On Mon, 11 Oct 2004 16:52:58 -0400, "Ron" wrote:

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.

Somewhere I read a recommendation that you should not spend more than
3/4 (or so) of what you can afford on a boat - you _will_ always need
to spend more on it after purchase to fit it out the way you want (and
you have to pay for moorage, insurance, fuel.....)

If you can only afford to pay interest on the loan, you can't afford
the boat.


--
Peter Bennett, VE7CEI
peterbb4 (at) interchange.ubc.ca
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