I need a Bad Credit Boat Loan

[Ribbit]

Originally Posted by Pete7

Were are these really cheap boats please?

I found mine on Craigslist.

[witzgall]

Wait, you have not even seen the boat in person??

With respect, I am getting the distinct feeling you are like I was back when I was about twenty years old. Then, I made all my financial decisions based on " I have $XXX coming in every month, that means I have that exact amount to spend every month, and I can obligate myself up to that amount".

Trust me, it is a bad way to go about allocating your $$$.


Chris

Originally Posted by rcttsoul2

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.

[rcttsoul2]

Your exactly right, I am going to buy a sailboat on IMPULSE........... the decision has been made, PERIOD...... If I get approved, Im buying one, if the bank requires me to buy NEW then Ill buy NEW.

[Tkeeth]

I guess i dont understand the need to interject your own opinions into the question. The Op asked for advice on a bank or lender that would meet his requirments, not whether or not you think its a good or bad idea, not finacial planning advice.

[witzgall]

Well then good luck with it, I hope it works out well for you! My only advice would be to look at ( in person) as many boats as you can before committing to one particular boat, there are lots to be had.

Chris

[mowerandy]

Good luck man; borrowed to buy my first and my current yacht. Had the cash flow but not the cash pile. Never regretted it. The experiences, learning and good times cannot be overvalued, and if I hadn't borrowed it never would have happened

[Paul J. Nolan]

Originally Posted by HighTemp

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.

The reason probably has to do with the quality of the collateral (I'm speculating here). If the boat is seized for nonpayment, it is probably easier for the lender to resell a powerboat than a sailboat. A powerboat may also retain a greater value to loan ratio.

Paul

[Rustic Charm]

I'm a little surprised that the poll got 14 people to vote that sailing is for the elite

[Bertie68]

Originally Posted by Rustic Charm

I'm a little surprised that the poll got 14 people to vote that sailing is for the elite

I'm one of them. My rationale is up in this thread. However, I understand that the situation heavily depends upon local economic conditions. In my particular case, I'd have to choose between a boat and my son's college, and a minimum of responsibility helps in making this choice a clear one. It might happen that the SaaS product I'm developing turns out to be a success and I could afford both. Anyway, I cannot get rid of the business mindset and I'm thinking about ways of turning a boat from a liability (a really desirable one, indeed) into an asset -other than tuna fishing-, but that's a difficult proposition.

Enviado desde mi Nexus 10 mediante Tapatalk

[fgd3]

Originally Posted by rcttsoul2

Your exactly right, I am going to buy a sailboat on IMPULSE........... the decision has been made, PERIOD...... If I get approved, Im buying one, if the bank requires me to buy NEW then Ill buy NEW.

That kind of thinking is certainly consistent with a 640 credit score, isn't it? I don't think I've ever seen anyone with an 800+ credit score asking where he can get a loan to buy a boat.

Cheap sailboats are plentiful. I sold my MacGregor 23 with trailer for $2000 several years ago. I sold my Hunter 25 for $3000. Deals like that aren't hard to find.

Fabbian

[cards26]

Originally Posted by Pete7

1986 Tiara S2, 30ft, totally reconditioned, two burner propane stove | Boats | virginislandsdailynews.com

Were are these really cheap boats please?

Home - Free Boat - Free-Boat.com

[Ribbit]

This increasingly looks to me like a wind up in very poor taste.

[cards26]

1988 O'Day 240 BID $500.00 (Brooklyn NY) - Free-Boat.com

[SailFastTri]

Originally Posted by rcttsoul2

Your exactly right, I am going to buy a sailboat on IMPULSE........... the decision has been made, PERIOD...... If I get approved, Im buying one, if the bank requires me to buy NEW then Ill buy NEW.

Maybe, just maybe, this kind of decision process is why you have bad credit?
Everyone on this site understands the appeal of boating. However most of us have had times when we were boatless and boat ownership just wasn't high enough in the hierarchy of priorities, whether personal/family/job issues, finances or other commitments.

As others have noted, also keep in mind that maintenance, dockage/storage and other costs are significant. The cost of the loan is only one part of the total ownership cost equation. Before you sign up for more debt, figure out all your costs for dock/winter storage/insurance, and think about what it might cost to replace the most expensive item on the boat that could fail (e.g. engine, sails, rig). If you're thinking about going without insurance, keep in mind that in many areas you can't get dock/mooring space without it.

[SailFastTri]

Originally Posted by cards26

1988 O'Day 240 BID $500.00 (Brooklyn NY) - Free-Boat.com

The accessories alone are worth it.