Special financing for those with shaky credit

[cmcpherson]

Re: Special financing for those with shaky credit

Lundman
No offense but it sounds like a pre-ordained question,like no matter the advice given you are bound and determined to purchase this boat,offered here is reasonable reasons why 1) buying a 5000 boat with a loan wont do much for your credit,if you can even FIND financing.2)-why pay all that interest when you will NEVER recoup the money on resale.3) -used and cheaper till you save the money for new seems the most logical & economical sound way to do this.So if you do get the loan & boat ..Good Luck Sir.

Agree completely! Obviously, his mind is made up to do this and common sense will not prevail! You can't teach and old dog new tricks!!!!!!!!!!!!!!!!!!

 

[Bondo]

Re: Special financing for those with shaky credit

Sorry,but any boat I end up with eventually HAS to be a Lund,...new or used! Won't accept anything but a Lund. If pre-owned,the motor can be either Evinrude,Johnson,or Mercury.

Again, I really question your priorities...

Agree completely! Obviously, his mind is made up to do this and common sense will not prevail!

Ayuh,.... You seems Very Adamant about this,....
Especially for a guy without a pot to pi$$ in.....

If you're truely a Fisherman,....
You'll get by with whatever Rowboat you can find, til you can manage to move up to the boat of your Dreams.......

 

[Lundman]

Re: Special financing for those with shaky credit

Ayuh,.... You seems Very Adamant about this,....
Especially for a guy without a pot to pi$$ in.....

If you're truely a Fisherman,....
You'll get by with whatever Rowboat you can find, til you can manage to move up to the boat of your Dreams.......

I do not have to take that verbal abuse,and it had better stop. I will not be told that I do not have a pot to,...well,...nevermind. I am looking at every option,...including pre-owned and paying w/ cash. Regardless of how it happens,I have got to restore my good name and credit somehow. Perhaps
some of you failed to notice that I mentioned that I already had two small
loans thru my credit union at work and have paid them both off. Having said that,I am already on the road to getting my good name and credit back.
As for brand loyalty,...once a Lund owner,always a Lund owner!

 

[ezmobee]

Re: Special financing for those with shaky credit

I understand brand loyalty....really I do. And I understand that Lund's are exceptionally good boats. However, we're talking about your basic row-boat style aluminum fishing boat. I would imagine these are pretty tough to mess up. Crestliner, Alumacraft, etc are probably all about the same.

 

[tmh]

Re: Special financing for those with shaky credit

I do not have to take that verbal abuse,and it had better stop. I will not be told that I do not have a pot to,..

I'm sure you DO have such a pot - likely took out a 5 year loan to buy it, but you DO have one! NEW, top of the line pissing pot I'm sure...... j/k

OK guys, these "financial advise" threads go nowhere. Leave the guy alone. He asked advise, got it, didn't like it and has every right to ignore it.

Lundman, you should buy a 2008 (2009 if they are out when your financing is done) Bryant 23' Open bow with a Volvo Penta DP drive ski tower, bimini, several sets of cobers and ALL the extras. Finance for 15-20 years - don't worry about how high the rate is, we are in "credit rebuild" mode here. Now, never mind that's that is the exact boat I want to buy used/repoed in 3-5 years.....that has nothing to do with my recommendation. i just think you'll like it. Please keep it indoors when not in use, wear no shoes on it and have the engine tuned each year. DON'T put a name on it, that's very bad luck! Please no fishing for the first 3-5 years either...because....uh....because new boats scare fish away.

AGAIN, all, stop lecturing this guy. Restoring credit by financing a $80k luxury bowrider will go a long way to restoring his good name!

 

[haskindm]

Re: Special financing for those with shaky credit

I have have/had ran into some
bumps in the road as far as finances are concrened.

And it looks like you are bound and determined to head back down the same road that got you in trouble in the first place. You ask for advice and when you get advice that you don't want to hear you call it abuse. You know, one definintion of insanity is repeating the same action over and over and expecting a different result.
I wish you all the luck in the world, but my opinion is you are again heading for trouble. I can certainly understand your desire to own a boat, we have all had "the fever", but if your not ready you are not ready. Sometimes the hardest thing in the world is telling the guy in the miror "no".

 

[cmcpherson]

Re: Special financing for those with shaky credit

I'm sure you DO have such a pot - likely took out a 5 year loan to buy it, but you DO have one! NEW, top of the line pissing pot I'm sure...... j/k

OK guys, these "financial advise" threads go nowhere. Leave the guy alone. He asked advise, got it, didn't like it and has every right to ignore it.

Lundman, you should buy a 2008 (2009 if they are out when your financing is done) Bryant 23' Open bow with a Volvo Penta DP drive ski tower, bimini, several sets of cobers and ALL the extras. Finance for 15-20 years - don't worry about how high the rate is, we are in "credit rebuild" mode here. Now, never mind that's that is the exact boat I want to buy used/repoed in 3-5 years.....that has nothing to do with my recommendation. i just think you'll like it. Please keep it indoors when not in use, wear no shoes on it and have the engine tuned each year. DON'T put a name on it, that's very bad luck! Please no fishing for the first 3-5 years either...because....uh....because new boats scare fish away.

AGAIN, all, stop lecturing this guy. Restoring credit by financing a $80k luxury bowrider will go a long way to restoring his good name!

And never mind that this is the logic that got him to where he is today!!

 

[tmh]

Re: Special financing for those with shaky credit

And never mind that this is the logic that got him to where he is today!!

uh....yeah. I'm thinking maybe someone missed my point completely. Unfortunately, I can't explain it or it will somehow lose it's desired effect.

 

[alamosaddles]

Re: Special financing for those with shaky credit

You may get a personal loan for 5k, with which you can buy whatever you want, but you can pretty much forget about finding a luxury item lender who will give you a loan for a measly 5k. In their eyes, if you can't pay for the 5k up front, then how the hell can you be expected to make timely responsible payments for such a small loan.

Go buy an inflatable pool raft and a plastic oar, will be cheaper and you won't be heartbroken when the repo man comes knocking.

 

[cmcpherson]

Re: Special financing for those with shaky credit

You may get a personal loan for 5k, with which you can buy whatever you want, but you can pretty much forget about finding a luxury item lender who will give you a loan for a measly 5k. In their eyes, if you can't pay for the 5k up front, then how the hell can you be expected to make timely responsible payments for such a small loan.

Go buy an inflatable pool raft and a plastic oar, will be cheaper and you won't be heartbroken when the repo man comes knocking.

Lots of sarcasm around here, I thought I was bad... Usually the moderators here are pretty tight when it comes to these types of comments, but in this case one has joined in. I think that this guys posts are so lacking in any sense that it is open game on him. You also have to question the advice that people are giving him on how to accomplish this, no wonder we have such a credit problem in this country! And just for the record, I carry plenty of debt where it makes sense. I don't currently have a loan on my boat, but I would if I could borrow money on a boat for less than what I can make on my investments. How anyone with a credit PROBLEM could think this is the right way to rebuild that credit is absolutely beyond comprehension and then to say "I do not have to take that verbal abuse,and it had better stop." Or what? You put this out there for everyone to see and now you can't take it, tough cookies. Jeez, the nerve of some people!

 

[bhammer]

Re: Special financing for those with shaky credit

I took a loan for 99% the value on my boat. Made it as long as a possible term as I could get. I think for 20 years.

For those that say you should only ever pay cash, easy with the blind statments... Those generally come from fols who have been in trouble with credit or can't manage it. The fact of the matter is that you can use it to your advantge.

I get their (the bank) money at 4.8% rate. I don't have a single investment that gets less then 8% annual return. I very easily could have paid cash, but then I would have been taking away roughly a 3.2% gain by doing this.

I financed the majority of my house as well. I think I was up to around 98% LTV ratio, so that I could keep my money and it was mking more than it was costing me.

There are right times to use credit and wrong times....

But, the OP sounds like he isn't in the investment mindset, so a loan won't do any good.

 

[tmh]

Re: Special financing for those with shaky credit

I don't have a single investment that gets less then 8% annual return.

That's interesting - can't think of a single asset class other than commodities that is up 8% the past year. I need a new financial adviser. I'm firing myself!

btw, homes purchased at 99% LTV are almost ALL under water now that values are down. Hope you never plan to move.......

 

[Expidia]

Re: Special financing for those with shaky credit

This is a great thread. . . .

First guy wants to buy a top of the line boat with no credit and then gets insulted when another poster tells it like it is and says "you don't have a pot to p*ss in",

Then the original poster comes back with "that's verbal abuse" hahahahaha

Then another guy says he gets 8% on all of his investments hahahahaha

Someone should turn this thread into a sitcom

What you want to do here is first borrow the 5k from a relative, buy the Lund and then go to the bank and apply for loan on a 2009 BMW SUV to tow it with.

This way the bank won't think you are going to use the loan for a luxury item like a new boat

 

[bhammer]

Re: Special financing for those with shaky credit

That's interesting - can't think of a single asset class other than commodities that is up 8% the past year. I need a new financial adviser. I'm firing myself!

btw, homes purchased at 99% LTV are almost ALL under water now that values are down. Hope you never plan to move.......

Okay, let me add average on the end of that as I I do have some investments that are down and others, not as many, are up. There is more than one way to skin a cat and make money on up and down markets and I never said I was 100% vested in the good ole USA markets.

For an example of my main point, I bought a bunch of gold in March 01 and it hasn't done that bad. If I took the 20K and bought a boat instead of gold how much do you think the boat would have technically cost me, seeing as how I paid mid $300 and it is running about $880 now. I wish I would have bought more than I did... Now the question is, when do I sell the gold as I missed the high of over $1000

I agree that in many areas, homes have taken a dive. I have been fortunate enough that our values in this area (Dallas Fort Worth) were never over infalted and haven't take much of a hit. I am not upside down and have roughly 20% equity, based on today's market value. But yes, we are in the home for probably another 10 / 15 years.

 

[bhammer]

Re: Special financing for those with shaky credit

This is a great thread. . . .
Then another guy says he gets 8% on all of his investments hahahahaha

Laugh all you want.. I wasn't specifically clear and I do wish all my investments were up 8%, but on an average, all investment tools combined make or break 8% per year, except one year at 5.85% and they have done so since I started 15 years ago soon out if high school. I learned quick from professional investors that you have to play in many areas and not just a couple. Some years have been much better than others. Sorry I was not as clear as I could have been.

 

[Lundman]

Re: Special financing for those with shaky credit

Okay guys,...then you might want to read my new thread titled "Plan B in action". Believe it or not,...I have NOT at all ignored your advice,...just wish
you could have been a bit nicer about it. I have decided to go used and just save a bit of cash for an older used outfit. Why in heck would anybody want to try and rebuild credit on a $5,000 boat/motor/trailer package when you could probably pay cash for it? My thinking was that if you did not have ALL
the cash for it,maybe take what cash you did have,if any,and put a down
payment on it and just get maybe a two or even three year loan and have it paid off in a much shorter amount of time. I should have made mention of that in the beginning but failed to do so. Guys,...my apologies for failing to point that out from the beginning. But now it won't really matter,...as "Plan B"
is going to be put in action. Read the thread about it and I believe you will see that I have come to my senses and we can all agree that "used" is the way to go on small boat packages,...and pay cash for the darn thing. I am not in any hurry to do this as a buddy of mine on a fishing website I belong to
has suggested I take my time and not get in a big hurry. And he was far nicer
with his advice,too.