soldier4402

you sure getting a boat loan while still in college is smart, plus the money for upkeep, gas etc. Anyways im sure a boat like that cant be more than about 20, and if it was I wouldnt pay more than 20 for a boat like that. Either way if you put 50% down that leaves you with like 10k or less. Try a personal loan or even cash advance on a credit card. Credit cards are a bad idea but if your smart you can get 0% for a year and sometimes a lot of them only bump up to 7% or so. Even so if you pay on that credit card like a regular loan, say if you borrowed 10 and after a year had 7-8 left to even have 15% on 7 grand is not that bad.

Baja_342

Mine is through US Bank and yes, they would finance 90% of low NADA.. No trailer, no options.

pitmitch910

I see what you mean about getting a loan while in school, still undecided for sure tho. Just looking into something better, but im just doing some homework, i have 4 classes to take and i have a small student loan, less then 8k

soldier4402

I dont want to persuade you out of it, but after being your age and Im 29 now. I would try to leave college with the least debt possible, you still dont know your job situattion etc. Problem with a boat is going to be everything else not necessarily the loan. If I were in college if I found some 5k boat thats about it.

Just be careful, I made pretty good decisions but I am really seeing now the choices made when you are in your young 20's really will affect you for the rest of your life.

Pwraddr

Nice post!

ak89

Mitch,

I'm in a similar situation as you, but I have a bit more student loan debt. I graduated this year and have a well-paying job. I made a plan to make a move on a 27' Carrera by next summer, but like others said here it really takes patience. Putting as much down as possible is probably the best route and trying to get a loan from your parents is not a bad idea. I would say if you are confident in your career, go for it. A couple of people I know bought a new car when they graduated, which to me is basically the same thing as this.

-AK

soldier4402

Yeah good point if you have a job then go for it but if your still in school and dont have anything for sure on paper hold off. I bought a new truck when I graduated but I also was an Army officer and made 40-50k the first year along with 100% free health care and a lot of other perks which in the end was probably more like a 60-70k year job in the pvt sector, it also didnt hurt my wife was making another 30-35k her first year out as well. Although I would say a boat is probably a little more risk than a new car, as car is easier to sell or trade if needed. Also a car is practical tool, it gets you to work, grocery store etc, a boat can really do nothing practical.

pitmitch910

ha thanks for the imput, ive been lately just finding cheap deals and been flipping stuff for some extra $$$, but i picked up a Cheap Regal open bow today, and went the Key bank to ask about a smal loan, i have the cash to buy it outright but i need to establish some credit so i went that route, they told me that they will finance any year boat, they just base it on NADA Value, but they will not finance anything less then 5000, so i got an unsecured loan for the small price of the boat to pay on for awhile, while i fix it up and sell it for more money, lately ive been thinking alot about getting a bigger boat but ive decided to keep mine at least til after next season. maybe look for a newer truck, ive come to the realization that i need to calm down about stuff lol, i have a pretty *****in boat for being 22 and its paid for, i just picked up this other one to flip really quick. the info/opinions from this thread were super helpful tho. thanks everyone