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  1. #21
    Join Date
    Sep 2020
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    261

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    Quote Originally Posted by arsnlgunnr View Post
    WOW 3.5% over 240 would be awesome!

    Best I'm seeing is 5.5-6% over 240 as well.
    Heloc?

    A lender friend of mine has been hounding me about a cash out refi. 2.65%
    I think the majority of people buying these boats are using some form of home equity rather than an actual boat loan


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  2. #22
    Join Date
    May 2018
    Posts
    4,920

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    I personally would not tie a depreciating asset to my mortgage.

    But the rate is tempting and of course you can write off interest.


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    2021 Supra SA 400
    2018 Supra SA 400 (SOLD)
    Michigan

  3. #23
    Join Date
    Dec 2020
    Location
    South Carolina
    Posts
    59

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    Quote Originally Posted by j.mo View Post
    Heloc?

    A lender friend of mine has been hounding me about a cash out refi. 2.65%
    I think the majority of people buying these boats are using some form of home equity rather than an actual boat loan


    Sent from my iPhone using Tapatalk
    I was quoted 3.99% for 180 months - only the boat as collateral. I have very good credit and we used 20% down on the application, but low (non-heloc) rates are out there for sure.
    2021 Moomba Kaiyen (on order)
    2015 Manitou Aurora SVP
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  4. #24
    Join Date
    Sep 2020
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    261

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    Quote Originally Posted by SONIC View Post
    I guess ultimately my problem is people are reckless and the majority of the time they end up fine and get away with.
    That bugs me from a selfish perspective because I'm not lol.
    I often think of that too.
    Make the bare minimum payment with hordes of cash in the bank. If things go bad they can have whatever they want back, or you pick and choose which to save with cash on hand lol.
    Anyone will give you money when times are good. It’s when times are tough..lol.

    Typically from what I learned during the recession, most banks are willing to work with you when you owe 130% of what the asset is worth.
    However they are licking their chops to get things back when you owe 50%
    Play the game, make the bank take the risk


    However. My mind cannot be at ease with those games.


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  5. #25
    Join Date
    May 2018
    Posts
    4,920

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    Quote Originally Posted by SONIC View Post
    I guess ultimately my problem is people are reckless and the majority of the time they end up fine and get away with.
    That bugs me from a selfish perspective because I'm not lol.
    Ultimately people know if they can truly afford things or are over extending.


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    2021 Supra SA 400
    2018 Supra SA 400 (SOLD)
    Michigan

  6. #26
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    7,020

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    Quote Originally Posted by larry_arizona View Post
    Ultimately people know if they can truly afford things or are over extending.


    Sent from my iPhone using Tapatalk
    if this was the case we would not have had quite the severe housing crisis back in '08. a lot of people THINK they know what they can afford BECAUSE bank approves the loan. just like buying a house when most lenders will approve you for much more than a person really should be spending...

    and to add some fodder to it. boat msrp's are pretty much a joke as well and contributing to things. we bought our boat otd for low80's. msrp was 116k. most any bank out there will take that kind of ltv ratio but is the boat really worth over 100k? nope. and if we went to sell today I'd be surprised if we got much over 85 for it. as used with 20hrs.
    '06 Supra Launch 20SSV-gone but never forgotten

  7. #27
    Join Date
    May 2018
    Posts
    4,920

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    Quote Originally Posted by sandm View Post
    if this was the case we would not have had quite the severe housing crisis back in '08. a lot of people THINK they know what they can afford BECAUSE bank approves the loan. just like buying a house when most lenders will approve you for much more than a person really should be spending...

    and to add some fodder to it. boat msrp's are pretty much a joke as well and contributing to things. we bought our boat otd for low80's. msrp was 116k. most any bank out there will take that kind of ltv ratio but is the boat really worth over 100k? nope. and if we went to sell today I'd be surprised if we got much over 85 for it. as used with 20hrs.
    True, I guess I truly can only speak for myself lol.


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    2021 Supra SA 400
    2018 Supra SA 400 (SOLD)
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  8. #28
    Join Date
    Jun 2008
    Location
    Henderson, NV
    Posts
    7,020

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    Quote Originally Posted by larry_arizona View Post
    True, I guess I truly can only speak for myself lol.


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    I hear ya. we spent quite a bit less than we were qualified for on both boat and house as we know our comfort level and sounds like you share the same belief. I do not think that is the majority of america.
    '06 Supra Launch 20SSV-gone but never forgotten

  9. #29
    Join Date
    Nov 2010
    Location
    Katy, TX
    Posts
    6,368

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    Quote Originally Posted by sandm View Post
    I hear ya. we spent quite a bit less than we were qualified for on both boat and house as we know our comfort level and sounds like you share the same belief. I do not think that is the majority of america.
    Ever seen those HGTV shows? "I'm a volunteer fireman and my wife teaches kindergarten, we have a $700,000 budget"
    David

    2017 Moomba Mojo Max Surf Edition, 2 Pair Wetsounds Rev10s powered by an SD2, 6 pair Wetsounds XS650M and Wetsounds XS12 powered by SD6 all controlled by a WS420. 2 Lumitec SeaBlaze X2 Spectrum underwater lights

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  10. #30
    Join Date
    May 2018
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    4,920

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    Quote Originally Posted by rdlangston13 View Post
    Ever seen those HGTV shows? "I'm a volunteer fireman and my wife teaches kindergarten, we have a $700,000 budget"
    Back in the day when I bought my first couple houses, I recall a “rule of 2.5”, meaning 2.5x your gross income to not be house rich.

    I don’t know too many teachers and firefighters having a combined income of $280k lol.

    Now In very high cost regions of the country where even small bungalow homes exceed 7 figures, I get that people get longer duration loans and don’t put 10-15-20% into their retirements, and bank on their home to be their retirement plan.


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    2021 Supra SA 400
    2018 Supra SA 400 (SOLD)
    Michigan

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