Originally Posted by wotan2525
That is insane.
I have paid cash for every boat I have ever owned, including my current 07 22SSV which I bought late last year for 70k, so I am not too sure about boat loans here in Australia, but I am pretty confident that the maximum number of years that you can take out a boat loan (secured loan) for here is 7 years.
If you can't afford to pay off a boat loan in 5 years or less, I don't think you can really afford to own one to start with...
A 15 year boat loan is insanely stupid. No wonder the world economy went down the toilet if loans like this are being offered to people. It is simply nuts to even remotely consider taking out a loan like this.
Oh, by the way, a new model 22SSV here in Australia now retails for around the $112k plus mark (depending on options).....I have a mate who just traded in his old boat on a new 2011 Malibu VLX which cost him nearly 120k all up. He ticked nearly all the options at time of sale. (and he paid the 60k change over price in cash too). In fact most major name wake boats in Australia will cost you in excess of 100k brand new...Wakeboarding is fast becoming a sport for those with fat wallets and lots of disposable income... (unless you are good mates with someone else who has a fat wallet)
Just to give you guys in the states a quick idea of boat prices in Australia:
2010 Supra 24SSV http://www.boatpoint.com.au/boats-fo...spx?R=10776467
2011 Malibu VLX http://www.boatpoint.com.au/boats-fo...spx?R=10613202
2010 Mastercraft X Star http://www.boatpoint.com.au/boats-fo...spx?R=10421953
2008 Nautique 230 team http://www.boatpoint.com.au/boats-fo...spx?R=10213298
There is no way know anyone here in Australia would be offered a 15 year (or even 12 year for that matter) finance deal to purchase a boat....It is completely unheard of here. (thank God)
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