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just curious as to how much u guys that do finance a new rig pay for monthly payments, If I financed lets say 32k on a new rig, what would I expect to pay on a monthly basis, ???
That will all depends on the term of the loan. If you have the extra money per month go with a 5 year term. If not, then extend it out a little til you feel comfrontable. The shorter the term the better off you will be…..Bob
That will likely be over 600/month depending on how much your banker likes you on a 5 year term.C.O.D. Jr. III
Google payment calculator and you can figure out roughly (within a few dollars) what payments are depending on term and interest rates. I have seen interest rate just below 6 at a credit union up to 9 at banks…even higher for sub par credit ratings. Judd Lasiter
This is impossible to answer with accuracy without more facts. There are some very creative ways to finance however. From a tax perspective (Whitten will jump in here), if you have the ability to get a line of credit on your home, it can be deductible. I like the flexibility of having this option since I can pay just interest one month if things are tight. I am not locked into a monthly set amount with my bank. Also, if you have some investments you can borrow against them and usually get much better rates. I have done both in the past. Now, I do things a little differently. I think very few of us have the resources to pay cash for a boat – especially the new ones. Even with savings/investments to pay cash, I wouldnt. I can find creative ways to finance and pay less interest or save in taxes. Just a few thoughts even though it does not answer the question of how much one pays.
Here is a payment estimator found on our web site. See if this helps you: Payment Estimator , || Based on a preferred credit rating , || , || Loan Amount $ , Term , Rate (%) , Payment , || $2,500 , 60 , 12 , 60.00 , || $5,000 , 84 , 9.5 , 95.00 , || $7,500 , 84 , 9.5 , 135.00 , || $10,000 , 120 , 9.5 , 135.00 , || $15,000 , 144 , 9.0 , 172.00 , || $20,000 , 144 , 9.0 , 226.00 , || $25,000 , 180 , 8.5 , 241.00 , || $30,000 , 180 , 8.5 , 288.00 , || $35,000 , 180 , 8.5 , 334.00 , || $40,000 , 180 , 8.5 , 380.00 , || , || Above is an estimate only. Payments, rates and terms will vary based on credit rating or other factors , || Andy Greene Greene Boat & Motor 828-286-2290 http://www.greeneboats.com
If anyones investments are making more than 8.5%-9% right now Id love to talk to your investment broker. Most tax deductions including home equity loans are post AGI and still dont make up for that interest rate at my house. Id too would love to see what Mike says but I say buy what you can afford to buy with cash on hand with minimal your borrowing. Its tight and getting tighter now- many things being devalued- meaning that what you drop 50 on today may drop in value faster than you appreciate- i.e.- if you decide to sell that boat quickly and the market value falls faster than you pay it down you are stuck. But hey- my line of work is known for bad financial behavior!C.O.D. Jr. III
I see on the payment calc above….as the amount goes up, the calculator takes it out to 180 months! In my opinion, if youve got to take boat payments out for 15 years, youre over your head in boat for the amount of money you have/make. If I were buying a boat, this is how Id do it…… First, see how much money you have that you can put down. Next, run thru some calculators for 3 yrs, 5yrs, and 7yrs. I think 7 years is too long myself, but thats up to the individual. NEVER, would I go beyond 7 yrs. When you run thru the calculators, you will see what the payments are for a given loan amount. In other words, you could run 10K at 3yrs, then 5yrs, then 7yrs. Then run 15K for 3yrs, 5yrs, then 7yrs. Then run 20K for 3 yrs, 5yrs, and 7yrs. This will give you a feel for what your payments would be. So, lets say, once youve run the numbers on the loan calculators, that you are comfortable with 20K at 5yrs. You could then add to that the amount of money you can put down, and that would tell you the max amount you could spend on a boat and make sense to your pocketbook. So lets say that added up to $30K…..then youd be looking at buying a year old boat. If that added up to $40K, then maybe youd be looking at buying a new or a year old boat. If that added up to $20K, then maybe youd be looking at buying a boat thats a few more years old. I would never go longer than 7yrs on a loan, and I wouldnt do 7yrs except under extreme conditions. The reason is because once you buy the boat, new or used, the value is dropping much more rapidly than the progress youre making on the loan in loan payments…..in other words, you will owe more on the boat than it is worth. That is a very bad positon to be in financially. If you had financial difficulites and needed to sell the boat….sometime into a long term loan, youd only get a percentage of the boat value when you sold it, and youd have to come up with the rest of the money on your own just to pay off the balance. I hope this helps.
This is an interesting thread, and since my name has been mentioned here by two folks that I hold in high regard, I will offer some limited comments. First, using debt to pay for a depreciating asset is ALWAYS a personal decision. The intangible is how much fun you get out of the asset while you pay for it. You only get to go around once here, so there is something to be said for living now. That said, Always put as much down as you can, and get as low a monthly payment as you can. Based on purely financial mathematics, boat loans out beyond about 7 years just dont make sense. And on the use of a home equity line–I will not get into offering tax advise on a public discussion board, but I would suggest to those considering it to discuss it with their personal tax advisor first, and also to be very clear that when you do this, you are securing a boat loan with your house. If you default on the boat loan, the lender has the right to come and get your house to satisfy the debt. That is a sobering situation, and not one to be taken lightly. On the other hand, if you have liquid assets in reserve, it could be a good move. Each case is different, and must be evalulated individually. Sorry for the long speech. Mike Whitten/Germantown, TN
Back a few years ago we did not like notes over 7 years on a boat loan. Though since then we have redirected our thoughts. We found the average BCB Owner keeps their boats for a period of from 7 to 12 years. We counsel our dealers to try and stay within 10 years on financing now. And we still have one dealer who wont go beyond 7 years. We have seen all angles, and do not object to longer terms depending on the age, income, family, mortgage, and other obligations. Younger folks today focus on whether they can make the payment and saddle themselves up with toys. Which is fine if they are well employed or self sufficient. We dont like to see loans over 12 years, though think 7 is best for some on a purchase like this. Also, We have seen boat notes in the 24 year ranges, and in one exception we found that to be acceptable. The young man was single, and had a trust fund maturing in three years. He had income, though was to reap more. Eventually he invested the fund, paid off the boat, vehicle and house. Set himself up on his investments for what seems to be forever, then he has so chosen to remain single. He showed great maturity and the extended financing allowed him to live as he soon would have anyways. Personally we find that financing is dependent on how you manage your money. We have come to the reality that if we all waited till we were cash rich, then we would never often have the amenities we have become accustomed to. There are exceptions to every rule and different views, though this is how we feel. Of course as a few good friends have recently told us, Cash Is King! BCB
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