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Boat Financing

Old 08-21-2018, 03:47 PM
  #41  
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Advice I would give is don’t look for financial advice on THT. It will only be a matter of time until someone says “pay cash for everything, you’re stupid if you don’t”.

Based on my uneducated experience, it doesn’t seem like a bank would have too much of an issue with your numbers.

Personally I have a lot of debt on home, 2 cars, boat, mower, ect. My payments are comfortable and I have a one year emergency fund as well as too much insurance (short term disability, accident, aflac, etc). I am good with it and I really don’t care what anyone else thinks.

Do what makes you (and mama) happy.
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Old 08-21-2018, 04:02 PM
  #42  
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thanks for the quick reply. I dont think im asking too much on the financial end, just mainly looking for some reassurance to keep my hopes up for a purchase thats potentially 2+ years away.
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Old 08-21-2018, 06:30 PM
  #43  
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Originally Posted by Blueshoes View Post
Sorry for giving a breath to an old thread but i figure its better than starting the same old redundant one.

Short and sweet the wife and I are looking to buy our first home next march-june but i would like to be in the boat market sometime in 2020. We make a humble 80-90/yr with a current DTI of about 33% when you include our current rent.

With a credit score in the high 700s, maybe low 800s by then and anywhere from 15-25% down on a 50k, 15 year oldish boat, do yall think the odds of getting the other 35k or so financed are possible? We are in the Houston area by the way.

I have spent the majority of this year working and saving for our down payment on the house and have essentially given up on offshore fishing this year and its killing me. I really want to find a mid 2000s contender 23t in the future. I can do most of the maintenance myself and plan on storing the boat at our new home (wont purchase a house with an HOA that wont allow boats). We are almost 30 years old now.

Thoughts?
I would recommend 100% down plan. The biggest factor everyone leaves out their equation is risk. I personally would never finance a boat even tho I have the money in the bank to cover the loan.
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