Boats
Make Money With Your Captain's License: How to Get a Job or Run a Business on a Boat
David Brown (Hardcover) International Marine/Ragged Mountain Press 2007-12-06
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$22.95
Answers
Where is the best place to get financing for a boat if you have had previous credit problems? I have a great job with great pay, i just had problems about 5 years ago.
You still need to work with your bank first....... anything other than that will charge interest rates that border on usury...
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my husband and I would like to purchase a boat in the next month. We have bad credit form past troubles but both have a very good income and are trying to repair our credit. Does anyone know of places that will finance?
Better to save up for the boat and pay cash for a used one. Then start putting gobs of money in savings. Do you own a house? If so, you don't need to worry about your credit score. You should NEVER borrow to buy a depreciating asset (cars, boats, computers). If you ever need a loan for a house, having lots of money in savings will look better than any credit score. All the credit score does is tell the banks how well you manage your money. A large bank balance does that better than your credit score.
BTW - have you had boats in the past? If not, you need to realize that they are giant holes in the water and will suck up every extra penny you have - that's what ours seems to do.
Price:
$15.95
$15.95
I'm thinking about buying a boatslip in a new area as an investment. Would I have to sign a mortgage style loan on it (10-30 years), or would it be like a personal loan where I'd have to pay it off in 60 months?
That sucks though. The point is to rent it to someone else who can make my payments for me similar to rental properties. A consumer loan, however, wouldn't work out because my payments would be sky high on a $55k boat slip with a 60-month note.
You can probably get a consumer loan for 5 years...if your credit is good and your income sound, you may be able to do it as unsecured.
Price:
$9.95
$9.95
i have excelent income and i found the boat i really want, nada on boat and trailer is 45k, i can buy it for 25k and i am willing to put 6k down. i got behind on some bills last year due to a back injury but my business is doing excellent now.
You got behind last year because you didn't have sufficient savings to get you over a rough spot. Now you have $6000. KEEP IT on hand. A self-employed person really needs to build up reserves and keep his taxes paid or he can get into a real problem.
A boat is something nice but certainly not a necessity. Wait until you can pay cash and still have some in reserves.
Highly unlikely for boats.
Buy Cheap
Boat Financing with Bad Credit Requires Cleanup Work, Research
A few years ago, it was much easier to win approval for a boat loan — lenders were eager to write boat loans, and new and used boat sales were steady. That changed, naturally, with the collapse of the credit markets.
These days, banks and other marine lenders want to see stellar credit scores before lending money on a boat, and boat loan approval success will depend much more upon your credit score and your overall financial track record than before.
In addition, those same lenders have tightened their criteria for acceptable boats on which to write loans, making boat financing for older boats much more difficult.
However, it's not impossible to obtain boat financing, even with questionable or bad credit. But it will require cleaning up your credit score as much as possible, and you'll likely need to speak to several lenders before you find one willing to consider the loan.
...News
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Knowing that other students were in the same boat, George, a junior fashion merchandising major at Philadelphia University, got an idea last year.KRTV Great Falls News - Jan 19, 2011
The plan also includes a non-motorized boat launch, a sand volleyball pit and a natural themed playground. The cost to implement what are being called and more »Mainebiz Daily - Jan 17, 2011
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Every private school in this area, with the possible exception of Florence Christian, is in the same boat. We've all got some debt. and more »
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