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How many financed their Bennington? I'm seeing 20 years being offered....is this wise?
How many financed their Bennington? I'm seeing 20 years being offered....is this wise?
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 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.
On the other hand, life is short...
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.
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.