I get a sick rush from paying stuff off. I love it. I'm not sure exactly why that is, but I'd be willing to guess it's the same reason why I love to make lists just so I can cross things off when they get done, the satisfaction of actually crossing something off, or in this case paying something off, gives me the feeling of...accomplishment.
Today we can say that we OWN Hullabaloo free and clear! She's ALL ours and there's nothing anyone can do about it! Power trip aside, I feel pretty good about getting her paid off in just over 14 months. All my budgeting, figuring and nagging Ron about not spending money actually paid off. Accomplishment.
A lot of people say that financing your boat is the worst mistake you can make, but in our case it gave us the opportunity to get a boat that fits us perfectly and at a great price. But perhaps the biggest benefit we got from getting a loan for the boat and buying it when we did was the extra year we had to play on her and get to know her. The other option being waiting another year may have been more 'responsible' but it would have left us dedicating the majority of our time before leaving working on her (clearly this is the less fun option) and less time gaining experience on her.
I can understand some of the drawbacks of financing a boat; borrowing more than you can afford, throwing money away in interest - especially considering some of the interest rates that have been thrown around in regards to boat loans (6% +) and being forced to also then pay for...gasp....insurance! FYI- we still plan on having insurance for the boat even though she's paid off.
However, we were fortunate to have been offered a loan through our credit union at, get this, 2.5%!!!! They didn't bat an eyelash at our application for a loan for a 32 year old boat, gotta love those credit unions! So, if you ask me whether or not the $310.00 we paid in interest was worth it to me, I can tell you without one iota of hesitation.....
Now we can really start feeding that (cruising) kitty! MEOWWWWWWW