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Bad
Credit Boat Loans
If you had bad credit issues in the past, buying a
boat is still possible. Every time you apply for financing from a lender,
they will be going into your credit score or history. I would recommend
that you take the time to investigate your own credit history. It is inexpensive
to check your credit rating with providers like Equifax and researching
your own credit before a lender does will help you to explain any questions
the financing institution may have. I was surprised when I checked my
credit rating and found problems I was completely unaware of. I had applied
for an America Express card and never received it. There was an outstanding
charge on my credit score from that payment. A simple mistake can make
your credit score look bad. Lending institutions do not like surprises.
They want you to be able to explain every issue on your credit report.
If you have a few late payments on your credit report, it will drop your
score. The biggest issue today is ignoring a lender. If they are trying
to talk to you regarding owing them money, talk to them! Explain where
you are at and why. Come to terms with them regardless of how little you
can pay them. Always talk to them. Any Judge will hammer you if you will
not communicate. Good Luck with your Boat purchase. I have provided information
on the benefits boating has been to our family
Buying your first Boat
If you are visiting this page, you must be looking for a boat of some
type. This is my favorite subject. The benefits to our family by having
a boat have been incredible. I’m listing them here to help you
with your decision:
-Our boat has been the center of our Family summer holidays for the
last 10 years.
- The kids love to come on summer holidays with us. They enjoy our boat
holidays more than going to Mexico. (The kids said this)
-When we are on the boat, the whole family is together. The kids have
no way to escape.
-Video games, Internet and T.V. will get wet for sure.
-The kids Wake board, tube and water ski all day long.
-It is great exercise for everyone.
-The best pictures and memories over the years have been on the boat.
-Sun tanning, listening to music, lounging, playing cards, eating, drinking
and visiting. That is what it is all about
-Bring friends and family to come and play.
That is what boating is all about for our family. Putting a value on
the boat is very difficult because it is hard to place a dollar amount
on family time. I listed all this for you guys out there to help you
sell this idea to your wives. You will never regret it. Having an extra
$50,000.00 in your bank account in 10 years compared to the family value
cannot be compared.
I’m not a boat salesmen, I am a family salesman.
I have a 21 foot Maxum with the 5.7 liter engine. I paid $30,000.00
for our boat at 7.5% for 15 years on an in-house loan. That is over
$60,000.00 when it is all paid off. We can pay it down anytime, but
have chosen to just let it run. That is, we have not had extra money
to buy it down. Make sure your vehicle can pull the boat you are looking
at purchasing. Take it for a tow before you buy it!
We live in Montana, so the amount of time we have on our boat is limited
by the weather. I looked into renting a boat at roughly $250.00-$400.00/day.
The problem I found with renting is not having the convenience of using
the boat whenever we wanted. We get out about 30 days/year or roughly
$9,000.00/year if we were renting.
My annual cost to operate a boat is $500.00 year for insurance, $4,200.00
in payments and about $1,000.00/year in upkeep. I budget $500.00/month
every year to keep this boat.
Gas is about $75.00/day to wakeboard all day long.
Now you have the basic facts about small craft ownership. If I have
not scared you off, let’s talk about financing
When you start looking at financing a boat, try to use your credit
line first. It should be your cheapest money. Put down as much cash
as you can. Next, try your bank for a low interest loan. Any new boat
will last you 10 years if you take care of it. The payment is smaller
if you stretch it out over time.
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