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  #21  
Old 04-02-2013, 06:49 PM
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CruisinGA CruisinGA is offline
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Rent a place.
Sell your truck and downgrade to one that doesn't require payments.
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  #22  
Old 04-02-2013, 06:50 PM
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TayMC197 TayMC197 is offline
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Quote:
Originally Posted by JohnE View Post
That seems ridiculous unless your income to debt ratio doesn't work. Who cares if you have two loans? Sell the truck for a beater then buy a new(er) truck after the home loan.
A few people on the forum will contest my truck is pretty bad. I'd hate to lose it. I think I might have my dad talked into buying the boat and selling it back to me post home purchase.
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  #23  
Old 04-02-2013, 06:52 PM
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TayMC197 TayMC197 is offline
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Quote:
Originally Posted by CruisinGA View Post
Rent a place.
Sell your truck and downgrade to one that doesn't require payments.
Harder to build equity and save renting. I need a place with a big garage for a boat. I sold my BMW and dirtbike... helped a little
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  #24  
Old 04-02-2013, 06:56 PM
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JohnE JohnE is offline
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Quote:
Originally Posted by east tx skier View Post
Boats are equally fun, whether you have payments or not. Payday is more fun when you don't have a boat payment.
Absolutely Eastie. I had a boat payment for years and have no regrets. No payment on the recently purchased 190. I 'downgraded' mostly due to the lesser use these days, but also to free up some cash and get the payment off my docket as I was/ am building a house. I don't know if I will ever go back to a boat payment, but it is tempting. My damn cable and cell phone bills (combined) total way over my boat payment. As does my monthly "dinner out" payments, and a whole lot of other monthly expenses that are avoidable. Heck my 17 yo stepdaughter's insurance is about the same as my boat payment was. (Which she is about to take over...no need to go there) My point is that I spend so much money each month on discretionary expenses I can't stand it when someone tells me that I "shouldn't" have a boat payment. I had 2 older ones that were paid for, then 3 with payments, and now one without payment. Who's to say that if a boat is one of my top priorities that I can't finance it? If I had a boat that was paid for cash and was renting an apartment I probably wouldn't have anyone correcting me. "Toys should be paid for cash" is an ignorant statement IMO. We aren't all from the UP.
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  #25  
Old 04-02-2013, 07:03 PM
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Quote:
Originally Posted by TayMC197 View Post
Harder to build equity and save renting. I need a place with a big garage for a boat. I sold my BMW and dirtbike... helped a little
I don't advocate renting. If you have the credit that you say ( I don't doubt you) and can meet the debt to income ratio (Not sure what it is these days, but it was 28/ 34 years ago, but is more lenient these days i believe) then I can't see why 2 loans hurt. So if you have a truck loan for 100/ month and a boat loan for 100/ month who cares? How is that different from a $200 truck payment? (Numbers just for illustration) But it may affect your DTI ratio....(Which isn't exactly a sound determination of whether you can afford the house you are financing, JMO)

Taylor if you think you can make the payments I'd look at getting your Dad (or anyone) to buy the boat from you and then buy it back. (Just be sure that you can qualify for the loan to buy back.) Maybe you need your dad to buy for inflated value so that when you buy back you are financing lower LTV ratio.

FWIW, now that my house situation is all played out (almost) it turns out I could have pulled it all off without selling the X14. I'm 50/50 on whether or not I regret it. And the swing is shifting towards regretting it.
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  #26  
Old 04-02-2013, 07:17 PM
GoneBoatN GoneBoatN is offline
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Quote:
Originally Posted by JohnE View Post
Absolutely Eastie. I had a boat payment for years and have no regrets. No payment on the recently purchased 190. I 'downgraded' mostly due to the lesser use these days, but also to free up some cash and get the payment off my docket as I was/ am building a house. I don't know if I will ever go back to a boat payment, but it is tempting. My damn cable and cell phone bills (combined) total way over my boat payment. As does my monthly "dinner out" payments, and a whole lot of other monthly expenses that are avoidable. Heck my 17 yo stepdaughter's insurance is about the same as my boat payment was. (Which she is about to take over...no need to go there) My point is that I spend so much money each month on discretionary expenses I can't stand it when someone tells me that I "shouldn't" have a boat payment. I had 2 older ones that were paid for, then 3 with payments, and now one without payment. Who's to say that if a boat is one of my top priorities that I can't finance it? If I had a boat that was paid for cash and was renting an apartment I probably wouldn't have anyone correcting me. "Toys should be paid for cash" is an ignorant statement IMO. We aren't all from the UP.
Yep. People who make such statements need to explain to me why I should take money out of investments that are making a yearly return on average (including the bad years) above 15% to pay off the boat loan that is costing me 4%. Pretty simple math. I just don't feel like screwing myself out of money. I'm not known for leaving money on the table.
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  #27  
Old 04-02-2013, 07:23 PM
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Quote:
Originally Posted by GoneBoatN View Post
Yep. People who make such statements need to explain to me why I should take money out of investments that are making a yearly return on average (including the bad years) above 15% to pay off the boat loan that is costing me 4%. Pretty simple math. I just don't feel like screwing myself out of money. I'm not known for leaving money on the table.
I'll go one step further. I am not making that exchange. I'm just spending the money (or was) on what I like. Last loan was 7% and I really didn't care about the expense.
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  #28  
Old 04-02-2013, 07:26 PM
GoneBoatN GoneBoatN is offline
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Quote:
Originally Posted by TayMC197 View Post
A few people on the forum will contest my truck is pretty bad. I'd hate to lose it. I think I might have my dad talked into buying the boat and selling it back to me post home purchase.
Hopefully, you might even get a lower rate on the boat.
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  #29  
Old 04-02-2013, 07:44 PM
88 PS190 88 PS190 is online now
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Have you looked into joining a ski club instead of owning a boat?

Might get you the option to have lots of free cash around for good downpayment, total savings, and more access than having both the boat and the truck in different places.
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  #30  
Old 04-02-2013, 08:04 PM
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east tx skier east tx skier is offline
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Quote:
Originally Posted by JohnE View Post
Absolutely Eastie. I had a boat payment for years and have no regrets. No payment on the recently purchased 190. I 'downgraded' mostly due to the lesser use these days, but also to free up some cash and get the payment off my docket as I was/ am building a house. I don't know if I will ever go back to a boat payment, but it is tempting. My damn cable and cell phone bills (combined) total way over my boat payment. As does my monthly "dinner out" payments, and a whole lot of other monthly expenses that are avoidable. Heck my 17 yo stepdaughter's insurance is about the same as my boat payment was. (Which she is about to take over...no need to go there) My point is that I spend so much money each month on discretionary expenses I can't stand it when someone tells me that I "shouldn't" have a boat payment. I had 2 older ones that were paid for, then 3 with payments, and now one without payment. Who's to say that if a boat is one of my top priorities that I can't finance it? If I had a boat that was paid for cash and was renting an apartment I probably wouldn't have anyone correcting me. "Toys should be paid for cash" is an ignorant statement IMO. We aren't all from the UP.
Preach it!!!!!
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