Many people don’t realize that by by investing their money and financing their boat or RV they can make money! This works even if your finance rate is higher than your return on your investment; usually by about 3%. Try it out yourself!
My variable rate is pretty stable, isn’t it?
A Line of Credit is a demand product. This means your bank has the option of increasing your interest rate by any amount, at any time. This is in addition to any increase in the Prime rate which is the base rate for your LOC. ALL Canadian Banks launched Line of Credit re-pricing programs this year. Some banks increased rates by as much as 300 bps. Continue reading
Today, more than ever, people are tempted to use their Personal Line of Credit (PLOC) for a major purchase. Bad idea! Your PLOC is your security blanket. Don’t misuse it! Continue reading
Good question! If you have the money, it maybe in an investment such as the money market, GIC’s, real estate, etc. Today, that investment may or may not be making a big return, but either way is this the best time to cash it in?
Having your money work for you is the easiest way of earning money. As you know your investment can earn a lower rate than the borrowing rate for your boat and you can still be ahead in the interest game. We would be happy to take a look at the numbers with you.
The banks have an ideal type of loan for making major purchases. It’s not your Line of Credit either! This special type of loan is called a Conditional Sales Contract (CSC), and is only available through your qualified dealer, not even at the branches! Continue reading
Cash, personal loan or mortgage? A look at the options. By Rick Francis as published in the February 2006 issue of Pacific Yachting Magazine
Update: 2010 While this is an older article, it is still accurate.
Unless you plan to pay cash for whatever boat you buy, you will require some form of financing. If this financing is not available from friends or family, chances are you will be dealing with some type of lending institution. Although some purchasers will obtain pre-approval for the maximum amount they can afford, it’s not necessary because most marine sales contracts can be written as conditional on the purchasers obtaining acceptable financing. Here are just a few financing options to consider. Continue reading