How To Finance Your Dream Boat | The Wake Boat Podcast Ep 8

[@Handsomeyetti]

Great discussion, thank you.

[@LoriLWorden]

This was awesome! My dream boat is expensive and financing will be needed. I learned a lot!

[@DIY_Semi-Pro]

If a family can afford and finance a boat, and not totally mess up any other aspects of their finances and quality of life. I would totally waste money to create priceless memories with family and friends...I have a 4-6 year window until my kids move out, and I would waste money over and over during this window...I love watching them laugh and smile on the tube and while surfing.

[@yamar1ful]

I would love to come onto your channel or podcast to discuss our history with Boat ownership… we’ve always purchased new.

[@briandhoward6137]

When he said a boat is a monthly investment, that made me giggle. And investment is something you make money on, at 7% interest rates you will pay 30,000 in 5 years in just interest alone, then depreciation and your upsidedown . You always loose money on boats but at 7+% it's far worse now. That makes it a tough pill to swallow

[@fandam801]

Yeah 7% on a 15+ year toy. It’s insane, guaranteed upside down in the first year.

[@PalomosdeCazaUSA]

I agree with you when the fuck a 7% interest is a good deal get the fuck out of here ; good interest is a 3%

[@SteveBoyer10]

This is very true. One interesting thing about a boat, though, and especially a tow boat, is that they are wanted for a specific period of time - often when their kids are say 15-25 yrs old. Yes it’s not ideal to pay interest on something, but if that is important to your family and you can swing it, it’s kind of “now or never”. I do 100% agree that it’s not an investment, just as you laid out. But sometimes it’s a worthwhile expense. Also, you can have 90% of the fun of being on the water in a lesser boat, so there’s definitely a need to keep yourself in check!

[@ncboarderboy]

My rule of thumb is that if I can’t pay it off in 5 years and it’s not an appreciating asset, I can’t afford it. You’ve got to be a moron to take a 20 year loan out on a little runabout boat. With the higher interest rates, I suspect the used market is in for a massive hit in the near future as people get jolted back to reality. Once those repos start hitting the market dominoes will start falling

[@monsterenergy927]

That’s a good rule of thumb. I can’t believe they are trying to justify an over 100k 20 year loan at 7% on a depreciating asset. Just because you can pay $1000 a month for a boat for 20 years, it doesn’t mean it’s a smart financial move. I agree, a lot of people are going to be upside down in a few years. They stated most right now are not upside down, but that is because we are still in the wake of conversion to 20 year boat loans. Once that wave dies down, people are in trouble

[@8hfcvfwr]

Most people can’t pay off 200k in 5 years, hence the issue

[@ChadYungblood]

How does Mitch know so much?

[@ShineOnDude]

What are they saying? Tow boat? Like a working boat? Boats they tow other boats?

[@collin9085]

because you tow a wakeboarder or skier. Your thinking of a tug boat.

[@yamar1ful]

What is F&I??

[@BoardCo]

Finance and Insurance Department!