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240 month loan?!

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FluKy15
 PostPosted: March 20th, 2015, 6:17 pm   
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So I love to just browse kijiji ads, and I saw this...

http://www.kijiji.ca/v-powerboat-motorb ... nFlag=true

240 months?! Is this for real?! That's 20 years!!! That's basically a house mortgage...

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mariomal99
 PostPosted: March 20th, 2015, 6:58 pm   
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not surprised lol

I have seen car ads where they show weekly payments lol
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wildcatt
 PostPosted: March 21st, 2015, 8:54 am   
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they've had really long financing on boats for some time now.

The viability is different for each person.
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mariomal99
 PostPosted: March 21st, 2015, 10:46 am   
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wildcatt wrote:
they've had really long financing on boats for some time now.

The viability is different for each person.


By the time its paid off, it may only be worth $5,000 lol
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Bill P
 PostPosted: March 27th, 2015, 10:29 am   
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I think the cruiser market is well known to have mortgage like terms. Boats last a long time and if you default they chase you personally anyways. Default rates are likely less than 1%, recovery on sale would make up for 50% of their losses, acting on the borrower would probably add another 15% so in essensce they likely lose 0.35% on their whole loan portfolio. Doesn't change the fact that their affording people to buy boats who shouldn't be and burying them into the boat.
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