Quote Originally Posted by RoadToad View Post
What are the time frames involved in the two loans? I don't know anything about the typical loan on a bass boat, but if it's 3-5 years or so like an auto loan, versus 20 years or more on the home equity loan, then while writing off the interest sure sounds great, in the long run, the only way you'll save money with the home equity loan is to make extra payments and pay it off early. If you're not sure you can do that, then the extra interest you end up paying due to the longer term of the loan can, and usually will, be more than the tax savings. In the end, ya gotta crunch the numbers. I would start by comparing the total amount of interest you'll end up paying on each loan if you only make the minimum payment each month, and go from there. Call around to different loan brokers, ask each of them to do the math for you, and compare the results. They should be happy to help you crunch those numbers.
Absolutly, i have been doing that and it is important information. One thing i have found is that the different Banks and Mortagage Companies have different views on good rates or conditions, things like annual fees and closing costs. I'm leaning toward the CHELOC (Choice equity line of credit?) with money down and a 10 year term. I wanted a low payment so if i hit tight times (Christmas) i can do the minimum other than that double up and hit it hard. Pre payment fees don't exist in the loan i'm looking at either. Thanks for the info guys..