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Go Back   SailNet Community > General Interest Forums > General Discussion (sailing related)
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  #11  
Old 08-05-2011
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If you can find any bank that will loan you that small of an amount, and give you a term longer than 5 years, I will be AMAZED!
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Old 08-05-2011
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It's doable, dunno about the 10 year part. I did a signature loan for 11k last year to help cover the startup costs in getting my boat.

Forget regular banks, try credit unions.
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Old 08-05-2011
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ok ill try a credit union to, but like i said it shouldnt be this big of a deal.. the banks want you to take loans out, someone will lend we something its just like buying a car well it should be like buying a car!
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Old 08-06-2011
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Unfortunately, a boat loan is not like a car loan to a bank or credit union. they manage the risk of who will fail to pay them back on a macro level. Small boat loans are delinquent long before car loans on average. People often need their car to get to work, so if they have to choose, they pay the car loan first.
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Old 08-06-2011
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The other problem they have with smaller loans and less expensive boats, is you can easily destroy the equity in the boat with neglect. In fact, get some core penetration and you remove all collateral value from a less expensive boat. The same damage on a large boat, may only be a small percentage of value.

Just trying to help with the understanding of why the market isn't overflowing with small boat loans. You'll find someone. Often local, who wants the rest of your business.
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Old 08-06-2011
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Quote:
Originally Posted by kd3pc View Post
A $14K loan over 10 years with nothing as security is likely not going to happen. The days of signature/personal loans are all but over. And the terms you require are a tad out of the ordinary for lenders that, quite honestly don't look for income beyond 6 months....they want theirs up front.

They don't suck at lending money....you just don't like their requirements.
kd3pc is correct. Banks are much more careful now. I can get a line of credit from my bank for that amount, but I'm doing a LOT of business with the bank and have had a long-term relationship with them. In short, they know I'm not going anywhere and am good for the money. Even so, a line of credit is expensive money unless it is tied to something of value. It may be that your prospective boat doesn't have the value associated with it to support the loan.

Again, the banks are very happy to loan money once they are assured they will be repaid or can take possession of a high value asset if you don't.
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