Boat Loan

[Uncleted]

I am at wits end for a boat loan. I tried two banks, and boat US. Turned down due to income ratio. Yet I have a 800 credit score and just paid off the boat I sold. I tried Essex. They said how much I could borrow but never returns my calls so as I have a guarantee I will have the loan. Any more suggestions?

[Capt Al]

My last boat loan was with Bank of the West.....

[Phillbo]

I use my HELOC...... Can't beat 2% interest and tax deductible as well.

[oldno7]

I may be odd man out, but I prefer not to borrow money for toys.

If you can afford a 4-600 loan payment, you can afford to save the same amount until you have the cash.

This works extremely well, especially when you have un expected expenses show up.

[ss3964spd]

I think everyone would prefer to pay cash for their toys but not everyone has 20k, 30k, 50k, 100K, or more liquid so that they can just stroke a personal check. And sometimes the interest earned on that sum of money is more than the interest charged for the loan. The fine points of the financials are a whole nother discussion though.

Uncleted, while a score of 800 is outstanding the lenders are definitely looking at income/debt ratios as well. They're also looking at your current assets - including cash reserves.

An option you may consider is a home equity line of credit - which of course works only if you have sufficient equity in your home. You could use the line to finance the entire boat or use it to fund a sizeable down payment, with a traditional loan making up the rest.