Wannabe wants a tiger

[tabone1]

I think they ment that if we OK'd the dealio then we would transfer payments into my dads name and then go to the DMV and change the name on the title and go though all the paper work and whatnot.

What do you mean if we take up the payment we are getting hoses?

I think this may be the first half educated thing I have to post on this site.
Find out what interest rate they are paying. Rates started dropping in the beginning of 2001 so depending on exactly when they got their loan the rate may be in the 6's. Could be in the 8's as well. When the payments are transfered to your dad it is called an assumption and they will probably want to qualify him the same as if he was getting a new loan. If the rate is low, that is great! Especially if the balance is a fair price for the boat because in the long run, you will benefit by paying less overall. If the rate is higher than current rates, it probably will not cost you extra or require any extra paper work to get a new loan at a lower rate than what the sellers have. I do not know how sales tax works in your area so if you can avoid it by assuming their loan, it may be worth assuming even if the interest rate is a little higher. In Michigan we get hit 6% any way you do it. Currently, banks around here are offering a ballpark of 7% for a 10 year loan, 7.75% for a 15 year, and in the 5's for a 5 year loan. If I can offer you any more or you would like more of an explanation, I will be happy to share.
Good luck!

[CP3]

um, my new 03 was 230 on 15 yrs, but now it's 0 for ever cuz it's paid off 20 months ago

and you wonder why you have no money now. its all in your boat

[dogbert]

and you wonder why you have no money now. its all in your boat

Nope, he's smart. Imagine your board budget if you didn't have a boat payment!

[wannabewakeboarder]

I think this may be the first half educated thing I have to post on this site.
Find out what interest rate they are paying. Rates started dropping in the beginning of 2001 so depending on exactly when they got their loan the rate may be in the 6's. Could be in the 8's as well. When the payments are transfered to your dad it is called an assumption and they will probably want to qualify him the same as if he was getting a new loan. If the rate is low, that is great! Especially if the balance is a fair price for the boat because in the long run, you will benefit by paying less overall. If the rate is higher than current rates, it probably will not cost you extra or require any extra paper work to get a new loan at a lower rate than what the sellers have. I do not know how sales tax works in your area so if you can avoid it by assuming their loan, it may be worth assuming even if the interest rate is a little higher. In Michigan we get hit 6% any way you do it. Currently, banks around here are offering a ballpark of 7% for a 10 year loan, 7.75% for a 15 year, and in the 5's for a 5 year loan. If I can offer you any more or you would like more of an explanation, I will be happy to share.
Good luck!

So your saying the interest may be around 6% becuase it has been dropping scince '01?

[xpjim1]

He was saying the rate back n 2001 could be around 6%. You need to shop around. Also used boats ussually carry a higher rate than new boats on the left coast. Not sure how it is in your neck of the woods.

You should ask your friend what the interest rate is, how many payments are left and what is the loan payoff. Then you can make an intelligent decision.

[Domsz06]

and you wonder why you have no money now. its all in your boat

No by paying the boat off I saved 16K in interest money. so therefore I got to buy a house, z06, truck, killer sound system etc etc. You should NEVER wait till the end to pay off something if you can afford it. I mean why give the money away.

Nope, he's smart. Imagine your board budget if you didn't have a boat payment!

EXACTLY!! thanks Dog!

[tabone1]

He was saying the rate back n 2001 could be around 6%. You need to shop around. Also used boats ussually carry a higher rate than new boats on the left coast. Not sure how it is in your neck of the woods.

You should ask your friend what the interest rate is, how many payments are left and what is the loan payoff. Then you can make an intelligent decision.

Depends on the institution. When shopping around for myself a couple of the local credit unions offered the same rate, new or used, for certain loan amounts and terms. It seemed like under $25k and under 10 years were the same rate. (new vs. used) But I would guess loans for boats are the same here.

[Domsz06]

My rate on my boat was 4%

[CP3]

No by paying the boat off I saved 16K in interest money. so therefore I got to buy a house, z06, truck, killer sound system etc etc. You should NEVER wait till the end to pay off something if you can afford it. I mean why give the money away.



EXACTLY!! thanks Dog!

yes I know that. but at the time you paid it off it had to hit you for a bit. I know it the long run its great

[Domsz06]

yes I know that. but at the time you paid it off it had to hit you for a bit. I know it the long run its great

I paid it off in 23 months. It's called bartending, you make more money then you know what to do with. I bartend for about 28 hours a week and make more in that time then I do all week for my day job

[dogbert]

I paid it off in 23 months. It's called bartending, you make more money then you know what to do with. I bartend for about 28 hours a week and make more in that time then I do all week for my day job

I can see it now, Domsz06 School of Bartending...put your kids through college!

[wannabewakeboarder]

Depends on the institution. When shopping around for myself a couple of the local credit unions offered the same rate, new or used, for certain loan amounts and terms. It seemed like under $25k and under 10 years were the same rate. (new vs. used) But I would guess loans for boats are the same here.

So if my friends rate is fixed, Could the fixed rate possibly be transfreable?

[dogbert]

So if my friends rate is fixed, Could the fixed rate possibly be transfreable?

Dude, go talk to a banker. It's their job to get you into a loan so they can make money.