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Message
re: Question for you baws with boat loans.
Posted on 11/1/23 at 5:40 am to BabyTac
Posted on 11/1/23 at 5:40 am to BabyTac
quote:
If you need to take out a loan to buy a boat…then you don’t need a boat.
The "Ole Lady" would shite herself if she found out I spent $50,000 cash on a boat.
That $265.00 a month never gets noticed
0
Posted on 11/1/23 at 5:45 am to BabyTac
quote:
If you need to take out a loan to buy a boat…then you don’t need a boat.
Coming from someone that doesn't even own a boat, STFU .
Posted on 11/1/23 at 6:07 am to BabyTac
quote:
If you need to take out a loan to buy a boat…then you don’t need a boat.
Does anyone truly "need" a boat who does not earn a living with said boat or live on said boat for a legitimate reason? I haven't financed a boat in years because I am too cheap but there are worse things to blow money on. $100K Jeep SUVs and Ford pickups are a good example. A $70K truck that gets 12 MPG as a daily commuter? Pure insanity. 5000 square feet of house for 2 adults and 2 kids? WTF are people thinking? Buying a boat is a horrible idea across the board but when compared to ideas we accept as pretty normal buying a boat is not so idiotic as it first seems...
Lightstream is a Truist subsidiary and will make a loan on just about anything, all online. Pretty competitive rates for things that most banks and credit unions will not finance. If you have to go that route, otherwise credit unions are the best choice....
Posted on 11/1/23 at 6:20 am to AwgustaDawg
Thank you to everyone who actually gave me an answer.
Posted on 11/1/23 at 6:50 am to John_V
quote:
I'd go with Lightstream, they put the money in my account within 72 hours and the rates were better than my bank offered.
"iF u nEeD A loAn yOu dOn'T neEd a boAt"
You're right, only the 1% should be able to fish
Lightstream will finance just about anything and do so with competitive rates. Based on credit score alone and they do not give a tinkers damn about the item being financed, in my experience. Easiest process to put money in your checking account I ever experienced...about 15 minutes on line and a deposit in about 3 hours. Great way to by a classic car, piece of used equipment, or anything that traditional lenders balk at financing. They are also competitive on normal stuff like new cars and the like. They really shine though when it is something out of the ordinary...say an old boat in need of major repairs...they would not balk at financing it because they base their decision making on credit history and finances, not the value of the item being financed. The literall do not care what it is, if you are capable of paying them back that is all they care about.
Posted on 11/1/23 at 6:55 am to BabyTac
quote:
If you need to take out a loan to buy a boat…then you don’t need a boat
You have guys like this..... then there are guys like me thinking I could sell my house put my ol lady on Onlyfans, and live in a camper to possibly make that monthly Freeman note.
Posted on 11/1/23 at 6:57 am to CP3
quote:
Idk why people always say owning a boat is a financial mistake. We just sold ours for $50k more than we had in it.
If you do it right you can make money and not lose money by owning one.
All due respect but if you have the secret to "do it right you can make money and not lose money by owning one" in regards to boat ownership you could make a serious fortune consulting folks on how to do it right. I am by all accounts pretty astute in my own finances. Despite this I have owned at least one boat for the last 49 years, usually multiple boats. Own 3 as we speak. I have owned exactly one brand new boat in that time and I am pretty competent in maintenance and repairs...and the best I ever did with a boat was break about even. I ain't even sure manufacturers make much money as often as they change hands and go out of business. If you wrote a book on how to make money buying a boat 2 things would happen....initially the world would assume you were crazier than a shite house rat. The second thing would be either the world would be proven right or proven wrong at which point you become wealthy beyond imagination because every boat owner ever at least claims to have lost money selling their boats. If you have a viable way around that it is very valuable information....
Posted on 11/1/23 at 7:00 am to BabyTac
quote:
Yep, or buy something more affordable. Why do you feel entitled to have something you can’t afford?
So what, 99% of the people who are buying their homes with a mortgage are entitled because they did not have the cash to pay cash??? That is absurd beyond words.
Financing a boat is no worse an idea than buying a boat. Buying one is the bad idea, financing it is no worse than financing more vehicle than you need. Almost everyone does that also, look around at the number of F250s are running around with a 120 pound woman alone. Why anyone would tell another adult that their thinking about doing something is a sign of some sort of individual failing is strange...
Posted on 11/1/23 at 7:02 am to MarshMan
quote:
You have guys like this..... then there are guys like me thinking I could sell my house put my ol lady on Onlyfans, and live in a camper to possibly make that monthly Freeman note
Would not deign to speak for your wife but Freemans are awfully nice platforms
Posted on 11/1/23 at 7:05 am to BabyTac
quote:
If you need to take out a loan to buy a boat…then you don’t need a boat.
Does the same go for a home and vehicle?
Posted on 11/1/23 at 7:06 am to Tangineck
I've financed with bank of the west for every boat I have ever purchased.
Posted on 11/1/23 at 7:18 am to AwgustaDawg
quote:
AwgustaDawg
I mean I posted a build thread on here of the boat I’m talking about, you can easily search it. It just takes a combination of knowing what brands/hulls to buy, finding the right deal, knowing how to do your own work (not just maintenance), and a decent amount of luck with the used boat market lol.
Between me and buddy we have had 3 30ft+ center consoles in past 6 years, and made money on every single one
This post was edited on 11/1/23 at 7:20 am
Posted on 11/1/23 at 7:33 am to Homey the Clown
quote:
Does the same go for a home and vehicle?
Necessities vs luxuries
Posted on 11/1/23 at 7:34 am to Tangineck
I finance my boat with BMO. They bought out Bank of the West which was my original bank. The interest rate sucks. I think lightstream has a luxury loan for boats but the int. rate will probably be around 8% or higher. Show me a bank where interest is lower and ill show you a refi!
My cousin is selling his boat. He has a listing for it online.
My cousin is selling his boat. He has a listing for it online.
This post was edited on 11/1/23 at 7:41 am
Posted on 11/1/23 at 7:50 am to AwgustaDawg
quote:
Financing a boat is no worse an idea than buying a boat. Buying one is the bad idea, financing it is no worse than financing more vehicle than you need. Almost everyone does that also, look around at the number of F250s are running around with a 120 pound woman alone. Why anyone would tell another adult that their thinking about doing something is a sign of some sort of individual failing is strange...
So your rationale in making bad decisions is that “everyone else is going it”? Sounds like my 8 year old.
Posted on 11/1/23 at 8:22 am to geauxbrown
quote:
So only folks with 70K laying around should own a boat?
NO, some people think it's a good idea to borrow money at 10% or more. I am not one of them. LOLOL.
to each his own i guess.
Posted on 11/1/23 at 8:40 am to CP3
quote:
Between me and buddy we have had 3 30ft+ center consoles in past 6 years, and made money on every single one ?
I've owned and used my bay boat for 10 years and will easily sell it after this purchase of the Center Console for more than i paid in cash 10 years ago. All the "money experts" think the same rules apply in every single field, and that everyone except them is completely financially illiterate. They just attack like the twitter mob.
Posted on 11/1/23 at 8:51 am to WPBTiger
Financed a boat through Keesler 6 months ago. Fairly easy process.
Posted on 11/1/23 at 8:56 am to CP3
quote:
Idk why people always say owning a boat is a financial mistake. We just sold ours for $50k more than we had in it.
If you do it right you can make money and not lose money by owning one.
Absolutely. And how many man hours of upgrades did you have in it and how much money on maintenance. Boats aren't an appreciating asset outside of extremely rare occasions. This idea is foolish, and yes I know it can be done occasionally.
ETA: OP I went through Lightstream I'd check them out then call around and get rates from someone local to see if they can beat it. Lightstream is done at home, for cheap, and in under an hour.
This post was edited on 11/1/23 at 8:57 am
Posted on 11/1/23 at 9:00 am to Tangineck
I've used Lightstream 4 or 5 times over the last 10 years. Very efficient way to obtain unsecure loans. Great company. You do need excellent credit for them to take you as a client though.
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