Friday, February 28, 2014

She's ALL Ours!



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


7 comments:

  1. Congratulations you two, perhaps I'll have to hire Jackie's budget services when I tackle paying off student loans with buying my new Jeep this spring.

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    1. I'm more than happy to help! I'll even give you the family discount ;)

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  2. Ron and Jackie,

    A huge CONGRATs from us!! Well done.

    We did the same when we purchased Cream Puff. The used boat market was so bad we wanted to take full advantage of the fact we could buy a boat normally out of our range. We were indebted to the bank for exactly two years but we think it was the best move. We have never seen another boat in such great condition for the price. Sometimes just a little debt can be a good thing.

    We had searched for our perfect boat for about 4 years. We had found another about a year before Cream Puff, but as Aussie couple snatched it up before us. We were determined not to let that happen again. So when we found our baby, we pounced with an offer.

    Crongrats, again!

    Mark and Cindy
    s/v Cream Puff
    www.creampuff.us



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    1. Thanks so much! You guys definitely have one of THE most beautiful boats I've ever seen, glad everything worked out for you guys in the end :)

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  3. WOW!! That is great news :) Seriously...not much of a better feeling than owning something right off the bat. While our old gal is finally getting up to snuff, if I could go back in time I think I would have financed the best boat we could afford over the long term. $311 in interest...HA. Great deal.
    Dani

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  4. Somehow I missed this post - I am so EXCITED for you guys! I can't wait until Luna is paid for, but I dare say it will take us more than a year. Oh well, we're all on a different schedule, so I'll try not to be too envious ;) Keep updating us! I love following along on all of your projects. :)

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  5. Thanks! And you're so right - everyone is on a different EVERYTHING. And some cruise with a boat payment, different strokes for different folks! Just do what works for you guys :) Glad you're enjoying the projects, we've got lots!

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