Finance or full purchase???

[shadow]

Hi All!!

I was just curious the actual percentage of people who own their boats/yachts outright to the people who finance?? All of the people that I know purchased theirs outright, usually 2nd hand or made the payments needed during the build times.

I was just curious who financed theirs and what the benefits or cons are in doing so?? I just always thought that marine loans were either too high in interest or so much initial deposit that you might as wait a little longer and just get the full amount yourself?

I'm only asking because I was planning to just save and purchase the boat in the needed stages during the build and be done with it.

Thanks in advance for your input! Cheers

[Pura Vida]

You may want to look at this thread. I financed my first boat and am unlikely to do it again. I would much prefer to have the flexibility to make my payments as upgrades when I choose as opposed to on a bank's schedule.


http://www.cruisersforum.com/forums/...-apr-9552.html

[shadow]

Great link to that thread!! Much appreciate it!! New to forums and just getting to know how they work and all. Thanks again for pointing that out! Cheers.

[Sandero]

I financed 50% because it seemed to make sense and I didn't have the cash and wanted to use some for upgrades. Now she is ownewd free and clear. Mortgages on some yachts can be deducted as second homes.. or if you live aboard a home of course.

jef
sv shiva

[shadow]

Thank you defjef. I appreciate your time. I'm always interested on how some of these things work. Cheers

[Sandero]

Of course it depends on what you want from sailing. I wanted to start with a solid boat and then make it and me ready for offshore and live aboard at some point. It took me 6 years to get everything in place and it involved a lot more than purchase price. Someone looking for a weekendern for coastal cruising should take a completely different approach.

By the way, I didn,t have an organized plan, but a vision which required small steps one at a time.

jef
sv shiva