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| 240 month loan?! http://ww.w.hpbc.ca/viewtopic.php?f=2&t=2740 |
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| Author: | FluKy15 [ March 20th, 2015, 6:17 pm ] |
| Post subject: | 240 month loan?! |
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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| Author: | mariomal99 [ March 20th, 2015, 6:58 pm ] |
| Post subject: | Re: 240 month loan?! |
not surprised lol I have seen car ads where they show weekly payments lol |
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| Author: | wildcatt [ March 21st, 2015, 8:54 am ] |
| Post subject: | Re: 240 month loan?! |
they've had really long financing on boats for some time now. The viability is different for each person. |
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| Author: | mariomal99 [ March 21st, 2015, 10:46 am ] |
| Post subject: | Re: 240 month loan?! |
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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| Author: | Bill P [ March 27th, 2015, 10:29 am ] |
| Post subject: | Re: 240 month loan?! |
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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