Best finance options for a new build boat.

Post Options Post Options   Likes (0) Likes(0)   Quote IwantAsenator Quote  Post ReplyReply Direct Link To This Post Topic: Best finance options for a new build boat.
    Posted: 23 Oct 2021 at 5:59pm
IwantAsenator View Drop Down
Bronze
Bronze


Joined: 23 Oct 2021
Status: Offline
Points: 5
Hi all, my first post here. Am glad to be a new member and can hopefully be of help and have input on things.

I would like to ask those who do/have what kind of finance they have used to buy a new boat. Is there any companies doing over 7 year loan terms? With balloon payments aswell.

Any help/direction is appreciated
Matt.
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote Big -Dave Quote  Post ReplyReply Direct Link To This Post Posted: 24 Oct 2021 at 9:15am
Big -Dave View Drop Down
Titanium
Titanium
Avatar

Joined: 05 Aug 2009
Location: Hamilton
Status: Offline
Points: 3022
Hi Matt, and welcome..
I used marac maracas a while ago, it wasn't an overly expensive boat,

Other than that type of company, the cheapest money is on you mortgage?, though if you take forever to pay it off, it might not be so cheap..
you can't fix an idiot with duct tape, but it does muffle them for a while...
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote OneWayTraffic Quote  Post ReplyReply Direct Link To This Post Posted: 24 Oct 2021 at 11:06am
OneWayTraffic View Drop Down
Platinum
Platinum
Avatar

Joined: 19 Jan 2013
Location: Amberley
Status: Offline
Points: 2543
Mortgage is the cheapest full stop for most. As long as you increase the payment on your mortgage to suit. We have a revolving credit on part of ours. Used it to buy a car when we unexpectedly needed one suddenly. I've increased the payment by about what finance would have cost. It will be paid off faster. 
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote tjm Quote  Post ReplyReply Direct Link To This Post Posted: 24 Oct 2021 at 3:58pm
tjm View Drop Down
Platinum
Platinum
Avatar

Joined: 17 Jun 2012
Location: Hamilton
Status: Offline
Points: 1831
Agreed,  cheapest money at present, finance companies are very expensive.
Cant beat hunting and Fishing in N.Z
Back to Top
Post Options Post Options   Likes (2) Likes(2)   Quote spin king Quote  Post ReplyReply Direct Link To This Post Posted: 24 Oct 2021 at 4:21pm
spin king View Drop Down
Platinum
Platinum


Joined: 11 Jul 2012
Location: Kura
Status: Offline
Points: 1316
at the moment with what feels like coming if you can't afford it don't buy it in My opinion
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote Big -Dave Quote  Post ReplyReply Direct Link To This Post Posted: 24 Oct 2021 at 10:15pm
Big -Dave View Drop Down
Titanium
Titanium
Avatar

Joined: 05 Aug 2009
Location: Hamilton
Status: Offline
Points: 3022
Kind of agree with you spin King, lots of unknowns ahead. And the waitlist for a new build is stupidly long unless you buy something oddball or already made and sitting on a yard.
you can't fix an idiot with duct tape, but it does muffle them for a while...
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote Fish 4T Quote  Post ReplyReply Direct Link To This Post Posted: 26 Oct 2021 at 9:10am
Fish 4T View Drop Down
Gold
Gold


Joined: 25 Jan 2014
Location: North Shore
Status: Offline
Points: 504
Hi Matt,
I also agree with SK, not a doom gloom here but I would save up and wait,
you will get lot more boat for your bucks in 2 years time.
2nd option is top up your mortgage loan,
3rd option - I wouldn't go there.

all the best
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote tjm Quote  Post ReplyReply Direct Link To This Post Posted: 26 Oct 2021 at 10:35am
tjm View Drop Down
Platinum
Platinum
Avatar

Joined: 17 Jun 2012
Location: Hamilton
Status: Offline
Points: 1831
Yeh your probably right there,, given the unknowns at present may be better to hang off for awhile.
There maybe some people forced to sell soon unfortunately.
Cant beat hunting and Fishing in N.Z
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote MB Quote  Post ReplyReply Direct Link To This Post Posted: 26 Oct 2021 at 2:23pm
MB View Drop Down
Titanium
Titanium
Avatar

Joined: 08 Jan 2016
Location: Northland
Status: Offline
Points: 4061
Mortgage is a cheap way of doing it in terms of interest rate, but only if you're disciplined and get it paid off ASAP. You don't want to spend the next 25 years paying off a boat. Over that period of time, the compound interest will make it a significantly more expensive way of borrowing.
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote OneWayTraffic Quote  Post ReplyReply Direct Link To This Post Posted: 26 Oct 2021 at 9:53pm
OneWayTraffic View Drop Down
Platinum
Platinum
Avatar

Joined: 19 Jan 2013
Location: Amberley
Status: Offline
Points: 2543
You do have the option of doing the build yourself. The process is reasonably straightforward if you take it one step at a time and you can spread the spending out over time. Reckon mine will cost under 30k when done including some spendy electronics. 


Back to Top
Post Options Post Options   Likes (1) Likes(1)   Quote Coutta Quote  Post ReplyReply Direct Link To This Post Posted: 26 Nov 2021 at 3:29pm
Coutta View Drop Down
Gold
Gold


Joined: 14 Jan 2009
Status: Offline
Points: 515
Iwantasenator
I''ll' throw in my opinion here for what its worth. If you want a boat and can afford the repayments, don't wait, just do it. Grab some on your mortgage while money is still reasonably cheap. Life is too short to wait years to get something. None of us know if we'll still be here in another one, two, or three years. This is not a dress rehearsal, we only get one shot. Go and buy your boat. 
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote Ascot Quote  Post ReplyReply Direct Link To This Post Posted: 26 Nov 2021 at 7:23pm
Ascot View Drop Down
Bronze
Bronze


Joined: 29 Jan 2013
Status: Offline
Points: 72
Originally posted by Coutta Coutta wrote:

Iwantasenator
I''ll' throw in my opinion here for what its worth. If you want a boat and can afford the repayments, don't wait, just do it. Grab some on your mortgage while money is still reasonably cheap. Life is too short to wait years to get something. None of us know if we'll still be here in another one, two, or three years. This is not a dress rehearsal, we only get one shot. Go and buy your boat. 

100% agree. Keep payments safely above the rate of depreciation and just go for it. 
Back to Top
Post Options Post Options   Likes (0) Likes(0)   Quote Steps Quote  Post ReplyReply Direct Link To This Post Posted: 26 Nov 2021 at 7:25pm
Steps View Drop Down
Titanium
Titanium


Joined: 14 Oct 2013
Location: Franklin
Status: Offline
Points: 12274
Damn some good bottom line advice above...
 Yep mortgage, if your Term is about to come up and fix for longest period possible.
If floating, get the boat and fix...
Ave interest rate for the 40yrs before the recent record lows was 8%, and not long before that 12%...

If you want a boat and can afford the repayments, don't wait, just do it.

Yep, keep in mind a very old financial rule of thumb' going way back to at least Shakespeare's time
"Own at least 1/3 rd what you possess."  for security when the bad fiscal cycle rolls around again. Just make sure you have the disposable income to service the future loans
In the previous 12 months and current is it very much dajavu as to going into the mes of the early 70s, and again not long before mortgage rates hit 27% upto 32% Wink

On the other hand,I /we have been very old school for the last 50 odd yrs..
 Other than a mortgage for a home, If we cant pay cash we save for it... if we didnt the money we would have saved for the next item goes on interest to the banks in Australia.
In other words if cant pay cash, work harder and longer and drink less... We have 3.5% unemployment level with  a 9% of those actually able to work..
Its opportunity time, just like back in early 70s...
Back to Top
Forum Jump
Forum Permissions View Drop Down


This page was generated in 0.289 seconds.

Fishing Reports Visit Reports

Bream Bay Fishing Report - September 24th, 2021

Action fast and furious – mostly! While I am confined to land at present, the... Read More >

Raglan Fishing Report - September 24th, 2021

Finally, some fishing! Lots of boats finally got out this past weekend after lockdown and... Read More >

Manukau Fishing Report - September 24th, 2021

The recent weather hasn’t left us with too much to be excited about. Being restricted... Read More >

Kontiki Fishing Report - September 24th, 2021

Still slowly moving into the new season kontiki fishing on the lower north lsland. I... Read More >

Fishing bite times Fishing bite times

Major Bites

Minor Bites

Major Bites

Minor Bites