Please Help!!! Boat Loans with Not so great credit scores??

[JBlock2337_99]

I am an aspiring first time boat owner. I would have to agree with vettnman when I say that THT has tortured me even more to want a boat, not to mention that my wife is also on board (no pun intended, honestly).

The downside is my credit score is how most people would say not up to par. My question is does anyone know of any companies who lend towards a lower credit score, as well as a boat that is less than $20,000? Any help would be appreciated, as I am currently extremely interested in a boat listed on THT.

Thank you in advance for any help!!!!

[grouperkng]

I think you will have a hard time getting a loan for a toy with bad credit. GL tho

[Menzies]

Give Key Bank a call.

Failing that, in today's market. you should look for owner financed boats - but ALWAYS get a full survey,.

[Gmack]

I would suggest you find a small second hand boat to get your feet wet. One you can afford to pay cash. You can find 16-17' used boats for $5k +/-. Save for a year or so. That way if you don't like boating you don't loose much money selling it. Also you wouldn't have the headache of paying a note on something you don't use and have a hard time selling.

Gary

[jenkinsph]

Not to get to personal but my recomendation is to use the boating budget to clean up your credit first. Lots of us have
had problems in the past including myself. If you get a credit report and pay off what you owe and make sure all the
creditors report this, it is suprising how fast your credit score will improve. A year of clean reports will make a huge
difference in your score. IF you do this everything will improve for you. You can't beat the system, so step up to the
plate.


Sincerely,



Steve

[ghoti]

Gotta agree with Gmack and jenkinsph on this. Address the credit issue first. What's the root of the credit dings? Bad luck (say family medical bills that simply weren't covered by insurance), or questionable decision making (bought something on credit , perhaps on impulse that you really couldn't afford to sustain, like the coolest wheels, vacations in monte carlo or a house in so cal like folks I know too well. If its closer to the latter you might reconsider the boat on credit thing cause Its only gonna get worse when something breaks. I don't have any idea what you're looking for out of a boat (fishing, thrillseeking , or just peaceful cruising with you gal) but they can all be done on previously owned boats for a relative pittance compared to buying a new boat. Check craigslist.org if your near a city or the boattrader.comand look for a classic hull that satisfies your fancy and may hold its value a while, and save some pesos each week with plans to pay down debt while paying cash for boat. Some credit unions may have loan programs underwritten by your own savings which may help get a partial loan to start fixing the credit dings. Probably worth asking about... Good luck.

[JBlock2337_99]

I am going to have to agree with you guys (even though my inner boater doesn't want to). Thank you everyone for your responses.

[mymojo]

Good choice JBlock - you'd be surprised how much boats coast after the initial purchase. You may find that just using the boat while paying off the note puts you in deeper hock. Wait a bit and save while boning up on all the stuff you need or want in your first boat. After a year or so you'll be in a much better position mentally and fiscally to make the leap. In the meantime walk the docks and see if anyone needs a first mate every now and then.
Good luck!

[plugmeister]

Boat loans much harder to get than car loans. You'll probably have to clean up the credit first, and that may be the wisest course, anyway. I'm old, and just bought my first new boat. Good credit (wasn't always good) made it easy.

[thataway]

I have owned boats from 8 to 62 feet in lenght--some of the best times have been in small cheap boats. A plus is either building, rebuilding or doing mechanicals on a boat which needs some work--but is very restorable. I spent a lot of years in 12 to 16 foot boats, which were quite capable and also quite inexpensive to buy and maintain. So if you must have a boat--consider one you can pay cash for. If not, then cultivate friendships with those who own boats, and be a good crew member--and help pay some of their expenses.

[mbb]

I agree with all above. Unfortunately, boats are very expensive to maintain and use. Id say purchase is only 1/2 of the expense. Even fairly small ones. You will do yourself a big favor if you insure you are in good shape for the long-term before succumbing to the fever.