looking at boat

[Lonster]

What the heck are you trying to say man???

1. The boat is for sale for $8,000.

2. The bank will only loan $6,000 on the boat.

3. His banker wants him to purchase a $2,000 CD from the bank THEN the bank will loan him $8,000 ($6,000 with the boat being collateral and $2,000 with his CD being the collateral).

So...if he has $2,000 to purchase a CD then he only needs to borrow $6,000 to begin with.

[BassnPhoenix920]

1. The boat is for sale for $8,000.

2. The bank will only loan $6,000 on the boat.

3. His banker wants him to purchase a $2,000 CD from the bank THEN the bank will loan him $8,000 ($6,000 with the boat being collateral and $2,000 with his CD being the collateral).

So...if he has $2,000 to purchase a CD then he only needs to borrow $6,000 to begin with.

Thanks for the translation...

[ssmithboats]

if the boat is in good shape an what you want come up with the other 2 k an get it done i wouldnt tell the guy that the bank will only loan 6k an thats what you will give in this market he will move on to the next buyer lots of cash buyers under 10 k.

[BeeNix]

NADAguides does not use a depreciation schedule to determine the value of used vehicles. We use auction data, retail data, asking price data, as well as macro- and micro- economic factors and judgment among other things in an attempt to depict the used vehicle market. This comes straight from NADA, they also update marine values every other month as opposed to monthly on vehicles.

[DAC244]

Maybe keep saving so you don’t have to finance the entire amount!

[Old Syko]

When it comes to luxury items like boats, bikes, etc. there is an excellent rule of thumb. If you can't pay don't play.

[Bassman Ia.]

Everyone says this. However, when I bought my first boat, I went to 4 different credit unions. None of them had anything that was close to what reclending could do. I highly recommend at least calling them before doing anything.

You went to 4 different credit unions? Sooo you are not a credit union member? The credit union I am a member, wouldn’t lend a person money unless they are members. Maybe the ones you checked with lend money, but won’t give the same rates as member receive.

[Jim1752]

Bought my bass cat 6yrs ago.price was 16500.test drove,checked lap lop on merc net.spread 13000. On the front deck in 100.s game over Jim sheetz

[cosmo6345]

You went to 4 different credit unions? Sooo you are not a credit union member? The credit union I am a member, wouldn’t lend a person money unless they are members. Maybe the ones you checked with lend money, but won’t give the same rates as member receive.

You are correct. I was not a member at the time and also younger. I offered to join but that didnt seem to work either. I love seeing that people have good luck with local credit unions. Right now I do most of my banking with a local bank that has 4 branches. They are great to deal with. When a decision needs made, they can just walk upstairs and ask the decision makers. It is not a credit union, however. I also have never tried to borrow money for a boat from them but have had outstanding experiences through two separate construction projects. I have to assume that this is close to the same experience of a good local credit union?

[Axkiker]

You went to 4 different credit unions? Sooo you are not a credit union member? The credit union I am a member, wouldn’t lend a person money unless they are members. Maybe the ones you checked with lend money, but won’t give the same rates as member receive.

Maybe im crazy but dont most credit unions not give a flip if you are a member or not. They run credit and determine if the loan is worth it or not. If so they offer a rate with the requirement that to get the loan you become a member.

At least that has been my experience.