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As a quick suggestions as a wealth manager you could also look at the following scenario.
If you can get the 2nd mortgage around 5% on your boat and your investments are averaging 7-8% then why would you cash in your investments to pay off a 3% spread..likewise you could invest your cash and use the 3% spread to offset the depreciation. If you are at the mercy of a bank loan at 7% then you are not in a very good situation but in Canada there are some other options...shhhhh Revenue Canada may read this.
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