As Eman mentions I would be leary of Bank of America. In case most of you don't know B of A just told McMillan Arms (the folks that make the very best rifle stocks and high end rifles and supply lots of stuff to the police and military) that they do not want their business any more. McMillan asked if this was a political decision and was told that it was. I never liked B of A anyway, but I will forever refuse to do business with them now.
Back to your question, if you have the cash I would put it down. Better to put it down now and pay your boat off earlier than to waste the cash on something else.
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