|
Thanks for all the input. I have paid cash for all my other boats however the next one is going to be my BIG boat. I could just buy a 50k boat for cash but why? I want a boat I can live on and then be able to go cruising off into the sunset. So my idea is to buy the boat that can do that now and not have to sell the 50k boat to buy the 100k boat 5 years from now. But as stated by Jeff and others it will help to have good assets like a house and be in a higher income bracket. (My real budget is around 130k at this point)
The original plan was to sell the house use profit from the sale keep savings account up and buy the sail off into the sunset boat. But this may not be the best plan, if I want to finance part of the boat.
As when we do this my wife will be working most of the time :-) and we will have less income initially. If I sell the house move to the west coast try to buy a boat with wife only working we will not look very good on paper.
Modified plan, buy the boat while we are both working and in the higher income bracket sell the house after we buy the boat hehe (don't tell the lender). Store the boat on the hard for 6 months or so to avoid paying slip fees . Sell the house bank the cash commission the boat get a slip and move. Am I CRAZY!!!!!!
Believe me I would rather pay cash but why, if I can keep it in the bank for other stuff and interest. Then when ready pay the boat off early as long as i get the loan with out pre payment penalties.
Also whats this they make restrictions on where you can take the boat? How do they know where the boat is after you close the loan? Do they have a keel bracelet on the boat and if it goes to far off shore the marine lender police come looking for you:-)
Ultimately my real return on investment will be FREEDOM!!
|