Join Date: Mar 2006
Location: Fort Lauderdale
Thanked 21 Times in 21 Posts
Rep Power: 10
PRO: You can get a much bigger boat than cash outright
CON: You have to carry insurance
PRO: Contrary to the first note, you will have *MORE* money for upfront upgrades as you will preserve your capital rather than spending it on the cash outlay itself
CON: Over 20 years on a typical boat note, you'll pay a ton more for the boat than cash up front.
PRO: For some people, this tax deduction on the interest paid on the note can knock them into a lower tax bracket...saving mucho bucks.
CON: If you have to sell in the future, you may be under-water and have to bring money to the table