Bad credit blues????
 

I have had boats for the past 30 years. Also had great credit. Last boat was a 28 Daytona . Because of a divorce it is forcing me into bankrucpcy. I know getting loans are hard enough with good credit. Does any one know based on say a 200,000 boat, how long do i have to rebuild my credit for and how much down i will need. Usually about every 2 to 3 years we would by a new boat. It kills me for my kids and my self who just love being on the water. Any advice would be greatly appreciated.

Been through a b/k and a divorce myself. $200k is really not reasonable! Unless you can prove you make 500k a year. If you do the b/k and divorce get 10% down and join a credit union for the loan. Most likely if you have liquidity you can get a loan 6mo out of final jugdement. You most likely will pay 9-10% interest on a loan under 75k to reestablish your credit and ability to pay back.

Been there/done that is alot of what you will hear. It's tough but you can survive.

Every situation is different...How long on job? How much income? Homeowner? Re-established credit? Any late payments since the BK? How much down? In general I would say its a minimum of 4 years but if the economy really picks up there may be other lenders jumping in and with 50% down might finance you (a $200k loan is NOT something most lenders want to take on with any type of derog in your past).
My recommendation is to buy something CASH which will get you out on the water. There are a ton of 10-15 yr old 25 foot boats which would still get you and your kids out on the water.. You dont have to miss out on the good times just because your boat tops out at 60 mph.

Best advice.

since credit is a lot tighter these days I think it will take a lot longer than it might have in the past before you can get a boat loan again. People with good credit and documented income are having a tough time getting loans these days.

What he said.

I had 50% down on the Cig a few yrs ago, Excellent credit and still had a hell of a time getting loan,
and Paid to much LOL

The best free advice I've heard in ages!

I can't believe someone is talking about filing bankruptcy and buying a 200k boat in the same thread:rolleyes:

My thoughts exactly. :lolhit:

You lived the $$ life to!!! Take it on the chin.... pay what is due....man up and move forward. 200k seriously, I divorced after 25 years in 06 and am just wrapping up paying for that former life/lifestyle... have in the meantime built my barn (cash) to store future boat, got my tow vehicle (2 yr loan on 2011 new with big cash down) to tow future boat and will again own that boat, but not the way we did it in former life.

Is this a thumping of chest, hell no, it's a challenge to pay off what was created, and enjoy the new life as well. Powerquest_baby has it right, great advice.