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#12305817 - 06/22/17 03:51 AM buying a boat
cbeathard Offline
Outdoorsman

Registered: 04/29/17
Posts: 41
Loc: Denton Tx
So, I've been trying to buy a boat, kayaking is starting to get laborious lol.
anyways I'm 21 and haven't established enough credit yet to actually get a loan at the moment but what I don't understand is how people I went to high-school with take 30-40 thousand dollar loans for school but I haven't been able to get 8k for a boat?
Does anyone have any tips, or options I can do to get into something with a motor.

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#12305830 - 06/22/17 05:34 AM Re: buying a boat [Re: cbeathard]
Clark3 Offline
Extreme Angler

Registered: 01/22/12
Posts: 1001
Loc: Haslet, TX
Banks have to follow laws and regulations. They have different tiers with regards to things people finance.

Things like cars, homes, education, Ect are considered more of necessities and they can loan to people with lower credit, low history, Ect.

Things like boats, atv's, Motorcycles are considered non essential pleasure toys and they are much more regulated what a bank can do, on top of banks can be much more selective
_________________________

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#12305832 - 06/22/17 05:39 AM Re: buying a boat [Re: cbeathard]
GIG'EM AGGIES Online   content
TFF Team Angler

Registered: 05/14/14
Posts: 3728
Loc: texas
I think financial institutions believe education is more important than a boat, just a guess on my part. Best advice I can give is start saving and pay cash and you might also apply for a credit card to start establishing your credit.
_________________________
I am a Senager. (Senior teenager) I have everything that I wanted as a teenager, only 50 years later. I don’t have to go to school or work. I get an allowance every month. I don’t have a curfew I have a driver’s license,a car and I have a bass boat.


illegitimi non carborundum

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#12305837 - 06/22/17 05:58 AM Re: buying a boat [Re: cbeathard]
scruboak Offline
Extreme Angler

Registered: 03/11/03
Posts: 1292
Loc: Cisco,tx
save bro the student loans dont go away Pay cash.

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#12305840 - 06/22/17 06:00 AM Re: buying a boat [Re: cbeathard]
RedRanger Offline
burro desagradable

Registered: 08/20/03
Posts: 24037
Loc: Frisco, Texas
Probably cause they know they will get paid in the end.

I heard if you file bankrupt you can't get rid of your student loans, or at least is almost impossible.

While if you file bankruptcy with a boat then it is much easier.

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#12305844 - 06/22/17 06:08 AM Re: buying a boat [Re: RedRanger]
John175® Online   happy
Super Freak

Registered: 10/21/05
Posts: 68842
Loc: Realville
Originally Posted By: RedRanger
Probably cause they know they will get paid in the end.

I heard if you file bankrupt you can't get rid of your student loans, or at least is almost impossible.

While if you file bankruptcy with a boat then it is much easier.


The Federal government gives out the student loans to anyone with a pulse.

$1.4 trillion and rising...

https://studentloanhero.com/student-loan-debt-statistics/
_________________________
2, 3, 5, 7, 11, 13, 17, 19, 23, 29, 31, 37, 41, 43, 47, 53, 59, 61, 67, 71, 73, 79, 83, 89, 97

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#12305875 - 06/22/17 07:05 AM Re: buying a boat [Re: cbeathard]
361V Online   content
TFF Celebrity

Registered: 11/21/08
Posts: 5127
Loc: somervell county
Prolly not what you wanted to hear but ditto on the above sentiments. A. If you do not see the difference between investing in an education and investing in a boat your education is obviously not finished. B. At least show some intelligence in this area: save your money now for what you want later. Pay cash later or at least save for a sizable down payment. Good luck.
_________________________

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#12306138 - 06/22/17 09:52 AM Re: buying a boat [Re: cbeathard]
Okie Poke Online   happy
TFF Guru

Registered: 02/28/04
Posts: 18942
Loc: Flower Mound, TX
You're 21....don't ruin your life yet. No kid deserves to have a bass boat before turning 30, anyways...and remember, never, I mean never, buy a boat on credit. Pay cash or don't buy. Befriend some fishermen on here and use their stuff.
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#12306158 - 06/22/17 10:00 AM Re: buying a boat [Re: cbeathard]
ssmith Offline
TFF Team Angler

Registered: 11/22/07
Posts: 3460
Loc: scotland tx
in the real world financing an education is a lot more intelligent than financing a boat.

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#12306172 - 06/22/17 10:04 AM Re: buying a boat [Re: cbeathard]
Brad Hardt Offline
TFF Team Angler

Registered: 03/16/10
Posts: 4212
Loc: Paradise, TX
I agree with Okie , I saved for 9 years to buy my first boat , cash money is the only money
_________________________
A-RIGS , MAKING BAD FISHERMAN LOOK GOOD SINCE 2010

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#12306222 - 06/22/17 10:26 AM Re: buying a boat [Re: cbeathard]
CBoone Online   happy
Extreme Angler

Registered: 03/09/08
Posts: 2190
You're 21. Save up some money and start with something old and cheap and made of metal. Pay cash. If you don't like it - odds are if you bought it right you'll get your money out of it.

A boat is much more work (things that can go wrong that cost $$$)than your kayak will ever be.

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#12306245 - 06/22/17 10:34 AM Re: buying a boat [Re: Okie Poke]
Ken A. Offline
TFF Guru

Registered: 10/02/06
Posts: 10155
Loc: Trophy Club, TX
Originally Posted By: Okie Poke
You're 21....don't ruin your life yet.


Exactly!

Wait until you're at least 24 to ruin your life buying a Boat!! roflmao

I am not a good one to be giving advice on boat buying. I bought my first boat before I had a driver's license! It was a 15' Duck Hawk with a 55 Chrysler. I got it from my neighbor that was upgrading. He let me pay him out weekly. I was sacking groceries at Minyard Food store making $2.65 an hour!!

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#12306259 - 06/22/17 10:40 AM Re: buying a boat [Re: cbeathard]
ChuChu1 Online   content
TFF Team Angler

Registered: 03/08/10
Posts: 3415
Loc: Gonzales, Tx
Originally Posted By: cbeathard
So, I've been trying to buy a boat, kayaking is starting to get laborious lol.
anyways I'm 21 and haven't established enough credit yet to actually get a loan at the moment but what I don't understand is how people I went to high-school with take 30-40 thousand dollar loans for school but I haven't been able to get 8k for a boat?
Does anyone have any tips, or options I can do to get into something with a motor.



One answer....credit union.
_________________________
Snowflakes and entitled brats will be the doom of America!



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#12306287 - 06/22/17 10:48 AM Re: buying a boat [Re: cbeathard]
Fishinfellow Online   content
TFF Team Angler

Registered: 01/12/10
Posts: 3327
Loc: North Richland Hills, TX
My advice would be lower your standards for what you want. I remember when I was shopping for a boat when I was 19, wanting to finance 10 grand for something "presentable." Your main focus should be functionality. Save up a couple grand and pay for an older boat. Don't be afraid of an older boat (as long as you get it checked out, especially the transom!!)

I financed and then RE-financed (for more $) my first boat and it was a huge mistake.
_________________________
Thats my money fish

Kris Winhold

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#12306299 - 06/22/17 10:53 AM Re: buying a boat [Re: cbeathard]
Jiff7210 Online   content
Angler

Registered: 12/10/13
Posts: 255
Loc: Wichita Falls TX
I know you probably don't want to hear it but like a lot of others have said. Save up and pay cash.

I started with a 14' aluminum and fished out of it for a couple years, I sold that and bought an older 18' fiberglass. Now I have a 2003 21' boat that I love. I have just consistently upgraded a little over time.
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PB: 12.42

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