Other that what the dealer offers and BoatUS, are there any other places to
look for new boat financing?

--
Peter Aitken

Now that's a great idea!


"Harry.Krause" wrote in message
...
Peter Aitken wrote:
Other that what the dealer offers and BoatUS, are there any other places
to look for new boat financing?



Brokers, boat loan companies, credit unions, your bank. The same kinds of
places that finance new cars for the most part finance new and sometimes
used boats.

Not sure if you've already checked with the boat dealer and you didn't like
what their banks were offering or not, but when we bought our current Baja,
the dealer got us a much better rate and term at a local (PA) bank than we
were able to get from our local bank (WV) or our primary credit union (DC).
Sometimes the dealers actually can do better for you.

--
G.D.Smith
Harpers Ferry, WV

FOR SALE: 2003 Swee****er 22' Pontoon Boat
http://ICanHelp56.homestead.com/gs_pontoon01.html

FOR SALE: 1999 Fleetwood Mallard 37' Travel Trailer
http://ICanHelp56.homestead.com/Mallard001,html


"Peter Aitken" wrote in message
m...
Other that what the dealer offers and BoatUS, are there any other places
to look for new boat financing?

--
Peter Aitken

Specialty marine lenders. These are firms that know boats, aren't
afraid to accept a boat as collateral (iow-won't tie up your house in
most cases), and exist in a competitive environment. Wherever you
finance, make sure you compare. Make sure that "sweet!" deal on the new
boat itself isn't offset by less than competitive but oh-so-convenient
financing.

Here in the Pac NW, we have marine specialty lending companies like
Essex, Trident Funding, Seacoast, etc.
There are undoubtedly similar companies but perhaps with different
names in your area.

Peter,

Got a home with enough equity for the boat? If you do that's a great,
tax deductible source of money. Once you set it up, you can "pay cash"
for your boat and walk out with the title. Negotiate the deal first
since some dealers rely on financing kick backs for additional profit.
There's nothing wrong with that but shame on them for not offering a
fair deal from the start.

Dan

Peter Aitken wrote:
Other that what the dealer offers and BoatUS, are there any other places to
look for new boat financing?

Dan Krueger May 31, 8:06 pm show options

Newsgroups: rec.boats
From: Dan Krueger - Find messages by
this author
Date: Wed, 01 Jun 2005 00:06:33 GMT
Local: Tues,May 31 2005 8:06 pm
Subject: Boat Financing
Reply | Reply to Author | Forward | Print | Individual Message | Show
original | Report Abuse

Peter,


Got a home with enough equity for the boat? If you do that's a great,
tax deductible source of money.

**********

Tilt. If the money is used to buy a boat, the interest will not usually
be deductible on a h.e. loan.
The money needs to be used for education, home improvements, or other
items on a short list of approved expenditures. Nothing stops a lot of
people from lying, of course- but they are liable for back taxes,
penalties, and interest when and if caught.

However, if you take out an actual boat loan the interest on that *may*
be deductible as a "second home" if the boat meets certain minimal
requirements for accommodations and you are not already writing off the
interest on a vacation cabin, motorhome, or etc under the "second home"
provision.

I would say, never, ever, ever, put your home at risk to pay for a toy.
Take out a loan using the car, boat, airplane, camp trailer, whatever
as collateral. If things go unexpectedly to hell, you may be able to
stiff the bank for the payment on the boat or vehicle. It will ruin
your credit, but if there isn't a huge "deficiency" judgment the lender
would have a hard time coming after your house.

When you borrow $400k on a $1mm house to buy a boat, the *entire* $1mm
asset is at risk.
Nobody has figured out how to repo just part of your house. Two years
later when the $400k boat is down to $250k and the $1mm house is up to
$1.2mm, the lender probably won't even have the decency to say "Thank
you very much!" as you sign the deed..

On 31 May 2005 21:39:29 -0700, wrote:

Dan Krueger May 31, 8:06 pm show options

Newsgroups: rec.boats
From: Dan Krueger - Find messages by
this author
Date: Wed, 01 Jun 2005 00:06:33 GMT
Local: Tues,May 31 2005 8:06 pm
Subject: Boat Financing
Reply | Reply to Author | Forward | Print | Individual Message | Show
original | Report Abuse

Peter,


Got a home with enough equity for the boat? If you do that's a great,
tax deductible source of money.

**********

Tilt. If the money is used to buy a boat, the interest will not usually
be deductible on a h.e. loan.
The money needs to be used for education, home improvements, or other
items on a short list of approved expenditures. Nothing stops a lot of
people from lying, of course- but they are liable for back taxes,
penalties, and interest when and if caught.

However, if you take out an actual boat loan the interest on that *may*
be deductible as a "second home" if the boat meets certain minimal
requirements for accommodations and you are not already writing off the
interest on a vacation cabin, motorhome, or etc under the "second home"
provision.

I would say, never, ever, ever, put your home at risk to pay for a toy.
Take out a loan using the car, boat, airplane, camp trailer, whatever
as collateral. If things go unexpectedly to hell, you may be able to
stiff the bank for the payment on the boat or vehicle. It will ruin
your credit, but if there isn't a huge "deficiency" judgment the lender
would have a hard time coming after your house.

When you borrow $400k on a $1mm house to buy a boat, the *entire* $1mm
asset is at risk.
Nobody has figured out how to repo just part of your house. Two years
later when the $400k boat is down to $250k and the $1mm house is up to
$1.2mm, the lender probably won't even have the decency to say "Thank
you very much!" as you sign the deed..

Good advice.

--
John H
On the 'PocoLoco' out of Deale, MD

"Divide each difficulty into as many parts as is feasible and necessary to resolve it."
Rene Descartes (A true binary thinker!)

"John H" wrote in message
...
On 31 May 2005 21:39:29 -0700, wrote:

Dan Krueger May 31, 8:06 pm show options

Newsgroups: rec.boats
From: Dan Krueger - Find messages by
this author
Date: Wed, 01 Jun 2005 00:06:33 GMT
Local: Tues,May 31 2005 8:06 pm
Subject: Boat Financing
Reply | Reply to Author | Forward | Print | Individual Message | Show
original | Report Abuse

Peter,


Got a home with enough equity for the boat? If you do that's a great,
tax deductible source of money.

**********

Tilt. If the money is used to buy a boat, the interest will not usually
be deductible on a h.e. loan.
The money needs to be used for education, home improvements, or other
items on a short list of approved expenditures. Nothing stops a lot of
people from lying, of course- but they are liable for back taxes,
penalties, and interest when and if caught.

However, if you take out an actual boat loan the interest on that *may*
be deductible as a "second home" if the boat meets certain minimal
requirements for accommodations and you are not already writing off the
interest on a vacation cabin, motorhome, or etc under the "second home"
provision.

I would say, never, ever, ever, put your home at risk to pay for a toy.
Take out a loan using the car, boat, airplane, camp trailer, whatever
as collateral. If things go unexpectedly to hell, you may be able to
stiff the bank for the payment on the boat or vehicle. It will ruin
your credit, but if there isn't a huge "deficiency" judgment the lender
would have a hard time coming after your house.

When you borrow $400k on a $1mm house to buy a boat, the *entire* $1mm
asset is at risk.
Nobody has figured out how to repo just part of your house. Two years
later when the $400k boat is down to $250k and the $1mm house is up to
$1.2mm, the lender probably won't even have the decency to say "Thank
you very much!" as you sign the deed..

Good advice.

Yes...........but...............if the boat did not qualify as a second home
(needs sleeping, cooking and toilet or owner already has a second home) and
is less than $100,000, a home equity loan to purchase the boat would result
in tax deductible interest whereas a straight boat loan would not. Whether
that is worth the risk is up to individual circumstances. (someone in the
33-38% bracket might make it worthwhile)



--
John H
On the 'PocoLoco' out of Deale, MD

"Divide each difficulty into as many parts as is feasible and necessary to
resolve it."
Rene Descartes (A true binary thinker!)

A home equity loan - or home equity line of credit- is a 2nd mortgage
where your home is your collateral just as a 1st mortgage. You can
spend $10K on Pop Tarts and it's tax deductible. I don't see where
"lying" comes into play. You get a 1098 for mortgage interest and no
one asks, or cares, what you spent it on.

Your point about leveraging your home for a "toy" is valid, but what if
we are talking about only $20-40K for a boat? You pick up the tax
savings and still have a title in your hand. If you couldn't qualify
for a conventional loan you shouldn't risk your home. It's not a last
resort - it's a tax advantage.

Remember that this is about home equity. You could do the same with
refinancing and taking out cash for other uses is never in question.

Dan


wrote:
Dan Krueger May 31, 8:06 pm show options

Newsgroups: rec.boats
From: Dan Krueger - Find messages by
this author
Date: Wed, 01 Jun 2005 00:06:33 GMT
Local: Tues,May 31 2005 8:06 pm
Subject: Boat Financing
Reply | Reply to Author | Forward | Print | Individual Message | Show
original | Report Abuse

Peter,


Got a home with enough equity for the boat? If you do that's a great,
tax deductible source of money.

**********

Tilt. If the money is used to buy a boat, the interest will not usually
be deductible on a h.e. loan.
The money needs to be used for education, home improvements, or other
items on a short list of approved expenditures. Nothing stops a lot of
people from lying, of course- but they are liable for back taxes,
penalties, and interest when and if caught.

However, if you take out an actual boat loan the interest on that *may*
be deductible as a "second home" if the boat meets certain minimal
requirements for accommodations and you are not already writing off the
interest on a vacation cabin, motorhome, or etc under the "second home"
provision.

I would say, never, ever, ever, put your home at risk to pay for a toy.
Take out a loan using the car, boat, airplane, camp trailer, whatever
as collateral. If things go unexpectedly to hell, you may be able to
stiff the bank for the payment on the boat or vehicle. It will ruin
your credit, but if there isn't a huge "deficiency" judgment the lender
would have a hard time coming after your house.

When you borrow $400k on a $1mm house to buy a boat, the *entire* $1mm
asset is at risk.
Nobody has figured out how to repo just part of your house. Two years
later when the $400k boat is down to $250k and the $1mm house is up to
$1.2mm, the lender probably won't even have the decency to say "Thank
you very much!" as you sign the deed..

I understand you can only take out up to the amount you paid for the house
as tax deductible amount. Besides, is foolish to jepardize your home for
toys. If you can not afford to pay a separate loan, buy something cheaper.
You will lose the tax deductibility if not a live aboard type boat, but how
much are you going to save taxwise on a $30k loan anyway?

"Dan Krueger" wrote in message
k.net...
A home equity loan - or home equity line of credit- is a 2nd mortgage where
your home is your collateral just as a 1st mortgage. You can spend $10K on
Pop Tarts and it's tax deductible. I don't see where "lying" comes into
play. You get a 1098 for mortgage interest and no one asks, or cares, what
you spent it on.

Your point about leveraging your home for a "toy" is valid, but what if we
are talking about only $20-40K for a boat? You pick up the tax savings
and still have a title in your hand. If you couldn't qualify for a
conventional loan you shouldn't risk your home. It's not a last resort -
it's a tax advantage.

Remember that this is about home equity. You could do the same with
refinancing and taking out cash for other uses is never in question.

Dan


wrote:
Dan Krueger May 31, 8:06 pm show options

Newsgroups: rec.boats
From: Dan Krueger - Find messages by
this author
Date: Wed, 01 Jun 2005 00:06:33 GMT
Local: Tues,May 31 2005 8:06 pm
Subject: Boat Financing
Reply | Reply to Author | Forward | Print | Individual Message | Show
original | Report Abuse

Peter,


Got a home with enough equity for the boat? If you do that's a great,
tax deductible source of money.

**********

Tilt. If the money is used to buy a boat, the interest will not usually
be deductible on a h.e. loan.
The money needs to be used for education, home improvements, or other
items on a short list of approved expenditures. Nothing stops a lot of
people from lying, of course- but they are liable for back taxes,
penalties, and interest when and if caught.

However, if you take out an actual boat loan the interest on that *may*
be deductible as a "second home" if the boat meets certain minimal
requirements for accommodations and you are not already writing off the
interest on a vacation cabin, motorhome, or etc under the "second home"
provision.

I would say, never, ever, ever, put your home at risk to pay for a toy.
Take out a loan using the car, boat, airplane, camp trailer, whatever
as collateral. If things go unexpectedly to hell, you may be able to
stiff the bank for the payment on the boat or vehicle. It will ruin
your credit, but if there isn't a huge "deficiency" judgment the lender
would have a hard time coming after your house.

When you borrow $400k on a $1mm house to buy a boat, the *entire* $1mm
asset is at risk.
Nobody has figured out how to repo just part of your house. Two years
later when the $400k boat is down to $250k and the $1mm house is up to
$1.2mm, the lender probably won't even have the decency to say "Thank
you very much!" as you sign the deed..