How about: Buying a BOAT after bk?

[Intoodeep80]

Its been 1 year since Ive been discharged and Ive made giant strides...joined a credit union - have a savings/checking, CD, loan (to rebuild credit) with them. I also have had 3 credit cards since being discharged. My FICO score with Experian (who my CU uses) is 676.

Have bought stock for the first time in my life! (Ford).

Also, aside from working FT at my job of 13 years, I got called back to my PT job early 2009 and its busier than ever!! I just opened my own company too (selling synthetic oils). Life post-bk is better than I ever imagined!

What, in your opinion and in your experience(s), are the odds of getting approved for a boat loan ($20k for a 1998 Searay) at my Credit Union w/20% down and a newer SUV thats paid in full and owned outright by me (value $8k) as collateral?

[HHM]

Well, aside from actually paying $20K for such a boat, your odds are about as good as anyone else.

There are 2 great days in boat ownership, the day you buy it, and the day you sell it. You just emerged from BK, do you really want to saddle yourself with $20K in debt on a depreciating asset?

[Intoodeep80]

Well, aside from actually paying $20K for such a boat, your odds are about as good as anyone else.

There 2 great days in boat ownership, the day you buy it, and the day you sell it. You just emerged from BK, do you really want to saddle yourself with $20K in debt on a depreciating asset?

Well, to others with the same question, they denied me. Income was good, debt to income (DTI) was good, but it was too much of a risk and their reason for declining the loan was because I "hadnt re-established enough yet after my bk"... no big deal.

This would've been my 4th boat in my lifetime, and Im 30.

I disagree partly about what you said HHM... I was not happy both times I sold my boats Excited about upgrading, but at the time I didnt live on Lake St. Clair like I do now and couldnt keep more than one boat at the marina at one time (financially that is). Now I have my own marina in my front yard

Also, with no other payments - no car, no credit cards (they're paid off in full every month), I have disposable income, stock, a savings account and a roth IRA. Im in such a better spot now than I was pre-bk. Having a boat is a way of life for me - Ive boated my whole life.

So I revert to my plan B... a neighbor down the road is selling an 87 Sundancer 25' for $5000. A far cry from the nice 98 Sundancer 25' I was going to buy, but hey - I can pay cash for it, still have a decent boat, and finally get back on the water.

[BCA2009]

Well, to others with the same question, they denied me. Income was good, debt to income (DTI) was good, but it was too much of a risk and their reason for declining the loan was because I "hadnt re-established enough yet after my bk"... no big deal.

This would've been my 4th boat in my lifetime, and Im 30.

I disagree partly about what you said HHM... I was not happy both times I sold my boats Excited about upgrading, but at the time I didnt live on Lake St. Clair like I do now and couldnt keep more than one boat at the marina at one time (financially that is). Now I have my own marina in my front yard

Also, with no other payments - no car, no credit cards (they're paid off in full every month), I have disposable income, stock, a savings account and a roth IRA. Im in such a better spot now than I was pre-bk. Having a boat is a way of life for me - Ive boated my whole life.

So I revert to my plan B... a neighbor down the road is selling an 87 Sundancer 25' for $5000. A far cry from the nice 98 Sundancer 25' I was going to buy, but hey - I can pay cash for it, still have a decent boat, and finally get back on the water.

I think buying a cheap boat is the smart move. I gave up 2 boats in BK and can't imagine a summer without one, but the only way I will have another one is if I save up and pay cash for it. I don't plan on ever financing a depreciating asset again (including cars).

Expensive cars and boats are luxury items that we convinced ourselves that we needed/deserved. I now have a 13 year old jeep wrangler that is paid for. I am enjoying it more than the new Toyota Tundra 4x4 that I decided to give up in BK (along with the 500/month payment). I could have afforded to keep the truck, but after thinking about it long and hard, it is just a way to get back and forth to work. Why burden myself with high payments just to have a sherp looking vehicle.Now I have $500 more money every month.

Good luck with whatever you decide to do.

[StartingOver08]

BCA2009I don't plan on ever financing a depreciating asset again (including cars).

Yea +1 Then you can really enjoy your boat!

[Intoodeep80]

I think buying a cheap boat is the smart move. I gave up 2 boats in BK and can't imagine a summer without one, but the only way I will have another one is if I save up and pay cash for it. I don't plan on ever financing a depreciating asset again (including cars).

Expensive cars and boats are luxury items that we convinced ourselves that we needed/deserved. I now have a 13 year old jeep wrangler that is paid for. I am enjoying it more than the new Toyota Tundra 4x4 that I decided to give up in BK (along with the 500/month payment). I could have afforded to keep the truck, but after thinking about it long and hard, it is just a way to get back and forth to work. Why burden myself with high payments just to have a sherp looking vehicle.Now I have $500 more money every month.

Good luck with whatever you decide to do.

I totally hear you... my Envoy is paid in full, and I havent had any payments in over 2.5 years

But a $170/mo boat payment is no biggie... ALOT cheaper than some people who are financing cars right after bk.

Either way, I did just that... buying a 1987 Searay 250 today for $4000 cash!! I can keep it at my seawall (I live on fabulous Lake St. Clair ) so that saves $1500 in marina costs. Not to mention I can gas it up at my seawall ($1/per gallon cheaper than the marinas!). So its a win/win. Today is the sea-trial, wish me luck!

[BCA2009]

Good Luck!

I just gave up a 24' center console and a 36' Hatteras. I enjoyed them, but they were black holes that I continued to pour money down.

My next boat will be a pontoon boat. If I want to go fishing with friends on their boats, I can pay for all the fuel, ice, bait & beer every trip we take and I would come out cheaper than owning those boats.

[HHM]

Good Luck!

I just gave up a 24' center console and a 36' Hatteras. I enjoyed them, but they were black holes that I continued to pour money down.

My next boat will be a pontoon boat. If I want to go fishing with friends on their boats, I can pay for all the fuel, ice, bait & beer every trip we take and I would come out cheaper than owning those boats.

LOL, exactly...if you want a boat, just make friends with boat owners.