No credit boat loan?

[bdog7198]

I agree with all of that. I'm just not sure that a used bass boat qualifies about being smart to acquire credit.

Would not be my first choice either, at that point in life though I was making payments to get a 300 dollar car did not have any extra money for a boat.

But as stated by someone else if the payments are made comfortably and on time it will achieve the purpose of building credit and provide means for some relaxing days on the water. Those days are worth their weight in gold.

[jt c]

Don't listen to people who say save up and pay cash for it you'll never go all the way through life and be able to pay cash for everything you want. You need credit for sure. I'm 22 and have had 2 truck loans and 3 boat loans since I was 18. I also have 2 credit cards which helped my credit score alot. I have financed all my toys with the same local bank and have never made a late payment and when I decided I wanted a new ranger last fall I still couldn't get financed for it even with a 700 score all due to boats are a luxury item and I didn't have enough credit history. I was fortunate enough to have a co signer to be able to purchase it. A co signer will probably be needed in your case and that's a great way to get started with credit as well

[Fish Boy]

Not a huge help on this topic, but you need to get a credit card immediately. Buy stuff with it and immediately pay it off, never maintain a balance for longer than 30days and you won't have to pay interest, but you can still build a credit score in the mid to low 700s. This is super important for many purchases you will soon be making (home/car/boat/etc). May take a year or two to develop a decent score, I'm not exactly sure how it is calculated. A good credit score will save you a ton of money by giving you access to significantly lower lending rates.

Don't go over 50% of your limit while building credit

[cart7]

Something doesn’t ring right here.
you say you can comfortably afford a boat payment on your income but the best you can do for a down payment is $1000?

Me thinks you need to put at least 1/2 down with a reserve set aside for potential repairs. A boat in that price range will be ripe to break down on you and the last thing you’d want is a broken boat you can’t afford to repair and having to make payments on it.

[bassworm1]

my Dad paid cash and saved up for everything his entire life they wanted to build a new house so he went to the bank and sure enough they denied a loan because he didnt have any credit. so they got a few credit cards and dad bought a new truck the first new car ever at a high interest rate he paid it off in less than a year but he had to do all that just to be able to get a loan for the house.take out multiple cards you a different one every month and pay it off this will show you make payments and also with multiple cards it shows you have a means to pay a payment .but im no where near a financial adviser a messed up early in life LOL

[Ziggy]

Take your $1000 into your local credit union, open a savings account. Next week, go into the same credit union and take out a personal loan for $1000 backed by the $1000 you just put in. Pay a few month's payments on it, on time. then go to the same credit union and ask them about a boat loan.

I know, I know, never borrow to buy a luxury item....that said, I bought my first bass boat with a credit card 0% interest offer in the early 2000's.

[Wackyjig]

You're going to need a cosigner to get a boat loan. Like has been said, it's considered a luxury item and they do not like to give money for luxury items. I'm 29 with a very,very high credit score and pretty extensive history and I still had trouble getting a loan with a 50% down payment. Granted you're not going to be buying a $70k boat but a luxury loan is a luxury loan.

Don't listen to all the pay cash guys. It's very hard to make it in this world now with 0 credit. Hell they run your credit to get a new cell phone now. Just be smart with it and you'll be fine. My general rule of thumb is to be able to pay 2x my monthly payments and still put a good chunk of each check back for savings & emergency. That way, I'm not worried about being able to make my payments each month, my savings & emergency fund is growing, and if something big happens I'm months ahead on payments and can miss several payments if needed.

[phoenix5252]

Take your $1000 into your local credit union, open a savings account. Next week, go into the same credit union and take out a personal loan for $1000 backed by the $1000 you just put in. Pay a few month's payments on it, on time. then go to the same credit union and ask them about a boat loan.

I know, I know, never borrow to buy a luxury item....that said, I bought my first bass boat with a credit card 0% interest offer in the early 2000's.

As he said but do not open savings account, get a secured credit card. That will build credit quicker. Definitely will need a co signer at this point, but nothing wrong about that at all. Got to start somewhere, we all have had to at some point.

[pitbully71]

With everyone here buying all these boats with cash, its amazing the CU's and Banks are in business at all....

[bluebullet96]

You have to build your credit. Like stated above get a small credit card with a low limit and pay it off monthly! I was blessed to have a good paying job since I was 18 and paid for my first few vehicles and fourwheelers and a few other pretty significant purchases cash. Fast fwd to my 23 birthday. Never financed a thing in my life. Walk in to Best Buy and can’t get a Best Buy card for a 650 dollar computer. It was embarrassing when the guy tells me that I wasn’t approved with a lil smirk on his face. He kind of pissed me off. So I took a wad of hundreds out paid for it cash and applied for a credit card the next day. All that being said, cash is for toys loans are for vehicles and houses. I would save the money put it in a CD and borrow against it at a very low interest rate. In the end you will have your money and your boat!

[haus9393]

Not a huge help on this topic, but you need to get a credit card immediately. Buy stuff with it and immediately pay it off, never maintain a balance for longer than 30days and you won't have to pay interest, but you can still build a credit score in the mid to low 700s. This is super important for many purchases you will soon be making (home/car/boat/etc). May take a year or two to develop a decent score, I'm not exactly sure how it is calculated. A good credit score will save you a ton of money by giving you access to significantly lower lending rates.

i actually built a mid 700s score in about 6 months once I got my first and only card. I bought a new truck after that 6 months. Then got my boat about 6 months after that. Find the right bank and a 10k loan is nothing to them. I was surprised to get a 60k loan with no co signer either.

[jdwo2212]

Hey! Careful what these guys are tellin ya! I started pushin boxes at UPS when i turned 18 and went to college... The only problem is... I never left! Hahaha. Honestly tho, this is all good advice. What decisions you make now will affect you for a long time. Save a bit more, get a cosigner, and watch your interest rates. All great info.

[terry5357]

Mike is a stand up guy and fished the Elites for a couple of years


I have been offering loans to my boat buying customers for over 3 years. Now I am excited to offer financing for any bass boat loans! I specialize in the older bass boats but I have also loaned on a couple 2015 rigs. Don't let a poor credit score scare you away from buying a boat. If you have a steady job and an established bank account, I can get it done.

I am licensed by the OCCC, I have my boat dealers license, and trailer dealers license. I use all industry standard forms. There are no prepayment penalties. I pull the payment direct from your bank account on an agreed date each month. I do not sell your loan paper off. I keep it, and I manage it. If you get in a bind and can no longer afford it, you bring the boat to me and I do a fair clearing of your equity on the boat when it sells, and there is no hit to your credit if handled this way.

I can work direct with you or I can work with any boat dealer, but I do not work with finance companies who work for fees and sell off the paper. I maintain a vested interest. For any loan, my typical fees are $150 for documents, and if I am wiring funds the cost to wire of $35. There are no hidden fees - all fees are disclosed.

If you are in the market for a bass boat, and need a loan, please give me a call! I can also help with your buying decision. I have a little experience with bass boats!

Thanks
Mike Kernan
214-679-5186

^^^ Great Guy to do business with. He requires 30% down though.

[idratherbeefishin]

You're still going to have to have some cash no matter how good your credit score. Recently check my credit score it was 744 just went through a Re-Power process in order to get the deal done had to put 10% down.

[Redneckgearhead]

Buying a boat on credit to build your credit is not going to look like a very good financial decision and I'm betting your banker is gonna pass on it. And for those that say you can't pay cash for everything in life should get out of the way of those that are doing it. You don't even need a credit score for a house if you find a bank that does its own underwriting and have 20% down.