Houseboats: Trying to save money, not waste it!

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Houseboats: Trying to save money, not waste it!

mike-: Jul 9, 2004; Phillipians 1:21

I'm amazed that any bank would finance a used houseboat with a 20 year term. That just sounds insane to me.

# ¿ Oct 24, 2015 00:00

Adbot: ADBOT LOVES YOU

# ¿ Apr 27, 2024 21:53

mike-: Jul 9, 2004; Phillipians 1:21

BaseballPCHiker posted:

Agreed. It's like the banking industry doesnt want to see people boat bound.

Pretty much. I of course will plan some of the yearly stuff and budget for that accordingly. Stuff like taking the boat out of the water to be serviced and cleaned every couple of years.

The 8 grand is just for the boat. I have a little over $3k in my savings, and about $7k in my Roth that I could get if things got dire.

Holy poo poo thats awesome! Maybe I could get a used one.

One persons boat wreck is another persons fish-habitat/refuge eco-tourist trap.

Banks aren't going to want to do long loans on a houseboat because it's incredibly risky. If you walk away on your boat loan the bank is stuck with a old houseboat that is probably going to be hard as hell to sell and requires a ton of maintenance in order to not sink.

I think your idea of term and rate seems pretty dubious to me. Why would someone seller finance a boat over 20 years? I imagine that the people who own houseboats are probably older, so it seems strange that someone would be ok with waiting 20 years to get paid for a 7% note.

# ¿ Oct 27, 2015 18:00

mike-: Jul 9, 2004; Phillipians 1:21

So the bank won't finance the purchase of a used houseboat (what a surprise!), but they will give you a personal loan in the amount you need to buy a boat? That seems odd.

What's the term on the personal loan?

# ¿ Nov 5, 2015 01:43

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Houseboats: Trying to save money, not waste it!