How can you afford to Borrow money for a boat ?

[mainshiptom]

<u>Owning a boat is never a sensible financial option, but it's bloody brilliant!</u>


Just about sums it all up !

Tom /forums/images/graemlins/laugh.gif

 

[DAKA]

Ok Jez,
I thought Ari point was well put BUT
what happens if the overstretched bit causes the massive coronary /forums/images/graemlins/shocked.gif
Actually paying for your boat could increase life expectancy thus affording a longer time boating /forums/images/graemlins/grin.gif

 

[ari]

I don't think anyone is suggesting that having a boat when you can't afford the finance payments is a good idea are they..? /forums/images/graemlins/confused.gif

Same for the house (although saying that there seem to be plenty of home owners who can't really afford the mortgage).

But if you can afford it and enjoy it, why not? Long time dead and all that.

I've got finance on mine and I can afford to pay it. But I'll only ever owe money on something that I could sell for more than I owe, so in a worst case scenario I've always got an out.

 

[oceanfroggie]

As Jeremy Clarkson says it's simple - Work harder at school /forums/images/graemlins/laugh.gif Then you can buy anything if your that way inclined

 

[Hurricane]

Boating costs money.
The capital cost of the boat should be thought of as just that.
At the end of the ownership period a boat has cost
1 - Its depreciation
and
2 - Its running costs - marina and fuel charges - plus any finance charges.

If you choose to borrow money it just makes it a little more expensive.

If you actually HAVE the money and you actually ARE going to own a boat it THEN makes sense to use your own money and not borrow.

Now to a much more important issue.
If you do own the cash in the bank for instance (Haydn) you will undoubtly be paying tax on its interest AND THAT REALLY WRANCKLES with me.

I would much prefer to pay a bank for money that to pay Mr Brown anything!