]

Tillers are great, but getting out of the weather in them can be tough.   If you're doing a lot of crappy weather fishing, you might want something with a full console that will accept a custom stand up top.  

But as far as making use of the space you've got, big tiller hands down.  Easily room for 3 guys or more.    I think it really depends on the type of fishing you do, that should dictate the boat you'll wanna go with.