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Small Time

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Old 07-26-2009, 09:41 PM
  #1
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Location: Nashville, TN
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Should I buy a new truck, so I can sell my old truck(paid for), to buy a boat. A good lob in a bad economy is nothing to complain about, but when toys are cheap and your credit is great, it is frustrating not to have enough capitol to capitolize. I want enter the boat market, but borrowing is not easdy.
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Old 07-26-2009, 10:18 PM
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Depends on the boat you want and your truck's ability to tow it. What truck do you have? I would buy a boat it can tow rather than have two payments unless you can afford two payments.
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Old 07-27-2009, 08:56 AM
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It is an '02 tacoma, so it won't tow much. The boat I am looking at is too big for sure. The boat is a '97 and I am finding it hard to get anyone to lend on a boat this old. If I could get 9-10K for my truck, add my accesable capitol, I could pay cash for the boat. I could then make payments on a larger truck to tow it with. If I could borrow against the boat, I would dry store it at my local marina for a season or two, then buy a new truck.
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Old 07-27-2009, 09:10 AM
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Don't forget, buying a new truck, is going to raise your debt to income, that is what lenders look at, especially on performance boat loans. Putting a new truck on your credit, will bring down your chances on a boat loan.....
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