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Good financing source for boats?-gctid356136

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  • Guest's Avatar
    Guest replied
    I just bought my 2000 Ciera 2855 and financed it last month with Simmons First Bank. I got 2.75% for 60 months with 10% down. My credit scores are 750-780. They asked for the Hull number, year, make, model, engine hours, and they cut me a check the same day. It was a 45 minute process to borrow $20,000 against a boat they had never seen. I didnt question their system. I took the loan with a smile.

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  • Mocoondo
    replied
    SwampNut wrote:
    Two CPAs have told us to only do that if we really really want to get audited.

    Do business on the boat? Sure, but it's all entertainment, not anything directly related to the business. I'm taking the CPA advice.
    I've never once been audited. It is not at all unusual for a company to own an asset not directly related to the furtherance of company business. I don't deduct 100% of all boating related expenses, but at the very least, depreciation, insurance, maintenance and a realistic portion of variable expenses.

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  • Guest's Avatar
    Guest replied
    I've never personally owned any of my boats. My company owns them and I write them down as any other corporate asset.
    Two CPAs have told us to only do that if we really really want to get audited.

    Do business on the boat? Sure, but it's all entertainment, not anything directly related to the business. I'm taking the CPA advice.

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  • SomeSailor
    replied
    And if you're borrowing your own money, you get all the interest. My 401K loans at 3.25% and only paid 4% overall last year so I'm only about 1/2 % off the yield it would have on it's own and since it's pre-tax money, I make 35% or so by spending it first (didn't pay tax to put it in there).

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  • Mocoondo
    replied
    I also like the idea of borrowing against your own money ... be it 401K or other investments. If you are worried about interest rates, it is always cheaper to borrow against your own money.

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  • Mocoondo
    replied
    Sell the boat to your company. Get a loan in the name of your company. Write the whole thing off ... depreciation, interest, insurance, etc. Then a couple points of interest doesn't really matter with all the great profits you have coming in. At least this way you'll have a nice big expense to help offset those profits.

    I'm sure you conduct some company business on board the boat, no?

    I've never personally owned any of my boats. My company owns them and I write them down as any other corporate asset.

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  • PortHoleDiver
    replied
    roelze wrote:
    I closed on a 3870 this morning with Key Bank, 4.99% for 180 months. It took a few weeks to get everything approved, but it is a good rate.

    Rick
    Congrats on your new to you boat. Enjoy!

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  • Guest's Avatar
    Guest replied
    I hear it is also tougher for the self-employed to get loans these days too
    Definitely. But we can finally show two years of great profits, which they average to get the income value for the loan approval.

    CU is telling us we need a survey, but we are approved. I scheduled the survey, figure it's probably needed for most loans anyway. $525 down the drain...

    Essex declined us, said we'd hear why in the mail.

    Admiral is working on another one.

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  • baylineguy
    replied
    Apple has certainly been a crown jewel in the stock market over recent years. Home prices here in the pacific nw continue to slide while AZ seems much further along in the housing cycle. Congratulations on your growing and profitable business. I hear it is also tougher for the self-employed to get loans these days too, especially at the best rates. The old adage that banks only want to make loans to people who don't need them is probably more true than ever these days.

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  • Guest's Avatar
    Guest replied
    I closed on a 3870 this morning with Key Bank, 4.99% for 180 months. It took a few weeks to get everything approved, but it is a good rate.

    Rick

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  • Guest's Avatar
    Guest replied
    I don't know about boat loans but I sure would like to know more about what investments you are earning a 100% annual return on.
    Apple stock for one, I bought it at 42 about seven years ago. They made the down payment on our house and then some. And investing in our own business is hard to quantify, but our profitability is growing at about 50% per year and the overall value of the company is also growing at about that rate. House has gained $12k in the past six months.

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  • Guest's Avatar
    Guest replied
    baylineguy wrote:
    I don't know about boat loans but I sure would like to know more about what investments you are earning a 100% annual return on. Interest bearing accounts pay next to nothing anymore. Stock market has been good since October but I don't expect that to continue for too much longer. Real estate may be starting to turn the corner but I don't expect a sharp reversal with all the foreclosures still coming down the pike.
    He prints his own money - hahaahaha

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  • baylineguy
    replied
    SwampNut wrote:
    we're making around 100% per year on investments (not even counting investing in our own company), so that's a no-brainer.
    I don't know about boat loans but I sure would like to know more about what investments you are earning a 100% annual return on. Interest bearing accounts pay next to nothing anymore. Stock market has been good since October but I don't expect that to continue for too much longer. Real estate may be starting to turn the corner but I don't expect a sharp reversal with all the foreclosures still coming down the pike.

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  • Guest's Avatar
    Guest replied
    If you're making 100% on your investments... why would you have a boat loan to begin with?
    Sorry, that seemed obvious...to continue the investment earning, not pull it out for a boat.

    I don't have a 401k, but the admiral does. Will be looking at that then.

    The CU now is demanding a survey. Waiting on some answers from Essex, who has been impossible to reach by phone (did the app online).

    Will look through the other ideas posted here, thanks!

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  • Download_Complete
    replied
    I financed my '86 2450 through USAA. 6.something % interest, simple value lookup through NADA, and boom, I had the cash the next day.

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