"Don White" wrote in message ...
"Ron" wrote in message
...
Has anyone done an interest only loan when purchasing a used boat? I have
my eye on a "new" boat but at this time with a regular loan I can't afford
the payments but in 2 years I will have extra income. To me it sounds like
the interest only loan is a good way for me to purchase the boat now. Are
there any boat loan companies that offer the interest only loans? I have
done some research on the Internet but have not been able to find any.


Up here the banks have a 'Line of Credit' service. The payments can be quite
small..interest plus a bit off the principal.

Interest only, on an item that loses value, you gotta be kidding.
Sounds like financial suicide. I am amazed the bank would lend
"interest only" on a boat unless it is secured by something else.
This sounds incredibly foolish.