Loan Term - SailNet Community

   Search Sailnet:

 forums  store  


Quick Menu
Forums           
Articles          
Galleries        
Boat Reviews  
Classifieds     
Search SailNet 
Boat Search (new)

Shop the
SailNet Store
Anchor Locker
Boatbuilding & Repair
Charts
Clothing
Electrical
Electronics
Engine
Hatches and Portlights
Interior And Galley
Maintenance
Marine Electronics
Navigation
Other Items
Plumbing and Pumps
Rigging
Safety
Sailing Hardware
Trailer & Watersports
Clearance Items

Advertise Here






Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
 Not a Member? 


Reply
 
LinkBack Thread Tools
  #1  
Old 08-31-2008
Slayer's Avatar
Senior Member
 
Join Date: Jul 2006
Location: North Andover, MA
Posts: 540
Thanks: 9
Thanked 9 Times in 9 Posts
Rep Power: 9
Slayer is on a distinguished road
Loan Term

What are the typical loan terms, in months, for a loan on a sail boat?
Reply With Quote Share with Facebook
  #2  
Old 09-01-2008
sailingdog's Avatar
Telstar 28
 
Join Date: Mar 2006
Location: New England
Posts: 43,291
Thanks: 0
Thanked 10 Times in 10 Posts
Rep Power: 13
sailingdog is just really nice sailingdog is just really nice sailingdog is just really nice sailingdog is just really nice sailingdog is just really nice
It depends... how much is the loan for, is it a personal loan or a marine mortgage? what is the rate on the loan? Etc...
__________________
Sailingdog

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

Telstar 28
New England

You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

If you're new to the Sailnet Forums... please read this
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
.

Still—DON'T READ THAT POST AGAIN.
Reply With Quote Share with Facebook
  #3  
Old 09-02-2008
Cruisingdad's Avatar
Best Looking MALE Mod
 
Join Date: Jul 2006
Location: Washington State
Posts: 9,904
Thanks: 3
Thanked 107 Times in 53 Posts
Rep Power: 10
Cruisingdad is a jewel in the rough Cruisingdad is a jewel in the rough Cruisingdad is a jewel in the rough
Generally you are limited to 240 months (20 yrs) at about 80-100k minimum. Lower loan amounts generally result in shorter terms. On some high end boats, they will push to longer rates. You will also, in general, have to put down 20%.

Hope that helps.

- CD
__________________
Sailnet Moderator



1987 Tayana Vancouver 42, Credendo Vides, (Mom and Pops boat, F/T Mobile Live Aboards in Puget Sound)

My Website:
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


Follow My Blog at:
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


Follow me on Facebook:

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Share with Facebook
  #4  
Old 09-02-2008
DrB DrB is offline
Senior Member
 
Join Date: Mar 2007
Location: New England
Posts: 966
Thanks: 0
Thanked 6 Times in 6 Posts
Rep Power: 8
DrB will become famous soon enough
Just out of curiousity.....

Has anyone here taken out a 20 year loan to buy a boat? I see these terms advertised all the time, so they must get business. I have a hard time knowing that I need to pay my house over 30 years, but a boat over 20 years? I can't fathom that.

Mine is for 7 because I could, but I'll be done with it in under 4. I do that all the time though, maximum loan time for car, home equity, in case of financial troubles (lower monthly payment), but usually double up each month and get it done sooner. I hate owing money, but I don't want to outlay $15K+ cash and put a hit into the security fund either.

DrB
Reply With Quote Share with Facebook
  #5  
Old 09-02-2008
Cruisingdad's Avatar
Best Looking MALE Mod
 
Join Date: Jul 2006
Location: Washington State
Posts: 9,904
Thanks: 3
Thanked 107 Times in 53 Posts
Rep Power: 10
Cruisingdad is a jewel in the rough Cruisingdad is a jewel in the rough Cruisingdad is a jewel in the rough
Big difference between laying out 15k and 250-500k (or much more) on a boat. Just your down payment is more on those boats.

I have taken out a 20 year note and have paid cash. I have no real issue with either - depending on the plans. If you are going to keep the thing forever, and you have some hundreds of thousands left over, then by all means - pay cash. If you are only "going cruising" then are gong to come back after a few years, it seems like a loan might be better to me as it reduces your exposure should things ever really turn bad. The bank takes the risk at that point.

This is all personal opinions and personal preferences. THe only "bad" thing about a boat loan is that you pay all of your interest up front... just like a house. You do get to write it off (just like a house, though).

- CD
__________________
Sailnet Moderator



1987 Tayana Vancouver 42, Credendo Vides, (Mom and Pops boat, F/T Mobile Live Aboards in Puget Sound)

My Website:
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


Follow My Blog at:
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.


Follow me on Facebook:

To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
Reply With Quote Share with Facebook
  #6  
Old 09-02-2008
Living & Cruising on Dana
 
Join Date: Apr 2006
Location: on my boat
Posts: 574
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
Robby Barlow is on a distinguished road
As SD mentioned, it depends very much on what you're looking for, but boats or for that matter cars, in my opinion are not exactly a good investment, as you will almost never recover the money you spent on them at the time of selling. I'd rather start with something older/cheaper/smaller on a short/mid term and move up if required, than commit myself for 10+ yrs. and spend more time worrying than enjoying.
__________________
Your pleasure is my business !!!
________________________
Reply With Quote Share with Facebook
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

 
Posting Rules
You may post new threads
You may post replies
You may post attachments
You may edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Missing new threads and missing replys JakeLevi Announcements and Suggestions Box 8 06-27-2007 09:54 AM
What educational books would you recommend Saasaan Learning to Sail 31 02-15-2007 01:08 PM
Non Refundable Security Deposit Britsailor Chartering 8 01-07-2007 03:26 AM
personal loan for watercraft Demilok007 General Discussion (sailing related) 0 05-04-2006 04:22 AM


All times are GMT -4. The time now is 04:29 AM.

Add to My Yahoo!         
Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
SEO by vBSEO 3.6.1
(c) Marine.com LLC 2000-2012

The SailNet.com store is owned and operated by a company independent of the SailNet.com forum. You are now leaving the SailNet forum. Click OK to continue or Cancel to return to the SailNet forum.