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Old 15-10-2021, 16:22   #61
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Join Date: Dec 2008
Location: SC
Boat: None,build the one shown of glass, had many from 6' to 48'.
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Re: Bank to finance - older boat

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Originally Posted by Cadence View Post
Mike,
Save me the Googling, what is a flex loan. It's pure curiosity.
Mike, I hope it was in jest. Looking it up it sounds like usury.
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Old 15-10-2021, 17:28   #62
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Re: Bank to finance - older boat

Indeed it does, and indeed it is!

"Flex loans" are specifically designed to make the borrower's "hole" get deeper and deeper.

When I first landed on these shores, no loan contract with an interest rate of more than 6% p.a. was enforceable at law. Then you-know-who leaned on the government of this 'ere colony, and the law was changed so that poor Canadians are now as subject to predation as are the denizens of the land of the "flex loan"'s origin.

IMO, no man should buy a boat by way of a loan, nor, indeed, buy a boat for more cash-out-of-pocket than he can walk away from with a smile still on his face.

TrentePieds
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