helpful hints for financing,,,anyone????

drbbqking · Post by **drbbqking** » Fri Aug 19, 2011 10:57 am

I am about $4,000 from getting a beauty of a f32 what is hurting me is the wife took off work about 2 summers ago to go to school for nursing she is working now but due to the fact that we got a bit behind on some of the bills (we r up to date now) I can't get a lone. I tryed the bank to get a credit card to get the money that way but no go and the boat is to old to get a boat loan and the minium was $7,000ish for a boat loan ......any ideas will be a big help I have every thing in order for the boat (slip and a place to keep her for the winter, bottom paint, ect.) just $4,000 short of cash goal

wowzer52 · Post by **wowzer52** » Fri Aug 19, 2011 11:13 am

Using "assets" as collateral can open some doors. Try different banks and credit unions. I have found that being honest about your job situation and the purchase details can also help. Using the title of the boat plus any assets (cars, tools, other toys, garage stuff) as collateral may be a help also. Sometimes the right bank will help you find a way.

ready123 · Post by **ready123** » Fri Aug 19, 2011 11:42 am

Were I in your situation I would avoid going into debt on a boat... save the money then buy it. Where is the money going to come from to service the debt and run the boat in the future??
My worry is: should things turn bad for you, you will be unlikely to sell the boat to pay off the debt.... so you will be having to find a way to pay the loan... if you had paid cash for it at least it would not be costing you anything while you deal with the unexpected.

I see too many boat owners these days not using their boats because they can't afford the running costs!!
Why add to your debt load in your existing position where the banks are saying your Income cannot justify the purchase? Are they in fact wrong?
If you can't save the $4,000 in four months then maybe you should delay this purchase, if you can I'm sure it will still be there in 4 months and maybe even cheaper as we head into the winter months.

Many great boat deals will still be there a year from now... the US recovery is going to be slow over the next 5 yrs... you have time, I would do it without a debt load, it really is pleasure money and REMEMBER you will not get your money back that you put into a boat. Yes you will get lots of pleasure. Are you prepared for that in your planning, that if things turn bad you will loose money on the deal

prowlersfish · Post by **prowlersfish** » Fri Aug 19, 2011 12:17 pm

Home credit line , boat lenders that deal in boats only , I would be care full on going in to debt , as Ready says , But I feel the economy will in prove in the next few years after a change in D.C. ( anymore comment then that goes to anther section )

Not sure what the price is your could offer 4K less

Perhaps a less expensive boat is in order ?

drbbqking · Post by **drbbqking** » Fri Aug 19, 2011 12:41 pm

10-4 on the D.C. thing and as far as loosing money on a boat been there and done that----once i must say I did come out to the plus side. things are going well on the finances now and I (if I get this boat )plan to give it to my son when I'm to old Oh and he's old enough!!!!!

RWS · Post by **RWS** » Fri Aug 19, 2011 4:53 pm

offer less for the boat.

Otherwise buy something you can afford.

Seriously investihate the real costs of operation and maintenance, not to mention, Insurance.

What will you do if one of the engines gors BOOM ?

There's nothing wrong with smaller.

(well not in ALL things!)

RWS

jimbo36 · Post by **jimbo36** » Fri Aug 19, 2011 5:28 pm

drbbqking, No lectures from me on what you should or should not do. Does the 4K represent the full purchase price or are you using some of your own $. Face it, all lenders are a little gun shy these days. Most have to justify loan decisions to a board of directors who have laid down some pretty stringent guidelines. Borrowing for a toy with no money in of your own is tough these days without a very high credit rating. If you have any cash maybe the seller will hold a small loan. It could be better than him paying storage fees, etc. If so, be sure to check for any liens on the boat and be sure to take title going in. Good luck to you. Jimbo36.

todd brinkerhoff · Post by **todd brinkerhoff** » Sat Aug 20, 2011 10:35 am

At the rate we are going now, I think we all will need sell or repower to modern engines that will accept the new "mandated" fuel. The costs to bring fuel from Canada will become too costly and impractical. Boating now-a-days is very costly and repairs are more prevalent. Interesting times.

larryeddington · Post by **larryeddington** » Sat Aug 20, 2011 11:12 am

It is very very helpful and cheaper if one can do his or her own repairs, of course that does not make jobs and it is usually slower.

I am guessing that most on this board grew up working on vehicles or some kind of machinery that has given them the skills to do their own repairs. Persons coming up over the past 10 to 15 years have seen the trend to a throwaway society. First appliances became throwaway and now vehicles are fast becoming no different and who knows where it will end, result no mechanical skill generation as a whole.

It seems that yachting would not go in that direction, (I could be wrong) however the people are losing the skills to fix it themselves, ergo the result is only the very wealthy can enjoy.

End of the day if you cannot do your own repairs most of the time an old boat is a money pit, regardless of how good the Trojans are.

RWS · Post by **RWS** » Sat Aug 20, 2011 12:27 pm

Larry is right.

Considering the age of our boats, they are all long in tooth and require constant attention.

Absent that care, they will go downhill very quickly.

I agree that most of us on this forum are do it yourselfers.

I have learned a great deal from this foryum and Boatered.

Doing it myself was and is the only means to own a boat like this.

Transferring my own automotive truck diesel experience made the jump possible. If I had to hire outthe work, I simply could not afford this hobby.

This is something that chases others away from ownership and continously thins out the herd.

RWS

drbbqking · Post by **drbbqking** » Sat Aug 20, 2011 12:31 pm

Money pit how true most of the repairs willbe done by me years of rebuilding old homes and working on glass boats lends a hand for the boat will be a home away from home for the dogs and fam to enjoy. With a yearly trip that will be it so if an engin does go caput no biggie and I have factored in the maintance and up keep and storage as well as factored in inflation and wondering if it should be barier coated some time down the road keep the tips comming