Dave wrote:

On Wed, 13 Oct 2004 17:26:38 -0700, Peter Bennett
said:

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

I'd go further, and say that if you can't afford to pay in full when you buy
it, you can't afford the boat.

I don't agree with that. You never buy anything on credit? Do you also
pay all cash for cars and houses on land? Houses may appreciate, but
cars don't.

Our house is paid off, and is used as the security for the boat loan.
If we sold the house, we could pay for the boat and probably several
other boats. But we don't want to sell the house. And FWIW, we pay
our credit cards off each month, and we pay cash for cars because we
buy them used after all the depreciation has been paid for by someone
else.






grandma Rosalie