Best finance options for a new build boat.
Printed From: The Fishing Website
Category: General Forums
Forum Name: The Boat Shed
Forum Description: Discuss all things boating.
URL: https://www.fishing.net.nz/forum/forum_posts.asp?TID=136111
Printed Date: 10 Jun 2026 at 10:44pm
Topic: Best finance options for a new build boat.
Posted By: IwantAsenator
Subject: Best finance options for a new build boat.
Date Posted: 23 Oct 2021 at 5:59pm
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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. |
Replies:
Posted By: Big -Dave
Date Posted: 24 Oct 2021 at 9:15am
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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... |
Posted By: OneWayTraffic
Date Posted: 24 Oct 2021 at 11:06am
| 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. |
Posted By: tjm
Date Posted: 24 Oct 2021 at 3:58pm
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Agreed, cheapest money at present, finance companies are very expensive. ------------- Cant beat hunting and Fishing in N.Z |
Posted By: spin king
Date Posted: 24 Oct 2021 at 4:21pm
| at the moment with what feels like coming if you can't afford it don't buy it in My opinion |
Posted By: Big -Dave
Date Posted: 24 Oct 2021 at 10:15pm
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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... |
Posted By: tjm
Date Posted: 26 Oct 2021 at 10:35am
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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 |
Posted By: MB
Date Posted: 26 Oct 2021 at 2:23pm
| 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. |
Posted By: OneWayTraffic
Date Posted: 26 Oct 2021 at 9:53pm
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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. |
Posted By: Coutta
Date Posted: 26 Nov 2021 at 3:29pm
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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.
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Posted By: Ascot
Date Posted: 26 Nov 2021 at 7:23pm
100% agree. Keep payments safely above the rate of depreciation and just go for it.
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Coutta wrote:Posted By: Steps
Date Posted: 26 Nov 2021 at 7:25pm
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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%  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... |