Same here. I don't deal with banks at all anymore. I use two different credit unions local to me and have been treated right on every loan I've ever made through either them. Less hassle and red tape to do business with them.

My bank was way lower on the interest then my credit union . Trust me I would have preferred to have used the credit union.

Paying cash is the best option. Save your money like your grandparents did and pay for it out of pocket. Forget a credit score. It's an entrapment system. They say you need a credit score, so borrow this money from me so later you can borrow more money to pay me. It's a system that is all in favor of the big corporations. Think of the money you'll save over a lifetime by never paying to get a higher credit score!!! I've heard it takes 100,000g's to get a 800 score or better, and for what....so you can borrow more money? F that! Sacrifice now to win later.

I realize this may be a shock to some of y'all but think about it and how the system works. It ain't made to help the blue collar worker. Break the system and let's get this country out of debt.

Before y'all ask, yes I own everything outright except my house. Nothing fancy about my vehicles boats or house but come tomorrow if they say I don't have a job, I'll be ok. Prioritize things in life first and if your taking loans on a boat then you have some messed up priorities.

.....Soap box over

I'll preface this by saying I have a degree in finance, I manage a consumer finance company, and my credit score is over 800. I'm not saying that to brag, I'm saying it so you know I have an understanding of this stuff.

If you want to finance a "toy" there is nothing major wrong with that. Personally, my boat was paid for with cash but my 2015 Harley Street Glide was and is financed at .99% APR. Where people mess up is financing 100% of the purchase price. When you do that you're automatically upside down on the asset and it's now a liability. I recommend putting AT LEAST 20% down.

Guys also mess up by financing these luxury items at, in my opinion, crazy high interest rates. A lot of these purchases are emotional and people get it in their head that they "deserve" a $20,000 mud boat or a 10,000 four wheeler and when someone approves them on the financing, they ask what the monthly payment is and roll with it. They never ask what the ACTUAL COST is. What's the interest rate? What's my amount financed? Total note? Are there any ancillary products added onto the loan such as credit life insurance or a&h insurance? So on and so forth.

I know there are lots of guys who say a credit score doesn't matter and you should just pay for everything with cash. Well that's all great... Until something pops up and you need to borrow money. By all means you should have some liquid savings that you can quickly access if need be. I would much rather have credit and never use it than need it and not have have it.

Just remember if you're gonna finance a boat or ANYTHING, make sure you know the complete terms of the loan, make sure you can afford the note, and pay the damn thing on time every month.

Good post and info Frank...

I auto draft just about everything. Set it and forget it lol. If I want to put a little extra on a payment I call the CU and they make it happen.

The bottom line here is there are several ways to go about it. If you're going to make a loan for ANYTHING, use your head and watch the fine print.

Financing depreciating assets is just bad business. What people don't take into consideration is risk. You don't see a risk factor in an amortization sheet.

And you can't finance hookers or blow. Both are bad investments

It's simple. get a mud motor. shoot ducks in the face.

I was able to get a dealer to write a letter indicating what the boat would sell for used on his lot, even though I was buying from an individual. Hope this helps.

White people historically aren't good pimps or dealers

It's simple. get a mud motor. shoot ducks in the face.

Well this thread took an interesting turn

Frank, you are not going to make "7-8%" on a money market account at a bank you dipshit.

Borrow money for your house/car, pay your payments on time, you will have a great fico score. Pay cash for everything else, don't get yourself cash flow poor.

This is a clip from the movie "Wall Street, Money Never Sleeps" i have never seen more truths said in a movie ever.

https://youtu.be/5eEAA37N_zw


Everyone wants you to borrow money, ever since I was 18 I was told to get a credit card so I can have good credit. In 10 years I obtained a wonderful credit score in the upper 700s but for what. Now I can borrow more money just to have to pay back....woohoo! (Sarcasm). To hell with that, nothing speaks better than waving Benjamin Franklins in front of people's face. Paying cash gets you better deals than a lower interest rate. Go to a used car lot (I don't buy brand new vehicles, depreciation is close to 100 dollars a week on a brand new car) and negotiate a deal with cash and see how much they'll do for you. People like seeing paper money, it's real they can touch it. Just that alone gets some to instantly drop the price. Others you have to persuade a little more.

Well I had a go devil sd and boat sold it I hated it it was slow had zero things I liked about it other than being reliable I said fuck the mudboat went and bought a 2013 weld built with a 70 ob tunnel hull hydrolic jack plate and sponsons so I'm running it till I save up some more $$$ to build a 12ft marsh boat with a dang 23 hp copperhead or something. And all the talk about money shit I got lucky to have the job I do went from 7 yrs in the army not making shit to a process operator with no schoolin and I'm a certified welder to fall back on so that's how I make that money

Well I had a go devil sd and boat sold it I hated it it was slow had zero things I liked about it other than being reliable I said fuck the mudboat went and bought a 2013 weld built with a 70 ob tunnel hull hydrolic jack plate and sponsons so I'm running it till I save up some more $$$ to build a 12ft marsh boat with a dang 23 hp copperhead or something. And all the talk about money shit I got lucky to have the job I do went from 7 yrs in the army not making shit to a process operator with no schoolin and I'm a certified welder to fall back on so that's how I make that money