Boat Loan Suggestions...

[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.

[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!

[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.