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View Poll Results: Is Sailboat ownership only for the Rich and Elite ?
No 72 77.42%
YES, Sailing is not intended for the average working Sheeple. 21 22.58%
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Old 04-06-2016, 03:21   #46
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Re: I need a Bad Credit Boat Loan

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Originally Posted by a64pilot View Post
Read this, then read it again, sleep on it and read it one more time.
Not trying to be a smart a$$, but your way to financial freedom, not slaving for the man, whatever you call it is through this method.
Borrowing money for any reason is a recipe for disaster, once you get ahead enough that your saving and paying cash for everything, it's like you got a 20% raise in pay, cause when your paying cash, you always get a better deal, and your not paying interest, you save both ways.
Just to add to this message:

“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”

Albert Einstein.
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Old 04-06-2016, 03:48   #47
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Re: I need a Bad Credit Boat Loan

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specially if you have money to put down on it. Look online in the Virgin Islands Daily News and possibly the Island Trader St. Thomas and you should find what you're looking for. .
http://www.virginislandsdailynews.co...fdd0ccdb7.html

Were are these really cheap boats please?
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Old 04-06-2016, 05:07   #48
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Re: I need a Bad Credit Boat Loan

I assume you have a place to keep the trailer. Have you checked to see if your car / truck can handle the tow safely? You can cut your costs a lot if trailering back and forth but your vehicle has to be up to the job
You also need to learn how to raise and secure the mast without help because you will need to do that every time you go out. If it's still a go see if the seller will negotiate over time payments, say 8 instead of 7 paid off at 500/month.
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Old 04-06-2016, 05:35   #49
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Re: I need a Bad Credit Boat Loan

Watch the zeitgeist movies on Netflix... makes you wonder about most of our systems. Especially credit!
I truly hope you can get your bout loan. However I have found that banks don't like small loans of any type because they can't make enough money off the loan. If you seek a larger loan they are more likely to give you the loan. Sad really how the banks push us to borrow more than needed so they can make more more profit off money they don't even have to begin with
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Old 04-06-2016, 07:05   #50
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Re: I need a Bad Credit Boat Loan

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Captain-Avenger............ can you Co-Sign for me ?..........
Well I found a local credit union that might finance me with $0 down payment, 6% yearly interest with payments of $197 per month for 3 years, I am sure hoping it gets approved, please everyone, pray for me.
While I wish you well, the more you say, the more I think you are making a mistake, so my "prayers" will be that the credit union makes the right choice to help you even if that means you won't like their answer.
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Old 04-06-2016, 07:26   #51
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Re: I need a Bad Credit Boat Loan

These are not good days to be getting yourself in debt. Getting out of debt asap should be a priority.

Save up and buy cash at knock down prices.

I jut bought a 32ft boat (cash), and the sails that came with it are worth more than I paid for the boat (3 are unused, the other two are in 'as new' condition). The stainless steel portholes are worth about what I paid for the boat.

Start saving now, while looking for the type of boat you want, and aim to pick one up at the end of the season for cash, then you have the Winter to get it how you want it.

At the end of the season you may be surprised what you can pick up for $2,000 or less.

If you want to get on the water in the meantime, pick up a cheap dinghy off Craigslist.

But to emphasise, do not touch debt with a bargepole right now.
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Old 04-06-2016, 07:29   #52
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Re: I need a Bad Credit Boat Loan

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Originally Posted by Pete7 View Post
Were are these really cheap boats please?
This is where you can find cheap Sailboats
Boats for Sale - Buy Boats, Sell Boats, Boating Resources, Boat Dealers, Parts and Accessories - BoatTrader.com
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Old 04-06-2016, 07:40   #53
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Re: I need a Bad Credit Boat Loan

Offer the owner to buy the boat on a contract where they hold the loan. I have done this with 20% down and it works out well if the seller is willing.
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Old 04-06-2016, 09:08   #54
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Re: I need a Bad Credit Boat Loan

I was denied by every boat lender due to the fact i had never owned a boat (same with insurance). I finaly went to the credit union who was onboard until the could not grasp coast guard documented vs titled. Finaly a 2nd credit union in the area had some experience and extended me credit and the only issue was they nitpicked the survey and i spent 3k on another guys boat to get it finalized. Then the insurance battle began.
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Old 04-06-2016, 09:21   #55
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Re: I need a Bad Credit Boat Loan

..I would suggest you tried to work in your credit score.. but by experience.. you need to have at least 30% price of the boat on hand for expenses right away for survey, marina, insurance and a long etcetera...
Would suggest wait, find a cheap boat or not buy...
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Old 04-06-2016, 09:37   #56
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Re: I need a Bad Credit Boat Loan

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The boat I want to buy comes with a trailer, I even called and asked, it has a 4 HP outboard, he says ready to sail right now, he says its in the dock right now, we can go and sail it once you know you have the ability to buy it.
and you don't have the ability to buy it. problem solved.
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Old 04-06-2016, 10:28   #57
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Re: I need a Bad Credit Boat Loan

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Captain-Avenger............ can you Co-Sign for me ?..........
Well I found a local credit union that might finance me with $0 down payment, 6% yearly interest with payments of $197 per month for 3 years, I am sure hoping it gets approved, please everyone, pray for me.
You must be doing well, still be able to get second finance after this boat loan.
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Old 04-06-2016, 10:40   #58
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Re: I need a Bad Credit Boat Loan

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Originally Posted by rcttsoul2 View Post
Captain-Avenger............ can you Co-Sign for me ?..........
Well I found a local credit union that might finance me with $0 down payment, 6% yearly interest with payments of $197 per month for 3 years, I am sure hoping it gets approved, please everyone, pray for me.
I'm afraid you are digging yourself into a bigger hole. With a 640 FICO. A boat like that is a toy. Worry about toys after getting your score up or save the money and pay cash. JMHO
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Old 04-06-2016, 11:03   #59
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Re: I need a Bad Credit Boat Loan

Save that $500 a month into a bank account for a year... you got your money to buy the boat next year.
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Old 04-06-2016, 16:06   #60
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Re: I need a Bad Credit Boat Loan

Loan companies may be concerned that sail boats might disappear over the edge of the world, and never be seen again. Launches have to refuel!
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