www.iFourWinns.com

My credit union financed my 268, but shortly thereafter would only finance out for five years and 50% of value. Go with whoever has the best rate.

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2007 358 T-5.7GXi IB
Previous Boats
'08 H240, '08 V318, '04 268, '04 225

It's really funny others commenting on your financial responsibilities yet we are all boat owners for recreational purposes. Non of our boats (on this forum) make us money. Each to his own.

I believe a bank will only finance 80% NADA of a boat. How long you can finance depends on the amount. A bank will look at older boats, but usually require marine inspections.

Good luck and remember your into boating for the kid in you not the accountant.

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REM9607

Black Pearl
2004 268 Vista
5.7L Gi-E
DP-SM 1.95

2010 6.4L F250
Dream boat- Catalina 28 MK II

Awesome thread guys!
I was not aware of the deduction for a second home.
We used the credit union to borrow about 50% of NADA and it was around 5% interest for 20k.
We paid it off in 14 months, so I guess I get to deduct the interest this year and go back and file a change for last year.
I doubt the pricks will send me a check back, (we have to pay in), but at least there will be an applied credit somewhere in
the future.

I wonder if there is a way to just deduct all of the interest this year for both years?? Then I would not have to change one.

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1992 Baja 38 Special Twin 502 Mags

03 Stingray 3.0
88 261 Liberator 460 King Cobras
95 Bayliner 1850 3.0
77 Fiber Form 20ft 350/385hp
70 Wescraft 1800 SS 455 Jet

Lead, Follow, or get the Hell out of the Way!

You can only deduct the interest you paid in that year. For the previous year, you would need to file an "amended return". Not a big deal, and yes, they will send a check (or hold as credit at your option).

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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
tow: 2017 Honda PILOT EXL-AWD
prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings

My credit union financed my boat. I didnt have to put any money down, but I did, just to manipulate the payment. My loan is 3.99% of a 15 year loan on my 2004 Sundancer. There are banks out there to play with.

I am able to deduct interest paid on the loan and treat it like a second home on my taxes.

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Current Boat:
2004 Sea Ray 320 Sundancer "Nauti Luvin'"

Previous Boats:
1999 298 Vista "Seas The Day"
2008 H200SS "Nauti Luv"
2006 Tahoe Q4

I'm not a financial wizard but I do pretty well at making my self happy with my used cars and old boat LOL. I have a paid off mortgage and would not borrow against it unless there was some kind of emergency, not for toys.
As an example I looked at a used 2010 Dodge Challenger R/T Hemi 6 speed. Could be bought for about 24K, the price of a boring new car. Bought my 07 Jeep that way. Probably won't get the Challenger because my wife needs a new vehicle now but you have to look around, try to pay cash if you can. My friends with bigger boats complain about yard costs and fuel costs. I just keep using my boat. Its fine for me....

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88 Four Winns 200 Horizon
4.3 OMC Cobra-4bbl
2002 Walker Bay 10/2012 Suzuki 2.5
2008 Walker Bay 8

1998 Jeep Grand Cherokee 4.0/Selectrac
2007 Jeep Grand Cherokee 5.7 Hemi/Quadradrive II

I just closed on a 2000 FW 298 last month. You can find a bank that will finance older boats. We explored many of these finance options but chose to keep our cash and get a traditional boat loan. We talked to local friends and banks to determine who to get the loan from. The credit union did not offer as competitive rates and they had a more aggressive term.

We were originally looking at a loan over $50k and were offered a 15 year term. We ended up with a less expensive boat and borrowing 30k. That brought us down to a 10 year term. Our rate was higher than expected (6% for the current loan vs 4.9% last summer on the bigger loan and longer term) but working with a local bank was very valuable. It became complicated performing a private sale on a vessel which still had a lien on the title. The local bank made it much easier.

We plan on making steady payments for a few years then making a balloon payment of like 10-15k to pay it off.

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2000 298 Vista
1996 Regal 258

Ahh the single life ric. Not quite so easy to bank 20k in a year, when your paying for soccer fees for 2 kids a house payment, save for college, a 401k. For me to bank 20k I have to make 40k. I make good money and its not realistic to bank 20k in a year.

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2001 Four Winns Vista 248 by rick2752, on Flickr