Go Back   Winnipesaukee Forum > Winnipesaukee Forums > Boating
Home Forums Gallery Blogs YouTube Channel Classifieds Links Calendar Register FAQDonate Members List Search Today's Posts Mark Forums Read

View Poll Results: Did you finance your boat..?
No 47 52.81%
Yes 42 47.19%
Voters: 89. You may not vote on this poll

Thread Tools Display Modes
Old 05-24-2011, 07:47 PM   #1
Senior Member
Join Date: Jun 2008
Location: Portsmouth. RI
Posts: 2,233
Thanks: 402
Thanked 460 Times in 308 Posts
Default Boat Financing.

Another thread referencing boat insurance alluded to how a boat might be financed..and the insurance requirements.

I have always wondered..how many people that buy boats actually get a loan to do so. I have owned boats since 1967. I have always paid cash to buy a boat. Am I in the minority..?? My last BIG boat was a C&C 32 (Sail) bought NEW in 1980. I paid roughly $50K. CASH

I am not bragging and not trying to appear to be elite. I'm just wondering..how many of you finance your boat purchases.
NoBozo is offline   Reply With Quote
Old 05-24-2011, 08:22 PM   #2
Senior Member
MAXUM's Avatar
Join Date: Apr 2004
Location: Hooksett, NH & Bear Island, NH
Posts: 2,396
Thanks: 232
Thanked 1,634 Times in 665 Posts

I only buy what I can pay outright for. Then again I hate making payments on anything! Although I must say putting gas in the boat is as bad as a payment. Grr.... we need cheaper gas!!!!

Will be interesting to watch the results of this one roll in.
MAXUM is offline   Reply With Quote
Old 05-24-2011, 10:21 PM   #3
Senior Member
upthesaukee's Avatar
Join Date: Jan 2003
Location: Alton Bay
Posts: 5,033
Blog Entries: 2
Thanks: 1,796
Thanked 1,622 Times in 896 Posts
Default original boat was cash - used.

We paid cash for our used 19ft. Paid cash for new engine a year or so later.

Now looking at a 25-27 foot bowrider, and will not be paying cash. We are seriously considering using our home equity loan, and paying it down like a regular loan. We have 2% interest on our HEL.

Also want to talk to our financial guy first.
I Live Here... I am always UPTHESAUKEE !!!!
upthesaukee is online now   Reply With Quote
Old 05-25-2011, 04:01 PM   #4
Senior Member
Join Date: Jul 2009
Location: exeter, nh
Posts: 73
Thanks: 4
Thanked 9 Times in 7 Posts
Default does it matter?

I for one hope to never have 50k in my checking account. It's got much better things to do than earn 1% apy.
caloway is offline   Reply With Quote
Old 05-25-2011, 10:00 PM   #5
Senior Member
Join Date: Feb 2009
Location: North of Boston
Posts: 203
Thanks: 11
Thanked 35 Times in 28 Posts

I have purchased 2 new boats in the past 7 years. Both were financed with 10 year boat loans. If the boat meets certain requirements, boat loan interest is deductible just like mortgage interest as a second home.
gf2020 is offline   Reply With Quote
Sponsored Links
Old 05-26-2011, 07:06 AM   #6
Senior Member
brk-lnt's Avatar
Join Date: Aug 2007
Location: South Down Shores
Posts: 1,834
Thanks: 501
Thanked 536 Times in 309 Posts

We paid cash for ours, but I would also finance if the terms were right.

For the most part, we pay cash for everything other than real estate, or if something is financed (vehicle, etc.) we have more than enough to pay it off, but may choose to finance if the interest rates are low enough. I like the security of knowing that I have the cash on hand should things ever get drastic. Probably being overly cautious. If any purchase over $500 has any kind of zero-interest financing option, we'll take that almost 100% of the time (and then pay it off before any interest/penalties).
[insert witty phrase here]
brk-lnt is offline   Reply With Quote
Old 05-26-2011, 07:10 AM   #7
Senior Member
Join Date: Jun 2007
Location: Hudson - NH
Posts: 408
Thanks: 233
Thanked 212 Times in 88 Posts

Advice my accountant gave me 35 years ago. Never do anything because a tax advantage. Do what is right then take avantage of the tax position.
With accrued interest you will have paid over twice the loan value at the end of the term.

I am surprised the percentage of purchased VRS. financed is so close.
NoRegrets is offline   Reply With Quote
Old 05-26-2011, 10:45 AM   #8
Senior Member
codeman671's Avatar
Join Date: Jan 2005
Posts: 2,624
Thanks: 121
Thanked 442 Times in 270 Posts

I financed my new one this year with 20% down through the dealer. The whaler and 2 jet skis I bought all in cash over the winter. I typically roll my entire armada over every year or two, I look for good deals in the winter (particularly out of the south and have them hauled up), use them for the season and sell all in the fall. As long as I take my time and buy right I usually get a season of use in and either break even or profit.

I had the cash to by the new pontoon from selling my last boat but we are looking to make a real estate change this year so I wanted as much cash in hand as possible. If we sell we probably wont be back on the lake for a while if at all so the pontoon goes. Carrying a bit of interest for the season is no big deal. I know I wont own it for long.
codeman671 is online now   Reply With Quote
Old 05-26-2011, 11:54 AM   #9
Senior Member
Join Date: Apr 2004
Location: Hollis/Gilford
Posts: 2,688
Thanks: 33
Thanked 437 Times in 247 Posts

One salesman at a major marina told me that I would be surprised but in general, the bigger the boat, the more likely it was bought without financing.

People buying $500K plus boats, don't need to finance. You don't spend half a million on a toy unless you have serious cash.
jrc is offline   Reply With Quote


Thread Tools
Display Modes

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 On

Forum Jump

All times are GMT -4. The time now is 10:40 PM.

Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2020, vBulletin Solutions Inc.

This page was generated in 0.30216 seconds