Great stuff on your channel. Fellow Canadian. I just pre-ordered my first boat, a 2022 Pontoon for my whole family, and cannot wait to get out on the water. Your videos have been excellent for information.
Len, I found your webpage by accident, but it is the best boating information I have ever found..love your style, presentation...it is not often you find honestly and straight forward information at a one stop shop! I look forward to watching all your clips....
I always had the dream of having my own boat for recreational fishing and boat financing has definitely made me believe someday I can make that dream come true
Great advice Len! i worked at a major bank retail marine lender for 20 years and in credit, sales shows, repossesions, etc. Here in the US , some of the things are different but you gave fabulous advice! One thing I always wondered about , how are (inland) boats documented or titled in Ontario/Canada ????? How are financing liens perfected??
I would LOVE to hear about how we can buy reposed boat DIRECTLY from the lender and cut out the dealers completely! I have been around boats my entire life and know how to inspect a boat and can determine the value TO ME. I also have contacts can can make anything right that I may not be able to do myself. Is there anything like the foreclosure market for boats as it is for condos and home?
@@blitznone1142 The inquiry does, but a home equity line usually improves your credit score as you pay it down, on time. That is because part of your score is available unused credit facility. The more credit you have available and unused the higher your credit score.
@@boatinglessons I haven't found a marine dealership to work with as yet. I'm very green on how to navigate the space. I have always liked sailboats and I'm leaning in that direction.
I respect that everyone has a different opinion on this Jason. If you own assets that make passive income that cover the loan payments as an example, you are better off leaving your money in the asset.
Best time of a boaters life is when they buy it and then sell it. Boats are not for everyone. People do not realize how expensive a boat costs to own. If you dont have money to throw away then you cant afford it.
Do you have any good or bad stories that you have experienced when borrowing money for a boat purchase?
When my truck is paid off in 2 years I am considering trading in my current boat for a newer one and financing the balance.
Great stuff on your channel. Fellow Canadian. I just pre-ordered my first boat, a 2022 Pontoon for my whole family, and cannot wait to get out on the water. Your videos have been excellent for information.
Len, I found your webpage by accident, but it is the best boating information I have ever found..love your style, presentation...it is not often you find honestly and straight forward information at a one stop shop! I look forward to watching all your clips....
I always had the dream of having my own boat for recreational fishing and boat financing has definitely made me believe someday I can make that dream come true
Great goal ! You can make it happen :)
Great advice Len! i worked at a major bank retail marine lender for 20 years and in credit, sales shows, repossesions, etc. Here in the US , some of the things are different but you gave fabulous advice! One thing I always wondered about , how are (inland) boats documented or titled in Ontario/Canada ????? How are financing liens perfected??
I would LOVE to hear about how we can buy reposed boat DIRECTLY from the lender and cut out the dealers completely! I have been around boats my entire life and know how to inspect a boat and can determine the value TO ME. I also have contacts can can make anything right that I may not be able to do myself. Is there anything like the foreclosure market for boats as it is for condos and home?
Thank you. Actual Ontario Canada boat loan facts.
Thanks for this awesome video !Perfect for a new owner :)
Insightful. Great advice. Thanks for the video.
Glad it was helpful! Our pleasure :-)
Home equity line of credit or credit union is always the best bet. Put down 20% so you are never upside-down in the boat.
Doesn’t a home equity line of credit impact your score, like a credit card?
@@blitznone1142 The inquiry does, but a home equity line usually improves your credit score as you pay it down, on time. That is because part of your score is available unused credit facility. The more credit you have available and unused the higher your credit score.
"Caveats," which you pronounced "ca-VEETS," is actually pronounced "CAH-vee-ahts." (I do that sometimes with words I've read but not heard too.)
You are 100% correct - funny sometimes you know something and still screw it up 🤣
This is awesome information. im just trying to figure out the right boat i will need for southern ontarion
Have you found a good marine dealership to work with in your area?
@@boatinglessons I haven't found a marine dealership to work with as yet. I'm very green on how to navigate the space. I have always liked sailboats and I'm leaning in that direction.
Saw the new boat at the Toronto boat show, told the guy, I'll take it, $200, 000.00 cash. You should of seen his face. :)
So what if I am buying a 20 year old boat? No one will finance that?
Is the ;principal on a boat loan flat across the years or low year and high late?
What about in 'merica??
I'm buying a boat that's 22 years old and I'm able to get a 15 year loan so🤷♂️ guess that's CA only
Aluminum boats paint
This is one of the reasons why Canadians have 9 trillion in debt.... unless you're getting a really low interest rate.... boat loans are for suckers.
I respect that everyone has a different opinion on this Jason. If you own assets that make passive income that cover the loan payments as an example, you are better off leaving your money in the asset.
Best time of a boaters life is when they buy it and then sell it. Boats are not for everyone. People do not realize how expensive a boat costs to own. If you dont have money to throw away then you cant afford it.
Marc, fundamentally you are right and there are people who live beyond their means - happens with all things - not just boats.