Here is my thoughts on loans.... As long as you ahead of the what (object "X") is worth in the open market compared to what you owe all is good !!!
If you can buy a $25k valued boat for $18k and have it 100% purchased through a loan then you are ahead of the payment game ... If you find yourself behind what you owe and it actual street value expecially at day one of the loan then "RUN" from the deal.
Think a few years ago with leasing a vehicle ... The big three took a huge kick in the pants and quit the leasing game for this exact downfall.