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Bigfoot

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How many financed their Bennington?    I'm seeing 20 years being offered....is this wise?
 
I think the max should be 10-12. I wouldn't go longer. If you need that long of a term to make it affordable, you probably can't afford it.
 
Agree !!!
 
Bigfoot said:
How many financed their Bennington?    I'm seeing 20 years being offered....is this wise?
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We went 15 years on ours thru Bank Of The West with a good interest rate. Yes we can afford it but we like the ability to have a little lower payment if needed. That being said we also add at least $100 extra every month to our payment. You would be surprised on the difference it makes. I paid off my Tahoe almost 2 years early doing it that way and saved a lot in interest.
 
We rolled the lake house and boat into one home equity loan at 4% interest.  Loan can go as long as 10 years but we are paying extra per month to have it paid off in 5-6 years......saves some interest on the other end of the loan.  If we were going to get a loan for the boat only the interest was crazy at 8.25% because it is considered a pleasure craft and not the same as a car/truck loan.
 
I think we did 12 years on ours. It wil be paid off long before that! 
 
Hate any kind of monthly payments or interest. Secured a 5 yr. home equity loan to purchase our boat but paid it off in 2. Then paid off the 30 yr. home loan in 15. 
 
Did the 20,  State Farm Bank, and yes we can afford it.  Life comes with the unexpected, its nice to have a lower monthly just in case, early pay off is planned.  Personally, I would like to be able to keep my toon rather than default on it.   
 
Indian_Lake_Bum said:
We rolled the lake house and boat into one home equity loan at 4% interest.  Loan can go as long as 10 years but we are paying extra per month to have it paid off in 5-6 years......saves some interest on the other end of the loan.  If we were going to get a loan for the boat only the interest was crazy at 8.25% because it is considered a pleasure craft and not the same as a car/truck loan.
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We ended up with 5% for 15 years and we put 10% down. I thought that was pretty descent.
 
I don't borrow unless 0% interest (rare).  Always have a boat to trade and just pay the difference after haggling to oblivion.  Won't be trading any time soon since current Benny only has 45 hrs.
 
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sunnyside360 said:
I don't borrow unless 0% interest (rare).  Always have a boat to trade and just pay the difference after haggling to oblivion.  Won't be trading any time soon since current Benny only has 45 hrs.
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Same here, but I am not 30 years old with a family and wanting some of the enjoyments.  I remember an old codger telling me, when I was about 30 years old to not buy a house, until I could pay cash.  I replied that I might never own a house if that were the case.
 
Financing a "toy".  Things that make you go Hmmm. Only if your income is high enough to pay in 4 years or less very comfortably.  
 
I probably should have had my house paid off 4 years ago had I not kept refinancing! Yes I did the long loan, I think 17 years, and no I really can't afford it, but they were dumb enough to offer it, and I was stupid enough to think it was a good idea! Oh, and I owe too much on everything else to make extra payments on the boat. Maybe someday I'll learn since now I'll have to figure out how to pay for my dogs surgery. So I guess good thing I took it out so long for these "unexpected expenses" others mentioned. 
 
On the other hand, life is short...
 
Jimmyd said:
Financing a "toy".  Things that make you go Hmmm. Only if your income is high enough to pay in 4 years or less very comfortably.  
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I don't consider it a toy but more of a lifestyle. The memories we make with family and friends is priceless. JMHO
 
 
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BigKahuna said:
Hate any kind of monthly payments or interest. Secured a 5 yr. home equity loan to purchase our boat but paid it off in 2. Then paid off the 30 yr. home loan in 15. 
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That's not bad! I'm with you on hating monthly payments of any kind. When the wife and I got married 16 years ago, we refinanced our house from 30 to a 15, paid it off in 10, then , with no car notes on the 3 vehicles, we started putting those "payments" in ROTH and some in a money market for things we just want, and wouldn't have to pay penalties for withdrawals. Last July, we wrote a $28K check for the boat, then this last February, we wrote a $47K check for a new Jeep GC. Everything is just more enjoyable when you don't have to make a payment every month. Just saying that because like D. Ramsey states, people have to have their stuff "right now". We were patient and got our finances in order, then paid cash for the toys. But then, we also didn't have to have a $100k boat.


I don't believe our memories would be any sweeter with a huge and expensive boat. Our little boat is working out just fine. I know it won't impress people with the big boats, but we didn't buy it for anyone but us.


I look at the boats that some of you have, and I drool a little bit, but then think about what it's costing every month to have those, and the drooling stops and the smile starts. :)
 
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