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100% financing options

Old 05-19-2020, 09:26 AM
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Default 100% financing options

I realize its a long shot, but anybody aware of 100% value/loan financing and yes also out 15-20 years? wasn't planning on a purchase for a couple years so the boat account isn't there for the 15%-20% down option. looking at a 2008 formula 310 br under 60k-80k.
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Old 05-19-2020, 10:03 AM
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I dont know of any banks that will touch that anymore. Besides, you dont know it yet, but you dont want a 20 year old boat that you owe $40,000 on 10 years from now anyway.
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Old 05-19-2020, 10:23 AM
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A buddy managed to do this by having someone claim he made a large down payment that he didn't actually make. He financed 100% of a boat but ended up "over-paying" to make the logistics work. (still financed more than I believed the boat was worth)

This was in 2005. He's still upside down in that boat and to this day doesn't have the funds to cover the difference for what it would sell for....so he's still making payments on a $120K loan but the boat hasn't been in the water but once since 2012.



Another buddy who had to bring cash to his sale of a 13 yr old boat made this statement......you either put a large down payment down when you buy it....or a LARGER down payment down when you sell it. (he admits his plan was the larger down payment whenever he sold it)
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Old 05-19-2020, 08:57 PM
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Originally Posted by t500hps View Post
A buddy managed to do this by having someone claim he made a large down payment that he didn't actually make. He financed 100% of a boat but ended up "over-paying" to make the logistics work. (still financed more than I believed the boat was worth)

This was in 2005. He's still upside down in that boat and to this day doesn't have the funds to cover the difference for what it would sell for....so he's still making payments on a $120K loan but the boat hasn't been in the water but once since 2012.



Another buddy who had to bring cash to his sale of a 13 yr old boat made this statement......you either put a large down payment down when you buy it....or a LARGER down payment down when you sell it. (he admits his plan was the larger down payment whenever he sold it)
Guys lucky he's only down some money when he sells.
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Old 05-19-2020, 09:01 PM
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He also paid sales tax on the pretend value
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Old 05-20-2020, 09:04 AM
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Originally Posted by tmmii View Post
Guys lucky he's only down some money when he sells.
Originally Posted by Boomer35 View Post
He also paid sales tax on the pretend value
The OP asked how to do it......I didn't say either scenario was good! I though both my buddies were fools for getting that deep into a depreciating asset.
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Old 05-20-2020, 11:08 AM
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Originally Posted by t500hps View Post
The OP asked how to do it......I didn't say either scenario was good! I though both my buddies were fools for getting that deep into a depreciating asset.
Well said. Every time I start shopping my budget gets lower and lower. I don't want to have to retire at 75 yo! HAHA
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Old 05-20-2020, 11:24 AM
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The key would be to find a boat that is a great deal so it's only 70-80% of value anyway. Banks will look at LTV so a good structure of the deal on paper helps. But I still wouldn't pay 100% AND finance 100%.
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Old 05-20-2020, 08:29 PM
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Fyi.


I’ve had 5 boats in 10 years. Started small. Financed a small amount. Enjoyed for a while. Sold and had a bigger down payment for a bigger boat. Repeated a few times. Now I have a paid for 32 Fountain. Boats are expensive enough to run and maintain, no need to through away $46k on interest.

Last edited by jtbooten; 05-20-2020 at 08:36 PM.
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Old 05-20-2020, 08:45 PM
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Originally Posted by t500hps View Post
The OP asked how to do it......I didn't say either scenario was good! I though both my buddies were fools for getting that deep into a depreciating asset.
Yeah for sure. More importantly he’s lucky he never got busted for fraud.
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