Boat Loan Suggestions...

[Jonny5-22796]

Selling the skiff...want something with a little more protection and seating/space.

Bad news, need a loan...

Anybody with some recommendations, reputable companies online of offline, etc etc

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On another note, thinking about getting a jet dock this time around. The whole no maintenance and storm protection thing makes me give a second thought to spending the dough.

[fishsmith]

use equity if you own a home, at least you can write off the interest.
I know my is decreasing daily in this market.

Whats a jet dock.

Don't over extend yourself, just think of all the kick ass charters you could go on vs. buying a big boat.

What's a jet dock?

[Jonny5-22796]

You ever see those floating black cubes?

Thats a jet dock.

http://www.jetdock.com/

$6k-$8k and they last a lifetime, like trailering your boat...keeps it out of the water.

Thought about the charter thing, but sometimes I just like to cruise and enjoy the bay. Nothing like an October morning when there is NOBODY out there lounging back with an egg mcmuffin

[Raven]

cool dock

although its rectangular...

[MrHunters]

Ive heard you shouldnt use equity because you are not getting a return on this investment... for example, you use equity for an addition which will improve the value of your house. etc etc.

how much are you planning on spending... ususally the more you spend the lower the interest.

I deal with russo marine... they are good people and give a very competative rate. give them a call, ask for marybeth. 17813950050

as long as you have good credit you get a good rate.

[MrHunters]

Originally Posted by Jonny5-22796

Nothing like an October morning when there is NOBODY out there lounging back with an egg mcmuffin

my thoughts exactly sir!

[zacs]

Originally Posted by MrHunters

Ive heard you shouldnt use equity because you are not getting a return on this investment... for example, you use equity for an addition which will improve the value of your house. etc etc.

I can't say I totally agree with this. If you are going to get a loan, whats the difference if it is a boat loan/car loan/home loan? It is still money you owe to a bank. So, if you have equity in your home, and you don't need the money to do major work, then I say use the home equity, and try to pay it off as fast as possible. just be responsible and your are good to go.

I'm sure jonny has lots of equity as he is living on the water, and that market is sky high, and will come down the slowest. waterfront....someday!

[RIJIMMY]

the advantage of using home equity is that the interest is tax deductable. Be careful though, if you are doing a 15 yr loan, the paments may be small, but you could eb paying a ton in interest.

[MrHunters]

Originally Posted by zacs

So, if you have equity in your home, and you don't need the money to do major work,

isnt that what equity is for??? in case you have major work pop up...

say he has 50K in equity
Buys a boat for 35K

leaves him with 15K

I wouldnt be comfortable owning a house with that much money out given anything can pop up with ahouse that can cost well over that.

Im not a home owner, and I dont have equity so really i know nothing... just advise ive been given.

[MrHunters]

Originally Posted by RIJIMMY

the advantage of using home equity is that the interest is tax deductable. Be careful though, if you are doing a 15 yr loan, the paments may be small, but you could eb paying a ton in interest.

my 15 year loan is whatever extra I pay per month goes directly to the balance. I pay triple the the amount i should each month so it should only tak 5-7 years to pay off.

I agree.. keeping the loan out for that amount of time is a bad idea.

I just chose that for the hard months, incase i need to make a small payment every now and again.