Boat Loan Help

[BSBRose21]

I need help with information on boat loan qualifications.  We are looking to finance part of our new boat - preferably $8000 down, 7000 loan for us to cushion ourselves.  I had perfect credit, but with six months of my boyfriend's layoff I had three lates reporting on my TU only. Last time I checked my score was 562.   It is not reported on any other credit reports which are perfect. 

What kind of qualifications will they be looking for?  Will they check all three? We are in Wisconsin.

[Watchmann]

A loan with boyfriend/girlfriend for a boat is the same as a car.........DON'T DO IT.  Do not cosign a loan or you will be sorry.  Other people will chime in I'm sure.

[Creditaddict]

I'm usually the last person to chime in about money, but if you couldn't keep your accounts current while he was unemployed, I would be more worried about having a much larger emergency fund than financing a new boat.

Now if you insist on the boat, what are your other scores, a 562 probably won't get you anything.

[BSBRose21]

1. Boyfriend - only a technical term.  We have been together almost six years, home loan together, joint checking account along with our own checking accounts. Basically, the couple that chooses toys over paying for a $10,000 wedding.

2.  After the unfortunate layoff, at 26 I learned a harsh reality.  Now we have seven months in cash saved "just in case" 

3. My other scores before paying off cc's (three which have limits of 300, 500, and 1000 - all maxed out, but able to pay off anytime) are roughly 650 and 630.  Boyfriends are all over 680 - don't know exact score. 

4. Boat will be paid off within one year, just want extra loan on credit report.

[Anonymous]

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@BSBRose21 wrote:

1. Boyfriend - only a technical term.  We have been together almost six years, home loan together, joint checking account along with our own checking accounts. Basically, the couple that chooses toys over paying for a $10,000 wedding.[ Partner or DOM partner clarifies better then BF, BF usually conjures someone you met a a bar a few weeks ago and who manages to shower regularly.]

2.  After the unfortunate layoff, at 26 I learned a harsh reality.  Now we have seven months in cash saved "just in case" [OK, do you have any long term or retirement money planned or put away?] 

3. My other scores before paying off cc's (three which have limits of 300, 500, and 1000 - all maxed out, but able to pay off anytime) are roughly 650 and 630.  Boyfriends are all over 680 - don't know exact score.  [Then PAY THEM, maxing them and keeping them maxed is not helping your FICO, and sure as heck is costing you interest.]

4. Boat will be paid off within one year, just want extra loan on credit report.

 

[marty56]

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@BSBRose21 wrote:

4. Boat will be paid off within one year, just want extra loan on credit report.

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IMHO a realy bad reason to buy anything and you have a mortgage already so another installment won't do anything to your FICO score except lower it.

Not to judge but it seems your are still in toy mode and boats can be a moneypit.

PIF the CCs like yesteday and keep saving money for your wedding, home and car repairs.

[Repo-ed]

Unless you have cash on hand to replace the prop with a stainless one the VERY FIRST time (after sea-trial) the boat hits the after (THEN A ROCK!) like I did, then I have to STONGLY suggest passing on this boat venture.

There are TWO great days of boat ownership.

1) The day you bought the boat

2) The day you sold the boat

Best of luck

[pizzadude]

BOAT ----> Bust Out Another Thousand.....

[StartingOver10]

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@BSBRose21 wrote:

....

3. My other scores before paying off cc's (three which have limits of 300, 500, and 1000 - all maxed out, but able to pay off anytime) are roughly 650 and 630.  Boyfriends are all over 680 - don't know exact score. 

4. Boat will be paid off within one year, just want extra loan on credit report.

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There is no valid reason to keep your cards maxed out. It shows you haven't learned how to use credit quite yet - or, worse yet, that you need to use the credit lines for everyday expenses.  This may or may not be true - it's just how it looks on your cr report when lenders are reviewing your credit.

I agree with the others, buying a boat is a really bad idea. Financing a boat purchase is an even worse idea. It will do nothing to help your credit as pointed out earlier.

If you really want a boat to play with, then pay cash for it so you don't trash your credit. Make sure you have a huge repair reserve set aside before you pay cash for the boat though - that way you can still have a little fun with it.

(BTW, everyone says they are going to "pay it off within one year" to justify financing a toy. It's the universal rationalization. The true test is not financing it in the first place.)

[Anonymous]

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@BSBRose21 wrote:

1. Boyfriend - only a technical term.  We have been together almost six years, home loan together, joint checking account along with our own checking accounts. Basically, the couple that chooses toys over paying for a $10,000 wedding.

2.  After the unfortunate layoff, at 26 I learned a harsh reality.  Now we have seven months in cash saved "just in case" 

3. My other scores before paying off cc's (three which have limits of 300, 500, and 1000 - all maxed out, but able to pay off anytime) are roughly 650 and 630.  Boyfriends are all over 680 - don't know exact score. 

4. Boat will be paid off within one year, just want extra loan on credit report.

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Just wanted to chime in to mention that my wife and I got married for about $500-$700 total, with a nice small ceremony for our family and friends.  Why is there this idea that you have two choices: huge extravagent and expensive wedding, or not get married?  If you want to be married, money shouldn't stop you.  Do it on the cheap.

Either way, I agree with the others here.  If you have a mortage, you have no need for another loan on your report.  It will lower your AAoA anyway.  Just pay for the boat in cash if you can afford it.  If you can't, save up until you can.  But first, use your excess money to pay down your credit cards, like yesterday.