in a dilemma..

[Smokepole]

Lots of sound advice here, and I'll  throw my two bits in:

Don't buy the boat to memorialize your father by and then end up resenting it because it takes up so much time and money it prevents you from going on the vacation you want with the kids, getting the wife a reliable car,  etc.  Just take the drain plug from it before your mom sells it, and use that drain plug in a good old boat you paid cash for!  That way a little bit of dad's boat is with you.

This is exactly how I feel.  Keep the memories.  Sell the boat.  Move in the right direction! 

[RadSav]

First off I would be surprised if you could get a 10-12 year on a used sport fishing boat.  Second, if you have to get money from the bank to pay off the truck loan your really not paying off the truck loan just refinancing it.  So it sounds to me as though you already have a truck you can't really afford.  Now you want to add to that with a boat you can't really afford.  What happens if you get sick or lose your job?  Are you prepared to lose a boat, a truck or both?

I whole heartily agree with the above mention about the only thing to finance past five years is a house.  And most people these days buy way too dang much house than they need too.  Breaks up families, marriages and leads to all kinds of bad stuff.  The wife and I are quite well off and we have only ever bought one new car.  And that was a previous year commuter for only $7,900.  Financial security has little to do with Mo Money.  It has to do with understanding your income circle and working within your limitations while looking as far into your future as possible.  I've been rich and I've been poor and I found a way to screw them both up until I found out how to live within my personal income circle.

I completely understand the personal connection you have with this boat.  Believe me I do.  I am lucky that my father is still in my life and always there to give advise.  But here is one of the things I always ask myself when I think I might be making a poor decision.  "Is dad going to bash me upside the head if I do this?"  If I think he might I step back and re evaluate my decision.  Usually leading me to pass on the deal.  I take it from your original post that you think your father would have bashed you upside the head if he found you doing this.

Sometimes we have to allow logic and reason to over ride our emotional involvement in an opportunity.  That's not an easy thing to do.  Especially when that emotional involvement has ties to a loved one.  I'm not going to sit here and tell you not to do or even to do something.  That is 100% your choice.  But you are your fathers living legacy.  As he sounds like he was a great man that comes with great responsibility.  Just venture forth in a direction you absolutely know he would be proud of you.  He raised you to be able to make this type of decision.  I'm sure with that you will make the right decision whichever that might be.

[kisfish]

I would say no to the boat but that is easy for me to say because I don't have the connection to it. Good luck.

[Boss .300 winmag]

Some good points already made. I have a rule for myself, the only thing I will finiance for longer than 5 years is a house, anything else must be paid off in 5 or less.

 

I have two canoes just for this reason, B.O.A.T. I could afford a boat payment, but its not wise for my family. Renting boats, and other water craft is way cheaper to do than owning them for us. Sometimes our possession start owning us, and when that happens life gets to be no fun!

[Austrian Hunter]

It's a party pooper but the guys o here are right.  Don't be Boat poor together with truck poor.  If you can afford it you would not have to refinance anything to do it.  Ask your mom to wait for the situation to better, maybe until you paid off the truck.   

[kckrawler]

Hey, you're the only one who knows what's stashed away in the bank account and has to write the check. If your ATM receipt makes you feel all warm and fuzzy on the inside and you know you can afford the payment, I say go for it  TJ's a great boats and if treated right they will last you a long time.

Nobody on here has financed a boat when they probably shouldn't have, really??? Where'd that BS smiley go...

[Austrian Hunter]

Hey, you're the only one who knows what's stashed away in the bank account and has to write the check. If your ATM receipt makes you feel all warm and fuzzy on the inside and you know you can afford the payment, I say go for it  TJ's a great boats and if treated right they will last you a long time.

Nobody on here has financed a boat when they probably shouldn't have, really??? Where'd that BS smiley go...

I think this is why he gets the opinions, many people including me have bought things I shouldn't have.....

[RadSav]

Hey, you're the only one who knows what's stashed away in the bank account and has to write the check. If your ATM receipt makes you feel all warm and fuzzy on the inside and you know you can afford the payment, I say go for it  TJ's a great boats and if treated right they will last you a long time.

Nobody on here has financed a boat when they probably shouldn't have, really??? Where'd that BS smiley go...

I think this is why he gets the opinions, many people including me have bought things I shouldn't have.....

You want a financial adviser fresh out of college?  Not me!  I want one who has had the time to make a lifetime of mistakes.  How would you possibly know how to avoid making mistakes if you never made one in your life?  As I mentioned earlier, I found a way to screw up being rich.  That was really sort of easy    Sad part was I also found a way to even screw up being poor (as the comedian said - I became PO - couldn't even afford the "O R") My old boss said to me once, "financial maturity is something that has to be beaten into some with a Big Arse stick.  And you boy need a good beating!"   I sure learned a lot from that old bass turd.

[6x6in6]

For me, it would boil down to 2 things.
1) If you plan to keep it for the 10-12 years, and it sounds like you would given the personal ties to it.
2) The interest rate on the loan.

I financed an RV 7+ years ago on a 10 year note.  1.7% interest.  I struggled with the term length too.  Then I did the amortization aspect and realized 1.7% really wasn't that bad.
Rate of return on the fun factor way offsets the little money the bank is making off this.

[Bean Counter]

I'm glad we're bringing vehicles into the discussion, as well.

I bought my first truck for about $20K and it was three years old when I bought it. I paid it off in about 1.5 years but I still didn't like having such a high value depreciating asset. I wound up selling it for $16k two years later, even though it was fully paid off. Then I turned around and bought a similar truck, a few years older and with more miles, for $6k. Couldn't be happier--I have less money tied up in a depreciating asset and I'm less afraid to take it out and beat it up in the woods.

[300rum]

When you can afford it, you won't have to ask.

[tony04]

i only owe a couple grand on my pickup. and i dont nessesarily HAVE to pay off my truck, but it would free up some money. Granted i havent been to the bank yet to see what i qualify for. but im shooting for low payments that i can pay extra on but can make they low payment if i have to..   ive been watching the intersest rates for boat loans go up and they're getting higher as it gets closer to summer so i dont want to wait too long.  and as the boat sits right now, its completly set up, besides a stereo. i forgot to mention that it has scotty electric downriggers. so really the extra cost is basic stuff.  my fuel cost is pretty expensive for traveling to work. i basically work for free one day i week. but i just got a little car that gets double the mileage. so my fuel cost will be cut in half..

[IBspoiled]

I would say consider your mom's position.  Is she financially stable?  Or by selling you this boat under resale and with the building is she strapping herself?  If she could use the money than I say help her sell the boat for as much as she can get and the building as well. 

Or would she consider letting you make the payments that she is making, if she owes on the boat that is?  Just some other thoughts. 

Wife of IBspoiled.