Financing question.
 

So I am set to go look at (and hopefully buy) a boat this weekend. Everything is set other than looking over the boat.

So I called my bank today..........I have well more than enough to buy the boat in full let me start with. However my credit is middle of the road at best from piss poor choices when I was in my early 20's (31 now) and I have been rebuilding it ever since.

So my thought was how about I take out a "small" loan on the boat help me establish more and better credit history. I will put down 75% of the boat and they loan the other 25%.

Well I guess cause of it's size (35') the bank wants a TON of surveys, coast guard checks, quotes, and what not done. It is all at my cost and time and she claims will usually take 2/3 weeks to complete. Is this the common with any boat loan beacuse of the size of the boat? I get the marine survey that's fine as well as an insurance quote too but all the rest and the amount of time just seems like a lot.

After talking to them I have kinda said screw it and just pay whole out of pocket but I thought it would be a good way for a bank to get some interest and me to build credit.

When I bought mine they just wanted it documented. Banks vary widley on prereqs for boat financing these days (if they even still lend). It could be a combination of the bank you're dealing with, your credit history, age/length of boat, etc. I agree with you and would say not to use a boat to rebuild your credit. Good in theory, but may just be a hassle to you in the long run.

You might need a survey to insure it anyways.....

I spoke with insurance already and it wasn't needed but if it was I have no problem there.

My issue lies with the coast guard check, an adjuster, an appraiser, FL title company, and 2-3 weeks worth of crap all at my cost. The amount of the loan isn't big at all.....hell the cost of what they want me to do is 1/3 of the loan amount. Just seems extreme for such a small loan.

a Lot different then auto that's for sure. Seems like I am buying a damn house with all the checks and surveys they want done.

I did have to get a survey for mine, but there was no CG check, Adjuster, Appraiser, etc....

Just pay cash and be done with it. Charge the gas on your credit card to re establish credit. Try to pay it off in full every month and the bank will steadily up your limit. Good luck with your new boat

Ya I called Newcoast Finance and talked to Joey.

He was great and explained a lot. I am just going to pay on full for the boat and as was said maybe get a gas card just for the boat and pay it off every month. No biggie.

Now can't wait to get the boat over here.

You could always try a credit union.

My current bank is a credit union and they werr the ones making me do all that B.S and wait all that time to get the loan cleared.

I am fine paying for it in full. Just thought it would good for a bank to earn interest and me to earn credit but not at that cost and time. Just paying in full now and I am cool with that.

Banks just don't want to lend for boats, so they will do stuff like this to make you go away. Sure there are exeptions but who you called was not one of them.