Boat Loans

I have less than perfect credit and was wondering if anybody knew of a place that I can apply for a boat loan. Looking for a used boat around $8000 in Indiana.

go to your local credit union and discuss your credit with a loan officer.

hope this helps

2010-06-09 16:20:23 by blcross03

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I have a credit score of 645 and no negative items listed on my report and very little debt to income ratio. I'm needing to get approved for a boat loan and was denied by the lender. I was putting down a good sum of money in hope that would help me get approved. Does anyone have any ideas on where I can go to get this or loan or if there is something I can do?

You don't...lol Maybe with a good cosigner you can, but even with a good cosigner it's always best to get a "personal" loan from your bank or credit union. Personal loans are smaller, but easier to get.

2010-07-19 13:15:26 by Bryan S

was wondering a good place or best place to get a boat loan most likely used boat...Thanks

Cliff is absolutely right...

Your Bank or your credit union should be first and only... Don't go through the dealership.
Why? Because your boat dealer's "finance expert" is really nothing more then another sales person. It is his job to sell you anything and everything... from extended warranties, life insurance on the loan, disability insurance on the loan, and the loan itself... It is commonly known in the industry, that a dealership will make more money on "financing the boat" then they make on the boat.
Furthermore, about the only thing these "experts" are expert at - is hiding all the additional costs you will be paying... in the term and amount of your boat payments.

Happy & Safe Boating,
John

PS. I live on my boat full-time. Often, the local boat salesmen and "finance experts" will come around and spin a few yarns... While they are very like-able guys - they often will tell stories and laugh about how they just suckered some new first time boat buyer out of thousands... So beware...

2010-06-02 15:16:30 by jerry b

Price: $15.95

I live in annapolis and am new to boat loaning. I need advice on the best option for a loan of $10000.

If you are buying through a broker, they can steer you in the right direction. If you are buying from an individual, you'll have to get all the pertinent information together, as to value of the boat, etc., then go to either your bank or credit union and apply for a loan. If the boat has a street value of more than the $10K, you probably won't have a problem, if you have collateral.

2006-09-08 07:07:08 by peeps

The loan did not secure any collateral other than itself. I owe about 10,000 more than the boat is worth, but I have been unable to sell it in our current economy. I have tried for a year to sell the boat and now with my current job loss I cannot make the payments.

Try and make a deal with the bank to extend your payments over time. They would end up repossessing the boat and then trying to sell it themselves, and you could be thrown into involuntary bankruptsy if you cannot meet your other obligations. Not likely but possible.
.
That is a lot of work, and in this economy there is really no upside for them. If you have been a good payor, maybe they can work a deal with you were you can hold off until you get another job, or pay a small amount until you get a job....they want to make deals in this economy

2008-11-30 21:52:15 by Boating Brad