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  1. #1
    Member ACBASSTEAM's Avatar
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    Sep 2015
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    No credit boat loan?

    Hey guys,

    Iím a senior this year in college and Iím ready to get my first boat. Iíve been blesse with parents that have allowed me to use their boat the past couple years to fish tournaments out of but itís become a hassle on them to allow me to take it every other weekend to fish. I make decent money for a college kid and payments wonít be an issue for me. The only problem is that I have no credit. Iím looking for a boat around the 8-9k range and Iíll have a little over 10% to put down on one. Does anyone know or have experience with getting a loan with no credit? Is there any lenders out there even that would lend to me? If anyone has any info or experience with this and would share it would be appreciated.

    Thanks in advance!
    Adrian College Bass Team
    1996 Nitro 170 TF 1996 125hp Mercury Mariner
    2 Lowrance HDS 5 Gen 2's
    Lowrance LSS-2 Structure Scan

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  3. Member
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    Apr 2018
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    Greenwood SC
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    #2
    Reclending. Give them a call.

  4. Member Steve Stephens's Avatar
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    Jun 2013
    Location
    Allen Texas
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    #3
    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

  5. Member
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    Jan 2015
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    Union, KY
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    #4
    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.
    2005 Ranger 520VX / 225 Mercury Optimax

  6. Member
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    Jul 2014
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    Fruitport, MI
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    #5
    Quote Originally Posted by Dh0ckey11 View Post
    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 agree. Get a college student credit card, which should be really easy to get, and set the maximum credit limit at $500. Use it to buy gas and pay it off every month. That will be a safe way to build up your credit score.

  7. Member
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    #6
    This is going to be an unpopular suggestion in the short-term but financially reward you for a lifetime. I think you should continue to work through the arrangement you have with your parents for this season. This off season get an extra job at UPS or Amazon and work as much as possible without compromising your school work. Save up the money you need to buy that boat next season. Going into debt at such a young age is putting you on the wrong side of compound interest. You are going to do what you are going to do but the harder path will be easier in the long run.

  8. Member bdog7198's Avatar
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    Maryland
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    #7
    Quote Originally Posted by FishinDad View Post
    This is going to be an unpopular suggestion in the short-term but financially reward you for a lifetime. I think you should continue to work through the arrangement you have with your parents for this season. This off season get an extra job at UPS or Amazon and work as much as possible without compromising your school work. Save up the money you need to buy that boat next season. Going into debt at such a young age is putting you on the wrong side of compound interest. You are going to do what you are going to do but the harder path will be easier in the long run.
    Going into debt at a young age does not sound like its a good thing, but its the only way to build credit also.

    The key is to be smart about what you get credit for.

    My credit score when I got my latest truck last August was 816, having a good score creates a lot of advantages.
    U3RvcCBjYWxsaW5nIG90aGVycyBzbm93Zmxha2VzIGlmIHlvdS BjYW5ub3Qgc3RvcCB3aGluaW5nIHlvdXJzZWxmIQ==

  9. Member 06 SB's Avatar
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    Feb 2012
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    Cobb County, GA
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    5,700
    #8
    Simple answer really. Go through Redlending or the above and have your parents cosign the loan. 8-12K is a good reasonable budget too.
    USN Retired
    2016 Basscat Cougar FTD

    Mercury 250 Pro XS

  10. Member
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    Apr 2018
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    Wisconsin
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    #9
    Quote Originally Posted by Dh0ckey11 View Post
    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 agree...throw boxes at UPS, deliver pizza, stay out of debt. It's the biggest anchor to acquiring wealth.

  11. Member
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    #10
    Stay out of debt, and start acquiring wealth.

  12. Member
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    St. Peter, Minnesota
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    #11
    IMO, follow the instructions from the previous post about getting a low limit credit card and paying it off EVERY month, this will help you build credit the fastest and safest if you are disciplined.
    Without getting preachy just speaking from my experience, I’d save up a few grand and buy a good boat with a decent motor with cash 2-3 grand (something aluminum)will get you there. Then fish, and enjoy being competitive without being in debt, it will be the best feeling. Continue to save your money and buy your next step boat, Maybe 10k... the nice thing is it will get you on the water and when you go to sell it to move up you’re not loosing anything. Your next 10 Years are going to be expensive, a boat loan going to limit your options.
    Just my 2 cents, I’m speaking from my experience... Best Ranger is a paid off ranger
    Good luck

  13. Member
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    #12
    Like stated get a credit card to get some credit built. Yes paying it off is the best way but circulating a low balance and making a large portion payment is a great help too. It shows your paying and willing to be responsible and not miss it. Maybe get your phone in your own name too. I bought my first nitro cash in college and it took 4 years before the bank gave me a loan on a new boat. But I dealt with my personal bank. Rec lending will probably help you even more. If you can put 20 percent down that really interests the banks into giving the loan. Besides... I’ve never seen anyone upset going 70 in a bass boat. But seriously get started by building credit and look to the future for possible expenses like gas, insurance, tackle, ect. Don’t strap yourself to where if it breaks down you can’t pay to fix it

  14. Member 1BADAIR's Avatar
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    Dec 2014
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    OXFORD MI
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    #13
    I was 20 when I bought my first boat. Even though I had already had two car loans they considered a boat a luxuary item and wouldn’t give me a loan because of not enough credit history. I had to have someone co-sign for me
    2011 Ranger z521/250HO

  15. Member
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    #14
    Quote Originally Posted by bdog7198 View Post
    Going into debt at a young age does not sound like its a good thing, but its the only way to build credit also.

    The key is to be smart about what you get credit for.

    My credit score when I got my latest truck last August was 816, having a good score creates a lot of advantages.
    I agree with all of that. I'm just not sure that a used bass boat qualifies about being smart to acquire credit.

  16. Member
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    #15
    Quote Originally Posted by db220 View Post
    I agree with all of that. I'm just not sure that a used bass boat qualifies about being smart to acquire credit.
    Im still in my 20s so my opinion is biased and I agree with not buying a boat to build credit as a lot of people don’t think it’s smart but at the same time it was my best decision. Make your payments and fish. Nothing’s more relaxing and enjoyable to me and it’s a hobby. If you know you’ll get your moneys worth out of it go for it. I can’t price enjoyment and fun. I know first hand life’s to short to miss out on things so if it’s what you want then I say buy it. But with that be responsible like I already said and know your limits. Don’t strap yourself down. It’s a balance and im sure you’ll find the right spot to fall into

  17. Member arjone01's Avatar
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    #16
    To those saying stay out of debt that is true and wise, but only once you’ve established a good credit history. Until then having no credit is as bad as having bad credit. Trust me from previous experience. At 25 I had no negative credit but also no positive credit. Because of this, I couldn’t get an offer for anything until I got a low limit credit card and started using it wisely by paying it off and setting a low spending limit. I was denied everything with no negative credit history. So ignore them, yes, IRRESPONSIBLE debt is bad but utilize only what you can afford to go into and pay it off! I did a similar situation for a Boat motor that was blown on my boat after I established credit with a $250 credit card limit. Constructive debt like you’re needing, and I needed, is just smart business in today’s society. Stick to your low budget and pay it off on time or ahead of time. You’ll thank yourself when your high school or college vehicle takes a dump and you can only get those high interest robbery loans comparable to those late night Indian casino gaming loans they offer up with 130% interest. Not really, but I couldn’t afford a vehicle with zero credit until I developed credit at age 30. I would’ve paid a ridiculous amount in interest and made a poorer business decision to buy ahead of time by not acquiring smart debt and positive credit. But that requires you to live within your means and finish one debt to the next if needed.

    What’s really funny is I posted a similar post about this about 8 years ago and the coaching of acquiring a low limit CC was brought up. Through that I loaned on 4K from he bank against my hull title. Now, my truck is almost paid off with a great interest loan and I was qualified for a better interest rate in my home loan from previous years looking. It will save you money. But only by being smart about it and never getting outside of your means.
    Last edited by arjone01; 06-12-2018 at 06:29 PM.

  18. Member
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    #17
    You only live once and you don't know when your time will be up. If you can comfortably afford it, go for it.

  19. Member
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    #18
    I would be looking toward a credit union my family may do business with. They are often priced reasonably and easy to do business with if they know you.

    I remember the time I bought a new inboard outboard and my father ran down to the credit union. I told him I wanted it on a 6 month term note so I could sell another boat. He signed my name to a new boat loan with 6 monthly payments. Put me about in the poor house.

  20. Member
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    #19
    Quote Originally Posted by Cheeseman View Post
    Stay out of debt, and start acquiring wealth.
    Wow I can't believe what I'm reading..... apparently we are doing it wrong L O L

  21. Member
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    Aug 2016
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    Smithville TN
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    #20
    there a lot of major issues with no credit......you pay cash all your life every week and when you want to rent a nice apt in houston TX............you cant do it because it is BASED ON CREDIT, you will need credit and you will pay for it,pecker heads on wall street gotta live too, just like you must have a smart phone in todays world, just be wise with it. as dave says he went to rent an apt and they turned him down because he had a zero credit score, but he could have bought the complex !

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