A common misconception is that wealthy people pay cash. They don't. They know that it's better to finance and put their cash somewhere else, so interest can work for them.

David Dickson
Equity Trader
Bank of Montreal

Cash, personal loan or mortgage? A look at the options. By Rick Francis as published in the Februrary 2006 issue of Pacific Yachting Magazine

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.