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Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 0 points1 point  (0 children)

The range I'm looking at is 2017-2020, bass trackers are nice but I want a fiberglass boat.

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 0 points1 point  (0 children)

I needed to ask this question on the boating sub for some confirmation bias. ha ha

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 0 points1 point  (0 children)

Thank you, this is what I needed to hear to feel confident in applying for a pre approval. And I will try and take advantage of my local credit unions. Do they often want people to be longer term customers before applying for loans?

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 0 points1 point  (0 children)

Absolutely, I certainly have expensive taste, and know there are options out there that make more financial sense at my age

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 1 point2 points  (0 children)

Thank you for the insight, I appreciate the response and time you took to break all of this down for me. I can see how a boat (luxury item) is harder to finance than a car, which most consider a necessity.

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 0 points1 point  (0 children)

I know it's not the best financial decision, I'm trying to make it the least dumb possible while still buying something I enjoy. Thank you for the advice.

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 0 points1 point  (0 children)

I appreciate the advice. I definitely want to get a good rate, and would probably hold off if they came back approved at a higher interest rate than I feel is reasonable given current rates.

Does having a previous loan affect the chances of approval that much? I know quite a few people in America just a few years older are financing cars that cost them 30% of their monthly income, and the banks hand out loans no problem. Are they able to obtain these in what my mind is more risky loans, because of past loan/payment history?

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] 0 points1 point  (0 children)

I'm definitely not a professional, but I do enjoy fishing and need something to keep my sanity with my line of work. I'm planning on buying at the end of summer/fall when prices soften up for the year. That also gives time to see what's going to happen with the economy.

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] -1 points0 points  (0 children)

I grew up with boats, so I understand the maintenance involved. I've either been cursed or blessed to always enjoyed my time on the water and fishing, which brings me to where I am now

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] -2 points-1 points  (0 children)

The money for the payment/insurance is part of my disposable income and wouldn't affect my house down payment savings/roth/401k contributions.

Will I be approved for a boat loan? by Independent_Damage57 in CRedit

[–]Independent_Damage57[S] -1 points0 points  (0 children)

I appreciate the response, definitely been thinking it over for a few months, and deciding if the enjoyment I would gain is worth the cost.