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-   -   I need a Bad Credit Boat Loan (http://www.cruisersforum.com/forums/f47/i-need-a-bad-credit-boat-loan-167220.html)

rcttsoul2 02-06-2016 15:41

I need a Bad Credit Boat Loan
 
Iv applied to a few boat loan website and got denied.
The first denial said: We don't loan for Sailboats
The second said you need a 690 Credit score or higher ( mine is 640's )
The third said you qualify for a normal motor boat but you need a 730 score or higher to qualify for a Sailboat, please point me in the right direction.

alctel 02-06-2016 15:48

Re: I need a Bad Credit Boat Loan
 
Could go for a cheaper boat?

HighTemp 02-06-2016 15:56

Re: I need a Bad Credit Boat Loan
 
I am not sure why ones credit score would be valid for a motor boat and not for a sail boat. I thought it was solely based on your previous payment history, then ones current ability and willingness to repay per the terms of the loan agreement.

Did you ask them the reason behind their decision and exactly why 640 is good enough for one and not the other? By their logic, you are a worthy credit risk for a $1 million dollar motor yacht, but too much of a risk for a $200K sail boat.

Something doesn't seem to add up, at least to me, but then again, I am no Banker.

rcttsoul2 02-06-2016 16:03

Re: I need a Bad Credit Boat Loan
 
Quote:

Originally Posted by HighTemp (Post 2135144)
Did you ask them the reason behind their decision and exactly why 640 is good enough for one and not the other?

Yes I asked them, they said Sailboats are more risky and more difficult to REPO.

And Im not asking for $200,000
Im only asking for $7,000 or so, this add caut my eye, once I know im approved Ill go look at it, I dont want to wait someones time if I am unable to buy it.
The Sailboat I would like to buy

Phisher 03-06-2016 06:38

Re: I need a Bad Credit Boat Loan
 
Pull your credit report and see what is negatively affecting it. There might be some issues you can fix. 7k is not a lot of money. Get a second job and pay cash!! Boats are very expensive you should do your due dilligence as the boat may need more than 7k in repairs/upgrades.

kmacdonald 03-06-2016 06:48

Re: I need a Bad Credit Boat Loan
 
You should be able to put that on your credit card.

skipmac 03-06-2016 07:11

Re: I need a Bad Credit Boat Loan
 
No sailing isn't just for the rich and elite. I hardly think owning a 22' boat would put one in the class of rich and famous. However, boating does cost some money unless you are one of the lucky few that finds a freebie, fixes it up on their own for nothing and sails on the very, very cheap.

I would caution you that buying the boat is just the beginning. Unless it comes on a trailer you will be paying every month for a place to keep it. There are also lots of other ongoing expenses to keep a boat going so even after the initial purchase you will still be paying.

Boatguy30 03-06-2016 07:12

Re: I need a Bad Credit Boat Loan
 
Personally I think credit ratings are a scam. They are used for so many things beside loans like car insurance rates and even job applications.

And it's easy for a dishonest business to overbill and then turn it into a collections agency. Personally I prefer cash, but getting hit on insurance rates and other things is BS.

Fiveslide 03-06-2016 07:30

Re: I need a Bad Credit Boat Loan
 
The age of that boat will hurt your chances as well. It's 30 years old, different banks have different age limits, but 30 years is getting iffy for all the banks I've ever dealt with.

I love old boats, I have old boats. Like I love simpler, older cars. Banks do not.

If you're serious about buying one, go ahead start setting aside what you think you can afford for a payment every month. Take at least that amount again for a maintenance fund, set it aside. Slip fee, set it aside. Liability insurance, set it aside. Gas money, as little as it may be, set it aside. A little more each month to represent miscellaneous costs of use(bar tab money) and ownership, set it aside. You'll have cash for a nice boat before the year is over.

And there WILL be another great boat when you have cash in hand.



Sent from my XT1080 using Cruisers Sailing Forum mobile app

oldragbaggers 03-06-2016 07:44

Re: I need a Bad Credit Boat Loan
 
If you are a member of a credit union you might have a better chance getting a personal (signature) loan for that amount, or a cash advance on a credit card. But, as other's have rightly stated, that is just the beginning.

jwing 03-06-2016 08:23

Re: I need a Bad Credit Boat Loan
 
If you need to borrow $7000 to buy a boat, you should not be buying that boat. Either save up until you can have the cash, or buy a smaller boat.

rcttsoul2 03-06-2016 08:31

Re: I need a Bad Credit Boat Loan
 
As far as budget goes im covered, im not poor, I can afford a $500 monthly payment comfortably and more if needed, I have also considered buying the Catalina 275 Sport for $80,000 on a 20 year loan the payments would be a little over $500 per month, but to get the loan you need 10% cash down of $8,000 that I would need to save vs. putting $650 down payment and sailing RIGHT NOW, just need yall to point me in the right direction to acquire a loan for an old sailboat for $6,500.

jrbogie 03-06-2016 08:33

Re: I need a Bad Credit Boat Loan
 
i've owned several sailboats since my teens. never had a boat loan. for that matter i've never had a car loan. could be that's partly why i was able to retire in my mid fifties. nobody NEEDS a boat loan.

SouthernPride 03-06-2016 09:05

Re: I need a Bad Credit Boat Loan
 
So true, interesting how the banks have a heavy investment in the credit rating companies.

I love this country, the USA, but we are going, gone ?, downhill fast...:((( more and more and more expats every year.

S/V Illusion 03-06-2016 09:14

Re: I need a Bad Credit Boat Loan
 
Look at it as a good thing. Financially, it's never a good idea to finance a depreciating asset. If you really need a loan to buy a boat, you shouldn't be doing it.


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