I need a Bad Credit Boat Loan

[Cadence]

Originally Posted by SV Miss Fe

This might have already been mentioned but you could try asking for a line of credit from your bank. When I bought my boat I just setup an unsecured line of credit and pulled 10k out only took about too weeks and of course no questions asked about what its for. Anyways its another option to try.

I doubt that the OP can get an unsecured loan with a 640 FICO score. It is a good thought though for someone wanting a boat the bank doesn't want to touch. I can understand the bank's take on it. I guess secured means they could own a boat and they aren't in the boat brokerage business. The down side for them is much more that the hit on the loan amount. Upkeep, storage,brokerage fees, etc.. At least with an unsecured loan they can sue for satisfaction.

And after his last post I think we are dealing with a troll or maybe worse but don't want to denigrate anyone.

[Shrew]

Originally Posted by rcttsoul2

Results are in, my local Credit Union says yes if my wife co-signs for me, she has a 763 score, unfortunately she want to buy a pop-up Camper and if she co-signs for me then she will get turned down.....

These two pastimes are typically at odds with one another. They are recreational past-times which consume a decent amount of both time and money and share the same season.

If you're sailing the camper is sitting. If you're camping the boat is sitting.

Have you and your spouse ironed out what each other really wants here? IMHO the number one reason a boat sits unused and eventually gets sold is because one person in the relationship is 'into it' and the other is not.

[cpt_757]

Originally Posted by rcttsoul2

Results are in, my local Credit Union says yes if my wife co-signs for me, she has a 763 score, unfortunately she want to buy a pop-up Camper and if she co-signs for me then she will get turned down, on the positive side, I can still buy a NEW Sailboat with my own signature, I just don't get it, banks are willing to loan me $80,000 on a new boat, but need a co-signer on a $6,500 used boat.

Cool thing is if I buy the Catalina 275 Sport, Ill have the BADDEST pocket cruiser on the market, down side I dont understand internal politics in the Sailing community, if you got these well off and RICH people in these sailing clubs that own most of the places that I need to get a job at, come to find out I have a NEWER NICER FASTER boat then they do, it could make it difficult to secure my income and/or maintain my job, as I have seen in the past when an average working Sheeple driving a nice sports car like an SRT Challenger or SS Camero to work, they usually dont last very long afterwords, as I can overhear management say something like this on lunch break:
Lets see if he is still driving that car with NO JOB.

This is why I am considering second choice, 23 Pilothouse is an Old Man boat and not too impressive, this is why I want to buy an OLD boat to begin with, and OLD boat will be HUMBLE and still suit my needs, even if the gear is all crap, I can buy new gear.
What do you all suggest?

I think you are misunderstanding people in a sailing community....

[fgd3]

Originally Posted by Captain-Avenger

Well here is one for you. I have an 849 credit score. I can easily sell stocks/MF's to pay for a $180,000 trawler I'll be in the market for soon. But selling the investments, which which have a higher return than a boat loan would cost, does not make financial sense...not to mention the tax consequences of a large cash out all at once vs. spread over a few years. People will high credit scores sometimes use loans to make more money!

You're not asking where you can get a loan, are you? If you want the loan you know how to go about getting it.

Fabbian

[sailorboy1]

Originally Posted by rcttsoul2

Cool thing is if I buy the Catalina 275 Sport, Ill have the BADDEST pocket cruiser on the market, down side I dont understand internal politics in the Sailing community, if you got these well off and RICH people in these sailing clubs that own most of the places that I need to get a job at, come to find out I have a NEWER NICER FASTER boat then they do, it could make it difficult to secure my income and/or maintain my job,

I sense some insecure insanity

[Captain-Avenger]

Originally Posted by fgd3

You're not asking where you can get a loan, are you? If you want the loan you know how to go about getting it.

Fabbian

No, when the time comes I can pretty much get a loan where ever I want. At that time it is up to me to do my homework as to who is willing to offer the lowest rate. I would put up like $60K and ask the bank for the rest. If I pay higher than the lowest rate possible then shame on me! I have been working and saving my money for right around 45 years. Time to stop saving and increase the spending.

Dream like you will live forever...live like you will die tomorrow.

[Cadence]

Originally Posted by sailorboy1

I sense some insecure insanity

It's a poor me. The world is against me so why should I get off my ass.

[rcttsoul2]

Originally Posted by sailorboy1

I sense some insecure insanity

Thanks for answering that question for me, Ill be going with the 23 Pilothouse :-)
Well thank you all for your help pointing me in the direction of my local Credit Union, I now know what it will take to be an owner financially.

[Shrew]

This has got to be a troll.

[vjm]

You might want to investigate how the Compac sails. Most people are not really into their performance.

I am not sure I would describe either boat as badass, but if you love the way they sail then good luck to you. If I could suggest, get an inexpensive older boat and bring it up to bristol condition. That is badass. I am just beginning going down that road ($1500 purchase price, inboard diesel, standing headroom). It is actually affordable and you end up with something that sails well, you know the boat, you didn't have to spend many dollars dealing with new boat issues (you will have them) on top of the loan, and you get to take your boat wherever you want whenever you want (banks require insurance, which has limits on where and when your boat can be).

A boat loan for someone in your financial situation seems inordinately ill advised, but if you have run the numbers and feel you can do it, you are the only one who can make that decision.

But seriously, consider a few more scenarios and boats before jumping in to something that could make you broke and unhappy.

[Cadence]

Originally Posted by Shrew

This has got to be a troll.

[sailorboy1]

Originally Posted by Shrew

This has got to be a troll.

That would be the best outcome.

[Hamish_ct]

Rcctsoul2. Don't be a fool. You can't afford the boat. I know you want it but there are literally 1000s of boat just like it, as there will be one you like more a year from now when you can afford it. With 500 a Month pay off your current debt. Sail with friends.

Shop around for a year. The trick to buying somthing is to not want it.

I'll bet a year from now the same boat will be available, then offer him 4k cash.

If he doesn't take it his loss not yours.

[Lake-Effect]

Originally Posted by rcttsoul2

...I can still buy a NEW Sailboat with my own signature, I just don't get it, banks are willing to loan me $80,000 on a new boat, but need a co-signer on a $6,500 used boat.

I don't get it either. I don't any bank that would advance 100% on a new boat, that depreciates by at least 20% as soon as you take delivery.

I dont understand internal politics in the Sailing community, if you got these well off and RICH people in these sailing clubs that own most of the places that I need to get a job at, come to find out I have a NEWER NICER FASTER boat then they do, it could make it difficult to secure my income and/or maintain my job, as I have seen in the past when an average working Sheeple driving a nice sports car like an SRT Challenger or SS Camero to work

Well... not all clubs are 'rich' clubs. I did the math, and figured out that our total annual cost of sailing for the last 8 years - EVERYTHING, including boat purchase, insurance, gas, club membership, maintenance - is about the same or less than smoking a pack a day. Moral: Quit smoking, have a free boat for life.

A flashy car only requires insurance, gas and a driveway; a big boat will require a slip and winter storage... can you swing that on top of the boat payments? A smaller boat on a trailer gives you alot more options for storage, AND for where you're able to sail.

This is why I am considering second choice, 23 Pilothouse is an Old Man boat and not too impressive, this is why I want to buy an OLD boat to begin with, and OLD boat will be HUMBLE and still suit my needs, even if the gear is all crap, I can buy new gear.
What do you all suggest?

You still haven't told us what your boat goals are. You were talking about the badass new Catalina sportboat; that's about the complete opposite of a 23' pilothouse. When you envision yourself 'out there' on your boat... describe it to us.

I think just about everyone here is saying get an old boat that you can afford NOW. if you're handy and patient, you could score a decent boat in the 19' to 24' range for under $3k.

[boatpoker]

Originally Posted by rcttsoul2

Results are in, my local Credit Union says yes if my wife co-signs for me, she has a 763 score, unfortunately she want to buy a pop-up Camper and if she co-signs for me then she will get turned down, on the positive side, I can still buy a NEW Sailboat with my own signature, I just don't get it, banks are willing to loan me $80,000 on a new boat, but need a co-signer on a $6,500 used boat.

Cool thing is if I buy the Catalina 275 Sport, Ill have the BADDEST pocket cruiser on the market, down side I dont understand internal politics in the Sailing community, if you got these well off and RICH people in these sailing clubs that own most of the places that I need to get a job at, come to find out I have a NEWER NICER FASTER boat then they do, it could make it difficult to secure my income and/or maintain my job, as I have seen in the past when an average working Sheeple driving a nice sports car like an SRT Challenger or SS Camero to work, they usually dont last very long afterwords, as I can overhear management say something like this on lunch break:
Lets see if he is still driving that car with NO JOB.

This is why I am considering second choice, 23 Pilothouse is an Old Man boat and not too impressive, this is why I want to buy an OLD boat to begin with, and OLD boat will be HUMBLE and still suit my needs, even if the gear is all crap, I can buy new gear.
What do you all suggest?

I don't buy swamp land - unsubscribed.