mikep996
07-23-2004, 01:03 PM
Dang!
I may have found a boat but the purchasing part is not what I was expecting...
I guess I won't be buying the boat after all. I was surprised by boat loan issues which I didn't expect. Two different boat loan companies postulated that the "value" of a 1973 53MY is $187,000 and they would loan 80% of that. Another boat loan company would not loan on ANY boat more than 25 years old. I was surprised.
My previous boats were not obtained using boat loans so I'm new at this. Basically, I had planned to finance/purchase the 53 before selling my current boat. But we do not wish to spend as much of "our" money as this purchase would require - considering that the selling price of the boat will be be well above $187,000. I'd guess that we would have to come up with around $75,000 cash. We are not willing to do that.
I suppose some folks would argue that if we can't come up with $75,000, we have no business buying such a boat. Perhaps they would be right.
Much rethinking going on...
I may have found a boat but the purchasing part is not what I was expecting...
I guess I won't be buying the boat after all. I was surprised by boat loan issues which I didn't expect. Two different boat loan companies postulated that the "value" of a 1973 53MY is $187,000 and they would loan 80% of that. Another boat loan company would not loan on ANY boat more than 25 years old. I was surprised.
My previous boats were not obtained using boat loans so I'm new at this. Basically, I had planned to finance/purchase the 53 before selling my current boat. But we do not wish to spend as much of "our" money as this purchase would require - considering that the selling price of the boat will be be well above $187,000. I'd guess that we would have to come up with around $75,000 cash. We are not willing to do that.
I suppose some folks would argue that if we can't come up with $75,000, we have no business buying such a boat. Perhaps they would be right.
Much rethinking going on...