Boat Loan APR?

[ssullivan]

Originally Posted by oldsalt_1942

It's actually HEAR! HEAR!, but that's the old editor coming out in me...like another pet peeve of mine where people use "jealous" when they actually mean "envious." But I totally agree with your sentiments.

Thank you!

I can't stand poor grammar myself. This one was terrible. Of course, it makes a lot of sense for it to be "hear, hear" as you are probably trying to get someone's attention saying it. "Here here" doesn't make any sense, really... when you think about it.

Either way, that whole post is junk - we couldn't find a boat that was any cheaper than our big loan. We have to suck it up and pay a loan in order to both live on the water now, then later cruise.

Thanks again for that grammar correction. I feel like a bonehead for that one.

[GordMay]

Originally Posted by ssullivan

T Of course, it makes a lot of sense for it to be "hear, hear" as you are probably trying to get someone's attention saying it. "Here here" doesn't make any sense, really... when you think about it.

unless you're a pass receiver, who just broke into the open.

[oldsalt_1942]

Very good, Gord!

SSulivan...I certainly didn't mean to be pedantic, but there are just a couple of things that really bug me...It's just people not being aware of how they're using the language...actually, if you think about it, making English the Official Language of the US of A doesn't make much sense since so few people use it correctly even when born here. Another mistake people make endlessly is Smithsonian Institute when it's really Smithsonian Institution.

But, just for giggles I Googled "Hear! Hear!" and got this from Wikipedia:
Hear hear is an expression that originated as hear ye, or hear him, usually repeated. This imperative was used to call attention to a speaker's words, and naturally developed the sense of a broad expression of favour. This is how it is still used today, although one can always vary one's tone to express different sentiments; the Oxford English Dictionary noted around the turn of the century that the phrase is now the regular form of cheering in the House of Commons, and expresses, according to intonation, admiration, acquiescence, indignation, derision, etc. It is often incorrectly spelled "here here".
As a parliamentary cheer, hear him, hear him! is first recorded in the late 17th century and continued into the 19th; the reduction to hear! or hear, hear! occurred by the late 18th century. However, the use of the verb hear as an imperative meaning listen! is older: a notable example is the parliamentary-sounding Then cried a wise woman out of the city, Hear, hear (2 Samuel 20, verse 16) in the King James Bible, first published in 1611.

Something else I dislike intensely are people who digress from the subject of a post and I do not exempt myself, either, so let the debate over whether to rent a boat from a bank or to actually own one outright continue!

[ssullivan]

Originally Posted by oldsalt_1942

Something else I dislike intensely are people who digress from the subject of a post

I'd like to help you there, but... too late! ha ha

Seriously, thank you for the input. I can't stand grammatical errors either. The fact that I was making one creates more internal conflict that you can imagine!

[Mermaid]

Originally Posted by ssullivan

People... Banks also lend based on past performance, rather than future predictions of things like "rental income." Show them what you have now, where you live now, and what you have and where you lived in the past.

The bank knows the house will rent immediately, located 1 minute from main highway into LA, best schools walking distance, a view of the valley, beside a Tournament Golf Course - best location in the valley - the "for rent" signs don't last 1 month up. Our credit score is amongst highest possible, the house has lost value but it is still worth more that we owe plus the bank is holding a huge downpayment we put on it that more than will pay for what we are asking to borrow for the loan. That is why they were willing to lend us the money with no money down, plus they know us - that was until they sent the info to the underwriter for the pre-approval letter. Due to the economy at this time we do not want to get any more money out of the bank for a down payment on the boat - but might have to... The plan is to sell the house when the value eventually goes back up and payoff the boat loan at that time, but in the meantime, I don't want to keep delaying our dream, we are not getting any younger... Since we are looking to finance as much as possible right now we need to show somehow that the house payments are not a liability.

Thanks for the info, I will try Trident.

[ssullivan]

Originally Posted by Mermaid

The bank knows the house will rent immediately, located 1 minute from main highway into LA, best schools walking distance, a view of the valley, beside a Tournament Golf Course - best location in the valley - the "for rent" signs don't last 1 month up. Our credit score is amongst highest possible, the house has lost value but it is still worth more that we owe plus the bank is holding a huge downpayment we put on it that more than will pay for what we are asking to borrow for the loan. That is why they were willing to lend us the money with no money down, plus they know us - that was until they sent the info to the underwriter for the pre-approval letter. Due to the economy at this time we do not want to get any more money out of the bank for a down payment on the boat - but might have to... The plan is to sell the house when the value eventually goes back up and payoff the boat loan at that time, but in the meantime, I don't want to keep delaying our dream, we are not getting any younger... Since we are looking to finance as much as possible right now we need to show somehow that the house payments are not a liability.

Thanks for the info, I will try Trident.

You should start fresh (with a new lender) and get everything in order before you do so.


Don't talk about that house renting. Seriously. Talk about your income, your steady employment, the huge salaries you have and your need to get away on weekends and maybe for a week in the summer, because you "work so hard."

If you want your dreams to come to fruition, at a normal APR, work *within* the system... don't portray those house payments as a liability, but as a normal thing for you, since you live and work there. Everyone has house payments or rent... that's perfectly normal. No red flags there.

The red flags fly when you talk about moving onto a boat, renting a house out, etc... Getting a boat to enjoy on the weekend would be a normal thing and a bank would approve that in a moment.

PS: Plan to put down 5-10% on the boat. Lenders also don't like to see you take a boat without any "skin in the game." Sounds like your bank over-promised, setting your expectations for a marine loan too high.

[cantxsailor]

Yup its been a rough year. My boat is paid for but my kid is still in college so I, according to the Mrs., am obligated to slave away for another few years yet. I think its just another scam to keep me from my dream(not hers) and make me keep paying. I know she (the kid) can get loans for the rest of her education.Why should she get to start her career out of debt? Why should I continue to go without? Are my dreams not of value too? These are the questions I am battling with.

$100,000 available for anything is beyond MY understanding.

My credit, while stretched, is spotless but the banks wouldn't even think of helping me. My 20yr business makes so little(in the "real" world) as to be nothing to them.

Ah the choices we make as the world turns and we just get older.....m

P.S. In case any of you think I'm whining, I am.

[Mermaid]

Thanks, ssullivan, will do.

[imagine2frolic]

LOAN? WHAT LOAN? I got to apply for no stinking loan......cash is KING!!!!!!!!!!

[Mermaid]

Originally Posted by imagine2frolic

LOAN? WHAT LOAN? I got to apply for no stinking loan......cash is KING!!!!!!!!!!

Good for you!