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Go Back   SailNet Community > General Interest > General Discussion (sailing related)
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  #1  
Old 08-04-2011
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Personal Loans?

DO any of you know of a good Bank to go thru that will allow like a 14k loan and able to streach it out for 10 years? this would be ideal... alot of these places suck leanding moneys..:
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Old 08-04-2011
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Nowadays, banks suck and money is tight.

1. Try smaller local banks or any credit unions.
2. Refinance your house
3. Get a home improvement load
4. Personal loan will need a collateral

If they agree, all can do 10 years.
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Old 08-04-2011
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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.
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Old 08-04-2011
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You will be more likely to pickup a few CCs to accomplish this. But the interest rates will kill you.
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Old 08-04-2011
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Every dollar the bank lends out, they had to borrow. Some in the form of deposits, which cost the interest plus the expense of their branches and staff, or just debt like the rest of us. Regardless of what you pay, they usually net a couple of percent spread between the loan rate and borrowing cost. Out of that they have to pay for their lending personnel and losses from those that don't pay them back. On a $14k loan, they would have a couple hundred dollars to cover those costs. Would you do it?
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Old 08-04-2011
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I know of places that can do 3 years...prosper.com
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Old 08-04-2011
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$14K for 10 years is $120 a month plus interest...with nothing as collateral? Why would anyone that is in business even think about that in todays economy. Your best options are your grandmother or someone that can define usary with broken knees as part of the missed payment plan. Good luck!
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Old 08-04-2011
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How about a home equity loan?
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Old 08-04-2011
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Why not just go and ask for a boat loan? We just did one through our credit union. 10 year term is standard for a boat loan and rates comparable with a car loan. The boat you buy will just have to be valued at what you are paying or more. My credit union checked it with NADA.
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Old 08-05-2011
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jetdrvr393 thanks yes i just checked with a bank it was huneington and they would do like a car loan no money down for 5 years, so i am gonna keep looking i know i can get 10 years, with banks the loan money everyday so the banks are not loosing money they want people to take out loans! I will find something thanks..
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"""Here's a toast to you on the coast and the sailors out at sea Drink your ales, hoist your sails Ride the windssssssssss and think of me,,,,,,,,,, 'cause Oh I wish I was there tonight"""
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