Where to get a boat loan for a used boat? (Recommendations?)

[UncleWillie]

Re: Where to get a boat loan for a used boat? (Recommendations?)

... We have 850+ credit each ...

What is that? Credit score? ...

Not a Credit score! They only go to 850, so you could never be at 850+ ... 750+ ???

To even get close to 850 you would not need to borrow $15,000.
Run a Zero credit balance by Paying off any credit every month.
And have a large cash balance in savings and investments.

Taking out a loan for a luxury item is not financially sound.
As Suze Orman would say, "Denied!"

 

[oldjeep]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Not a Credit score! They only go to 850, so you could never be at 850+ ... 750+ ???

Vantage scores go to 990

Suze Orman is a buzkill, do what you want with your money, can't take it with you when you go.

 

[steven_p]

Re: Where to get a boat loan for a used boat? (Recommendations?)

To the OP, Essex Credit finances old boats in your price range.

 

[jkust]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Not a Credit score! They only go to 850, so you could never be at 850+ ... 750+ ???

To even get close to 850 you would not need to borrow $15,000.
Run a Zero credit balance by Paying off any credit every month.
And have a large cash balance in savings and investments.

Taking out a loan for a luxury item is not financially sound.
As Suze Orman would say, "Denied!"

I will preface this by saying I just bought a $300k lake home with cash I saved in a year's time...well actually 8 months time since the beginning of the year. We've saved 500k so far this year but didn't want to go any higher than we did. Also a 300k lake home here is pretty average as a reference point. That said, I and my wife are fortunate enough to have made choices in our lives that lead to careers that allow us to not need to use credit for virtually any purchase.
I recognize not everybody is in the same boat so to speak and life is worth living. If you need to borrow cash for a boat, I say go and do it as long as you get the best terms possible. Literally my happiest moments in life are on the boat with the family and I'd even borrow money to do that.

 

[bruceb58]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Taking out a loan for a luxury item is not financially sound.

+++++++++1

Dave Ramsey's rule is always pay cash for your toys, only when your only debt is your home mortgage and the sum value of anything that has a motor in it is less than half your gross income.

Just plain dumb to finance boats with home equity loans.

 

[gtochris]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Not a Credit score! They only go to 850, so you could never be at 850+ ... 750+ ???

To even get close to 850 you would not need to borrow $15,000.
Run a Zero credit balance by Paying off any credit every month.
And have a large cash balance in savings and investments.

Taking out a loan for a luxury item is not financially sound.
As Suze Orman would say, "Denied!"

It's actually 750-800, I was a tad off on my keyboard.

My parents are willing to front me the money (I've lent them money the same in the past) so I think I'll just go that route and pay them back in a few months.

BTW: I did an online application with Bank of America since I have a few accounts with them and it was an instant denial due to age of the boat.

 

[gtochris]

Re: Where to get a boat loan for a used boat? (Recommendations?)

I will preface this by saying I just bought a $300k lake home with cash I saved in a year's time...well actually 8 months time since the beginning of the year. We've saved 500k so far this year b.

We are in VERY different tax brackets in that case......

 

[Celtichawk]

Re: Where to get a boat loan for a used boat? (Recommendations?)

We are in VERY different tax brackets in that case......

Jesus I want your salary! I don't even make that in three years lol. Guess it don't help I do not have a second income in my household.

 

[bruceb58]

Re: Where to get a boat loan for a used boat? (Recommendations?)

There are likely quite a few people on the board that make that kind of money...they just don't make it a point to tell everyone all the time! :facepalm:

 

[jkust]

Re: Where to get a boat loan for a used boat? (Recommendations?)

There are likely quite a few people on the board that make that kind of money...they just don't make it a point to tell everyone all the time! :facepalm:

I hope there are as we are middle class around here.

Jesus I want your salary! I don't even make that in three years lol. Guess it don't help I do not have a second income in my household.

With money comes more problems and enormous tax bills since you are phased out of most deductions.

 

[jkust]

Re: Where to get a boat loan for a used boat? (Recommendations?)

If you can save that much money in a year then i recommend you to just save the money for the boat instead of getting loans like that !

Ok thanks for the suggestion.

 

[Home Cookin']

Re: Where to get a boat loan for a used boat? (Recommendations?)

+++++++++1

Dave Ramsey's rule is always pay cash for your toys, ... Just plain dumb to finance boats with home equity loans.

That is simply not true, for everyone. it may be true for you, and it may be a good general philosophy not to go into debt for a luxury item, but leveraging off a low-income HELOC, when you add in the tax deduction for the interest, can be good use of resources.

Also you have to remember (without rationalizing yourself into trouble) that buying something like a boat, a means of recreation, and using it while paying for it, can be wise use of resources. You will add more family happiness out of a summer of boat trips than just going for a long weekend in Cleveland b/c your brother in law has a free swimming pool there. Or in other words, a boat is not necessarily just a "luxury item" (like a Porshe or a Rolex) but part of your lifestyle--like borrowing to live in the house in a comfortable neighborhood with good schools instead of renting a hovel in a trailer park.

For seasonal boaters, it may make perfect sense to stretch the cost of acquisition over 12 months level payments. And we all know you need a big wad after you buy the boat just to get it on the water the first time.

Retired or soon to retire people often save up for something like a boat, and it may be wiser, finacially, to take a low-interest short term loan to get it than yank too much out of the 401K or other investments that are working for them. If my retirement account is making 10% tax free and I can borrow at 4%, well, it's not that complicated.

So it may be correct to give advice on where to get loans and how different ones work, but it is not right to advise people you don't know anything about, not to get a loan at all.

 

[oldjeep]

Re: Where to get a boat loan for a used boat? (Recommendations?)

That is simply not true, for everyone. it may be true for you, and it may be a good general philosophy not to go into debt for a luxury item, but leveraging off a low-income HELOC, when you add in the tax deduction for the interest, can be good use of resources.

Also you have to remember (without rationalizing yourself into trouble) that buying something like a boat, a means of recreation, and using it while paying for it, can be wise use of resources. You will add more family happiness out of a summer of boat trips than just going for a long weekend in Cleveland b/c your brother in law has a free swimming pool there. Or in other words, a boat is not necessarily just a "luxury item" (like a Porshe or a Rolex) but part of your lifestyle--like borrowing to live in the house in a comfortable neighborhood with good schools instead of renting a hovel in a trailer park.

For seasonal boaters, it may make perfect sense to stretch the cost of acquisition over 12 months level payments. And we all know you need a big wad after you buy the boat just to get it on the water the first time.

Retired or soon to retire people often save up for something like a boat, and it may be wiser, finacially, to take a low-interest short term loan to get it than yank too much out of the 401K or other investments that are working for them. If my retirement account is making 10% tax free and I can borrow at 4%, well, it's not that complicated.

So it may be correct to give advice on where to get loans and how different ones work, but it is not right to advise people you don't know anything about, not to get a loan at all.

x2 Although personally I don't like using HELOCs for anything but home improvement, I'd rather just take the loan on the boat and pay the 3-4%

 

[theBrownskull]

Re: Where to get a boat loan for a used boat? (Recommendations?)

I try to avoid using home equity but have used it in the past for a snowmobile. It was not a smart financial move but it sure was fast.. ha ha. I would check at a credit union. Local money from local folks.

 

[DaNinja]

Re: Where to get a boat loan for a used boat? (Recommendations?)

I do not finance toys anymore. I have done it in the past, but now realize the risk and cost is not worth doing it for things going down in value. Just JMHO..

When the engine on my SeaRay died, I took some comfort in the fact that it was paid for and I was not making payments on a disabled toy. Just my outlook. Good luck with the purchase.

 

[bruceb58]

Re: Where to get a boat loan for a used boat? (Recommendations?)

That is simply not true, for everyone. it may be true for you, and it may be a good general philosophy not to go into debt for a luxury item, but leveraging off a low-income HELOC, when you add in the tax deduction for the interest, can be good use of resources.

I totally disagree. There are thousands of people that thought their house was a piggy bank and mortgaged their houses to buy toys. For one thing you are now risking your house buying the toy and second you have just decreased the equity in your home to a point where you may not have been able to refinance when the interests rates dropped, costing you thousands of interest dollars.

There are thousands of homeowners that would have been able to refinance down to a lot lower interest rate loans if they had not bought that car/boat/jetski...

Or in other words, a boat is not necessarily just a "luxury item" (like a Porshe or a Rolex) but part of your lifestyle

You never borrow money to have a certain "lifestyle". You can either afford a lifestyle or you can't.

 

[25thmustang]

Re: Where to get a boat loan for a used boat? (Recommendations?)

I want to be the guy on this thread who made 300k in 8 months!!

 

[Campylobacter]

Re: Where to get a boat loan for a used boat? (Recommendations?)

Money Mutual
Payday loans
Western Sky
Speedy Lending
Peach tree Financial

Just sit down and watch the Maury show or Sprinniger for an hour. There are tonnes of people that want to lend you money and they can have it in your account as soon as tomorrow!

Check out the rates for Western Sky, the "good rates" are 89% APR, they go up to 342%!

Rates

 

[Campylobacter]

Re: Where to get a boat loan for a used boat? (Recommendations?)

You never borrow money to have a certain "lifestyle". You can either afford a lifestyle or you can't.

Every situation is different, so never say never.

7 years ago my wife and I had done a very good job to pay off our mortgage early. We had two kids, ages 8 and 11, and we decided our next big purchase would be a boat. We looked around and finally choose one we had to borrow money for. Best decision we ever made.

The boat is now paid off, but now we have a mortgage on a lake house!

 

[Home Cookin']

Re: Where to get a boat loan for a used boat? (Recommendations?)

People who say money can't buy happiness simply don't know where to shop.