There's no such thing as a stupid question? This one might be

[Silvrav]

15 year loans - I wish we had this side of the world. Here they treat boat loans like car loans - max 5 years.

Agree with most that at that age of boat and value, there are better alternative methods.

[OneBoatman]

A 1974 C&C 35 MkII was a good boat in it's day. It would have to have received a lot a love since then to still be worth 15K even in this post covid economy. Folks with little to no credit history I think can find loans with no pre-payment penalty as these days that is true of most loans. Be sure you have that option if you sign a note. The banks and others make a killing from people that can only pay the monthly principle plus interest amount. It will save you a boatload of money but you should also know it is proper to specify when making "the extra" that it go toward the principle so that it isn't applied any other way. Monthly dockage for a 35 ft boat here in the NE is now appox 1K/Mo.

[Uricanejack]

Never, finance a depreciating asset? Every car or at least every decent car i ever bought was a depreciating assets. The other was an old piece of classical scrap I restored and made a profit on.

If you can afford the payments I guess you can afford it.
Boat of this age and value. You will find it hard to get a loan. It will require full survey and insurance. The cost of a lift and survey will be probably 1500 or more. and then the repairs.

So to by this boat you will probably require an unsecured personal loan. you can get one.
10 or 15 year term maybe if you want to pay a lot of interest.
Or
a 5 year term. wont be two bad but that is 60 month 10000 just principle is 166 per month. so probably 200 ish.
Banks will do 10000 personal load if you qualify. but the interest rate will be higher than a secured loan.
Flexibility will depend on the terms.

I did it for a MC. loan for 3 yr period paid it in 1. Got to ride the bike.

Up to you, its a terrible investment you might as well burn the money. If you want to go sailing its a reasonable amount to pay. Better to get out sailing an old boat having fun or continue to dream about sailing a nice boat which you cant afford.

Or you could borrow a lot more for a better boat which would be into the investing in a depreciating asset.

A 15000 boat is worth bugger all and never will be worth much but it wont change much. up or down.

Id say. Go live life doing something rather than dreaming about doing something.

[boatman61]

I agree, the view from a cheap old serviceable boat you can afford for cash is the same as that from a slightly newer cheap old boat with a debt hanging over it.. so is the experience.
The main difference is.. if you lose the former you won't be paying off a debt for something you no longer have.