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Who loans on old boats? Or Contenders?

Old 01-17-2019, 09:05 PM
  #41  
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Where can I get a boat loan without showing them my taxes for the last couple years? Everything I have is paid for and I have more money in my account than it would take to buy 5 of the boats I want but they'll never give me a loan without showing my income. I always say that I'm sure the last 20 loans you gave that the people didn't even have money in their account to pay for 20% of the loan but they can get a loan but I can't, they just say that is the requirements. I'm forced to pay cash for everything I have house, 2 cars, 2 trucks, 5 boats, trailers, tractors. It's ridiculous cause I want to get on the loan program like the rest of America. I could be making twice the money with all that extra money to invest. I could be sailing through life like everyone else on payments. Economy goes to shit, I file bankruptcy and still have boat loads of cash, that's the American way.
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Old 01-18-2019, 06:37 AM
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Originally Posted by PRO-BLU View Post
Where can I get a boat loan without showing them my taxes for the last couple years? Everything I have is paid for and I have more money in my account than it would take to buy 5 of the boats I want but they'll never give me a loan without showing my income. I always say that I'm sure the last 20 loans you gave that the people didn't even have money in their account to pay for 20% of the loan but they can get a loan but I can't, they just say that is the requirements. I'm forced to pay cash for everything I have house, 2 cars, 2 trucks, 5 boats, trailers, tractors. It's ridiculous cause I want to get on the loan program like the rest of America. I could be making twice the money with all that extra money to invest. I could be sailing through life like everyone else on payments. Economy goes to shit, I file bankruptcy and still have boat loads of cash, that's the American way.
More info please... how much of a loan are you looking to get? Do you have any income? Some lenders don't require it for smaller loan amounts, especially when its a small personal/uncollateralized loan. Your best bet would be to look at some of the lender's requirements and find one that does not require it.
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Old 01-18-2019, 06:46 AM
  #43  
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Originally Posted by tmd11111 View Post


If you have to stretch $35k out for 15 years boating might not be a good fit for you.
I agree that it is not the best idea financially. However I will say that you cannot put a price tag on time spent with your family out there on the water. I'm pushing 40 and I still have memories of fishing with my parents ingrained in my brain from 35 years ago.

Also who knows how much longer you will be here? Life is really short.
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Old 01-18-2019, 06:50 AM
  #44  
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Originally Posted by tmd11111 View Post


If you have to stretch $35k out for 15 years boating might not be a good fit for you.
Why do people assume I will use all 15 years to pay off said loan? I plan on 5-7 years max with a min 50% deposit. I save half a point this way and there is no penalty for prepayment applied to principle. Am I missing something? I just wanted to know if excellent credit can get me lower than 5.25% on a personal or boat loan. Any help would be appreciated. PS I hope I have not derailed the OP's thread not my intention.
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Last edited by jgatorman; 01-18-2019 at 07:02 AM.
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Old 01-18-2019, 06:06 PM
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A home equity will be tax deductible and will be a better rate than a personal loan. How can you beat that! Just make sure you don’t max out the equity in your home so there is room in case you need a new roof! The key to an equity is to be diligent and pay it off in a reasonable amount of time. You don’t want to be making payments when the boat is worthless
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Old 01-18-2019, 07:00 PM
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Originally Posted by dcouture29 View Post
A home equity will be tax deductible and will be a better rate than a personal loan. How can you beat that! Just make sure you don’t max out the equity in your home so there is room in case you need a new roof! The key to an equity is to be diligent and pay it off in a reasonable amount of time. You don’t want to be making payments when the boat is worthless
Boat loans can be tax deductible too!
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Old 01-18-2019, 08:02 PM
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Originally Posted by ByrdmanFL View Post
To each their own, some people can manage their finances to use their equity without getting into trouble and use their home equity as an income source (not saying you cant manage your finances here, BTW). Obviously I would not recommend it for people that are covered up in debt and have a poor credit history.

There are people that are completely debt free, including their mortgage, and use the equity to purchase big ticket item and/or make money without issues, especially if their liquid assets are in another investment making money. It's not for you, I get it. But that doesn't make it necessarily a bad idea for everyone.



Individual plans may vary and allow it, but I have never seen a plan that allows you to borrow against your 401K for a boat.
With regard to the loan provisions of a Defined Contribuiton Plan, you are correct they will vary. If available, the IRS allows for either a personal loan or a mortgage loan...although the mortgage loan will require some demonstration of a purchase agreement, a personal loan requires neither collateral nor reason. The IRS will allow one to borrow up to half of their vested account balance, term on a personal loan can be up to 5 years, and up to 15 years on a mortgage loan.
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Old 01-19-2019, 05:34 AM
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Originally Posted by mystery View Post
Thats pretty good. I hear $100-150k+ is now up to 4.75% or so.
What amount did you ask them for - I used them last time and liked em but what’s USAA’s boat loan limit amount.

Thought they have boat loan lend amount limit of 100k on boats and won’t do homes over 500k which is my issue but I could be wrong I see they do “jumbo” loans now so I’ll have to investigate
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Old 01-19-2019, 05:46 AM
  #49  
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Originally Posted by ByrdmanFL View Post
if you have good credit, cash flow, and equity a HE Loan can go up to 15 years. Sometimes it will be set up as a 15 year am but reprice or balloon every 5-10 years, sometimes not and fixed for the full 15. Usually HELOC will be interest only min payment and usable for 10 years.

usually there are limitations for 401k withdrawls like primary home purchase, financial emergency, etc. For any other withdrawls, it is considered a distribution at normal tax rate +10%. Be careful with that option.
he said loan against 401K, not a withdrawal. Loaning from your own 401K does not have those limitations and is often a cheap alternative.
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Old 01-19-2019, 07:02 AM
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Originally Posted by neurb12 View Post


What amount did you ask them for - I used them last time and liked em but what’s USAA’s boat loan limit amount.

Thought they have boat loan lend amount limit of 100k on boats and won’t do homes over 500k which is my issue but I could be wrong I see they do “jumbo” loans now so I’ll have to investigate
I didnt use USAA

I've successfully used Yachtcloser and Boat Banker aka Sterling Associates

Trident and Newcoast stink
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Old 01-20-2019, 11:42 AM
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https://www.essexcredit.com/home/boat/rates/
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Old 01-20-2019, 01:10 PM
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Lightstream is a brand of Suntrust. They are very easy, minimal documentation, stated income simple application in my case. Somebody mentioned Lightstream loans are callable. Mine is not. It is fixed term, simple interest, no prepayment penalty. But.....i paid a premium for their quickness and simplicity. I am going to refi with a Heloc and cut the rate in half.
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Old 01-20-2019, 08:20 PM
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Vinny the nose
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Old 01-21-2019, 06:24 AM
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Try New Coast Financial and ask ft or Donna
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Old 01-21-2019, 06:45 AM
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Originally Posted by BLACKJACK 256 View Post
Try New Coast Financial and ask ft or Donna
I'd avoid Newcoast and Trident. I had a particularly bad experience with both. Newcoast ran my credit without permission, when I explicitly asked them not to, didnt even write my SSN on the application, nor sign the application. I submitted to them my financial situation to get an opinion as to whether they thought it was good and what to expect. They took my SSN from elsewhere and ran it. Their lenders are inflexible much like Trident's. I believe both use mostly banks. Go to Yacht Closer or Boat Banker as they have more flexible lenders, many CUs but my experience is only 150k+ loans, I dont know how they are for small loans though and whether its worth any of these company's time.
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Old 01-21-2019, 07:23 AM
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We used LightSteam last summer for our 21 yo Sea Ray.
Was very quick and painless, applied, didn't have to provide collateral, they just run on your credit score, and you're approved very quickly, I think we got our approval email within 2 hours, and then after completing the rest of the app had our money just a few hours after that.

Interest rate varies based on your credit score, our score is very good so our rates were fairly low.

I would not hesitate to use them again...and we may soon, as we're probably going to upgrade to a 37 possibly 40 within 3 years.
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Old 01-21-2019, 10:38 AM
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Originally Posted by YeOldeStonecat View Post
We used LightSteam last summer for our 21 yo Sea Ray.
Was very quick and painless, applied, didn't have to provide collateral, they just run on your credit score, and you're approved very quickly, I think we got our approval email within 2 hours, and then after completing the rest of the app had our money just a few hours after that.

Interest rate varies based on your credit score, our score is very good so our rates were fairly low.

I would not hesitate to use them again...and we may soon, as we're probably going to upgrade to a 37 possibly 40 within 3 years.
What rate? How much did you borrow? What terms (how many months)?

Data points are good!
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Old 01-23-2019, 04:01 AM
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Being Self employed has its wonders and problems.

I could not get a 2nd home loan without taping myself on taxes. But! I got a line of credit with great rate and no strings for about the same amount. Started 20k, doubled to 40k after a year. Asked to increase again and the left the 40k in place and added 100k. Where I couldn't borrow 150k on property I got 140k on a signature just by paying my bills on time.
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Old 01-23-2019, 04:31 AM
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Being Self employed has its wonders and problems.

I could not get a 2nd home loan without raping myself on taxes. But! I got a line of credit with great rate and no strings for about the same amount. Started 20k, doubled to 40k after a year. Asked to increase again and they left the 40k in place and added 100k. Where I couldn't borrow 150k on property I got 140k on a signature just by paying my bills on time.
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Old 01-23-2019, 08:33 AM
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Insight Credit Union. My boat is at 4.99

Best Rates on Savings & Auto Loans | Insight Credit Union
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