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Go Back   SailNet Community > Out There > Cruising & Liveaboard Forum
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  #11  
Old 07-21-2010
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if you are in school full time you might want to look at a noncertified student loan. im no banker, but it might be worth looking into
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  #12  
Old 07-21-2010
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Ok Ill check into that. im doing a good bit of research now since I have found a nice boat to live on with few mods it would be great. just an ac rig from a window unit and a small frig and id be set.
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Old 07-21-2010
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solman, when I was in school, I pulled in a fair amount of money via grants, assistantships, etc. Unfortunately, some of that income is not considered "income" - that is, it's not taxable, and probably doesn't count towards income for a credit rating. Especially since times and finances are tough.
A good consideration might be if the school has a credit union (faculty have to put their money someplace) that you can join, and then work a loan through them.
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Old 07-21-2010
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That is another good idea. i think I am going to try and get my brother to partner with me so that i can do it proving two incomes which should be plenty. Then ill try the other stuff.
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  #15  
Old 07-21-2010
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Well I put in a loan with pen air and told them the collateral would be the boat and gave them a few goo references so they are going to call me tomorrow, wish me luck.
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Old 07-22-2010
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Quote:
Originally Posted by bljones View Post
1. Why couldn't this guy get a loan from his own bank?
2. Why should i give him a loan when his own bank doesn't think he is a good risk?
3. What collateral has this guy got that will give me some security?
4. What's in it for me?


Unless you can successfully answer all of those questions and sell yourself as a viable solution to the seller's still-got-a-boat-for-sale problem, i fear you are still just walking the docks and dreaming, kid.
1, Because a bank isn't going to loan money on a 30 yr old boat.
2, Because you own the boat outright and would take 50% down with 25 payments of $200 per month.
3, The boat is the collateral and it will be insured for the purchase price. A lien place on the title until the note is PIF.
4, How about 6% interest for the next two years.

Sol, don't be discouraged. Make an offer. But if you're asking for terms don't expect a seller to take a hit on the price. In my case, I gave the seller 50% down and agreed to pay the other 50% off in 12 months. NO INTEREST.

You have nothing to lose by making an offer. Contrary to what I've read on here I've had several sellers offer to carry a note with at least 50% down. Depends on the financial position of the seller. Maybe the seller is tired of paying slips fees. Maybe the seller simply doesn't have the passion, time or money for the boat. Maybe $5000 now is better than $10,000 6 months from now...

I have a complete offer sheet I can forward you as well as a boat bill of sell to protect the interest of both buyer and seller.
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  #17  
Old 07-22-2010
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i agree.... when i bought my boat i offered them an option of 1)lowball cash bid or 2)pay the ask +10% over 6 months with the caveat that during that 6 months all slip fees/elec/trash were to be waived... they went with option 2. given the fact that my boat came out of receivership and needed quite a bit of work it ended up equating to me paying about 2/3 of the ask after fee waiver was takien into consideration..... as the marina yacht broker said...there are 10000 ways to do a deal....

good luck
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  #18  
Old 07-26-2010
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Well kids should hear something soon not sure what i need to do, I am getting a surveyor/guy who determines value to see what the boat is worth and go from there. Just an update.
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Old 07-29-2010
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Good news I got the loan not all of it but a good amount so now its talking to the dude and see what I can do.
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Old 08-02-2010
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Once you get this boat, we all want to see photos please! I for one am very excited for you. My family has been living aboard for about two years and has been having a blast. A a student there could be no better way to go!

Have fun and POST SOME PICS!!
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