I've been talking with the wife on the type of boat that we would like to eventually buy for the two of us and the kid on the way. We have decided on size/model/type - which was a lot easier than I thought. In this case I was the one looking at a more cost appropriate model - whereas my wife wanted the Lund Pro-V GL because it was sparkly.

Anyways, I do plan on taking out a loan for my boat purchase. It is going to be awhile before I purchase a boat, but I like doing as much research as possible before getting into a big purchase like this. My question to you on these forums is what type of loan do you have and would you recommend it? Are there special incentives worth pursuing at boat shows? I've glanced at a few options and just want to know opinions on them.

First option is a boat loan through anyone who offers it. I saw loans for generally about 10 years at a percentage that goes up to 8% in some cases. That's a good chunk of money to pay in interest alone - this was my least favorite.

Second option is a home equity loan. I have enough equity built up in my house to get a loan (if approved, of course) at a substantially lower rate of nearly 3-4%. Has anyone else gone with this path? If so, would you recommend it - if not, what deterred you? Would anyone highly advise against this?

Third option, which I'm not sure if it is the same as the fist, is a second mortgage. The same reasoning as the second option, lower rate. Same questions from second option. Has any done this? Advise this? Do not advise it?

I am 26, credit near 810-820 last time I checked, if that helps with guiding me on an option that I listed, or something that I didn't list.

I am not hurting for a boat. I don't need one. I want one. That being said, I can wait until the right opportunity comes. I just want to know what is out there. I looked at multiple options based on the interest rates because why wouldn't I try an save interest over the life of the loan if at all possible?

Thanks for any help on this. Like I said, I like to be as informed as possible before taking on something like this.