Originally Posted by wind_magic
Lower down payment does influence how much boat you can afford - the lower the down payment, the higher the interest, which means you can afford less boat.
Using my loan calculator...
6% financing (yes I was just quoted that rate)
20 years at $573.14 a month
8% financing (I was tempted to put 7 but, what the hey)
20 years at 752.80 (7% was 697)
I think that anyone with a good credit score shouldn't lose the loan for 179.00 a month. If they would, they are playing it too close anyway.
For some folks, that might work better if the initial outlay is tight.
I'm planing on 20% down myself, but was looking for options.
In my case, I'll be shedding a nice Seattle condo and all it's costs (mortgage, HOA, taxes, utilities) so that makes the boat costs (payment, the moorage, insurance and $6,000 a year planned money in a maintenance savings account) much easier to afford.