How can someone get a boat with low credit?

[cra97]

I have a buddy who wants to get a boat, not really looking at any particular make (although he prefers "Ranger's"), but his credit is not so hot. My suggestion to him, cause he has real good and steady income, was to look for someone who may be on hard times who might let him take over payments. The problem I thought about, after suggesting this, is that the company holding the loan would probably want to run his credit, so that probably won't work.
Anyone know of places that he might look, kind of like the used car lots that do "buy here pay here" deals, that I might suggest? I have not ever looked into this and thought maybe someone on here may have a suggestion, or experience, I could share with him. He has the option of saving up for it, which he may end up having to do anyway, but if you have any ideas please let me know. Thanks.

[Embrey]

buy a 3-4 thousand dollar boat out of pocket. fish out of that while saving to buy one better.

[artcarney_agr]

The loan depends a lot on the age of the boat. Many banks won't make a loan on an older boat, regardless of credit history. If he's looking at boats several years old, then he might as well forget it.

A lot of times the credit score isn't as big of a factor as it's made out to be - nowadways the debt to income ratio seems to be of much greater importance. If he's paying out more than he's taking in, the bank isn't going to touch that deal, which makes perfect sense.

[artcarney_agr]

buy a 3-4 thousand dollar boat out of pocket. fish out of that while saving to buy one better.

Exactly. An aluminum boat might also be what he needs to be looking at....it took several years for me to be able to move from an aluminum boat to a fiberglass one.

[newriver]

have a buddy who wants to get a boat, not really looking at any particular make (although he prefers "Ranger's"), but his credit is not so hot.

Nothing like champagne taste on a beer budget. Tell him to join the rest of the working class and save up for what you want.

[GeoFisher]

buy a 3-4 thousand dollar boat out of pocket. fish out of that while saving to buy one better.

Absolutely...........Those FOOLS out there that finance for 10 years and then whine when they are lopsided kill me.

I'm currently saving for my next one. I've been saving for 8 years, and have 4-5 more years to save. My current ride is PAID for......my next ride will be PAID FOR.

Later,

Geo

[Embrey]

Absolutely...........Those FOOLS out there that finance for 10 years and then whine when they are lopsided kill me.

I'm currently saving for my next one. I've been saving for 8 years, and have 4-5 more years to save. My current ride is PAID for......my next ride will be PAID FOR.

Later,

Geo

thing is though, i actually like my 3 thousand dollar boat and dont care to buy a new one...lol

[HURRICANEBOB]

Look your buddy dead in the eye, tell him you love him and you'd die for him, then tell him to wise up, start paying things on time, and save every extra nickle he has in to a savings account. Once he has gone without and saved, and can hit the bank with an asssurance of a 25% or better down payment, I'm sure they will listen.

Folks, bad credit is something a person has to take personnal responsibility for. A guy has to earn it, not expect it, not feel he deservers it, and not feel he's entitiled to it.

You either earn it by doing the right things, or you lose it by doing the wrong things. It's really just that simple.

We just got to stop feeling we are entitled, and put more emphasis on going without until we have earned it. Want does not equal need. Want does not equal earned.

[cra97]

I guess I should have been more specific on what he was TRYING to do. He IS looking at older, not ancient but not "newer", boats and was trying to do a "short-term" loan (meaning under 5 years) and NOT trying to spend more than $10K. He does have a down payment, if I am not mistaken he said, of something like $2,000 for it.

All this said, I would agree with almost everything stated in the responses here. He doesn't really have to get it NOW. He just asked me if there was anyway I knew of that he could. Personally, I wish I did not HAVE a boat right now as the deals you can get, wishing I knew back then when I bought what I know now I would go with a older model myself that is already set-up. I WILL pass along all the comments so far, and any future ones, as I intend to print them out and show them to him so he can see what others have to say. The idea of trying to get into a $3-4K boat is, in my opinion, a GREAT option. He wanted to have enough horsepower to not get "run over", but if he could find a 150hp in decent shape I think that's MORE THAN adequate to start off. Heck, if the economic climate changes he has less down side risk of spending that much on the boat and could always consider that as a "down payment in waiting" since he could sell the boat when he saves the rest of what he needs to get what he "wants". Thanks again for all the input.

[Gulpfan]

Absolutely...........Those FOOLS out there that finance for 10 years and then whine when they are lopsided kill me.

I'm currently saving for my next one. I've been saving for 8 years, and have 4-5 more years to save. My current ride is PAID for......my next ride will be PAID FOR.

Later,

Geo

Amen Brother if you cant pay for it you don't need it, Just like borrowing money to gamble on, in my opinion Tight Lines (Even from the Bank)

[Fishin is life]

BOAT= Break Out Another Thousand

When buying a used boat with no warranty he better make sure he has sufficient funds to KEEP the boat running....All the little stuff adds up quickly

[coombro]

BOAT= Break Out Another Thousand

When buying a used boat with no warranty he better make sure he has sufficient funds to KEEP the boat running....All the little stuff adds up quickly

A boat is a hole in the water you sink your money in.