Like Tree0Likes

Loan after bankruptcy

Reply
Old 08-18-2012, 07:54 PM
  #1
Registered
Thread Starter
 
Join Date: Nov 2003
Location: Antioch, IL
My Boats: Donzi 26ZX
Posts: 470
Default Loan after bankruptcy

Is it possible to get financing after a Chapter 7 Bankruptcy?
RBeyer is offline  
Reply With Quote
Old 08-19-2012, 08:36 AM
  #2
Registered
 
Join Date: Jun 2012
Location: Erie, pa
My Boats: 98 scarab 29
Posts: 155
Default

Quote:
Originally Posted by RBeyer View Post
Is it possible to get financing after a Chapter 7 Bankruptcy?
Would depend on what ya wanna buy. A car loan yes immediately after you bk is over with. I don't know about boat loans however.
Adamcoover is offline  
Reply With Quote
Old 08-19-2012, 09:47 AM
  #3
Registered
 
Join Date: Jun 2005
Location: west palm beach FL,
My Boats: yamaha sx190,yamaha exciter, yamaha ls2000 w c 255dc , 38sonic,38fountain ec,35outlaw,28pantera,27donzi zx ect
Posts: 3,044
Default

for a boat you will need to wait a few year's and build your credit back up and have a large down payment unless you go with a shark

mike
mikebrls is offline  
Reply With Quote
Old 08-19-2012, 06:59 PM
  #4
Registered
 
Join Date: Jul 2008
Location: Lk. st. Clair MI
My Boats: 33 POWERPLAY
Posts: 4,498
Default

Quote:
Originally Posted by RBeyer View Post
Is it possible to get financing after a Chapter 7 Bankruptcy?
Absolutely, assuming a boat wasn't part of the BK. Join a credit union. Establish new credit. Might take a few years and you might pay a few points extra. Big banks and marine companies will not touch you with a 10' pole though.
POWERPLAY J is offline  
Reply With Quote
Old 08-20-2012, 12:43 AM
  #5
Charter Member # 55
Charter Member
 
Griff's Avatar
 
Join Date: Oct 2000
Location: Omaha
My Boats: ..........32........... Active Thunder
Posts: 15,501
Default

People with good credit are having a hard time finding financing.
Griff is offline  
Reply With Quote
Old 08-20-2012, 08:05 AM
  #6
Registered
 
Join Date: Jun 2011
Location: Thousand Islands area
My Boats: Fever
Posts: 2,288
Default

you have to finish first. Depending on what you wanted Im sure you could find it. I think you would have a hard time finding a bank to loan you 50k plus. Either way nobody big will touch you and I would prepare to have a nice interest rate of at least 10 or higher.

Not to be a dick but if you just got out of chapter 11, is buying a boat really in the cards?

Last edited by soldier4402; 08-21-2012 at 07:10 AM.
soldier4402 is offline  
Reply With Quote
Old 08-20-2012, 05:16 PM
  #7
CNC
Registered
 
CNC's Avatar
 
Join Date: Sep 2003
Location: Ludington, Mi.
My Boats: 31 AwesomeCat
Posts: 554
Default

Perfect for someone coming out of bankruptcy... check out the rates on the upper right
https://www.westernsky.com/
CNC is offline  
Reply With Quote
Old 08-20-2012, 06:14 PM
  #8
Registered
 
Join Date: May 2012
Location: KKK, DesPlaines & Illinois Rivers, IL
My Boats: Have Another Soon!
Posts: 128
Default

Pay back $62,453 for a $10,000 loan............Damn


WwW
WILDwhenWET is offline  
Reply With Quote
Old 08-20-2012, 06:16 PM
  #9
Registered
 
Join Date: Nov 2005
Location: North Barrington
My Boats: American Offshore
Posts: 571
Default

Talk about being scalped!
AO31 is offline  
Reply With Quote
Old 08-20-2012, 06:22 PM
  #10
Gold Member
Gold Member
 
Join Date: Jul 2008
Location: Delray Beach, FL
My Boats: Baja 342 Raylar HO 600's
Posts: 2,657
Default

You declared bankruptcy to get out of debt and get away from toxic assets.

Why the hell would you buy a depreciating asset aka a boat?


Keith Atlanta is offline  
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 07:37 PM.


Copyright 2011 OffShoreOnly. All rights reserved.