Just curious if anyone has financed a flatty. Have the cash for one, but am set on putting it in an investment. I would like finance around $15k to $18k, wondering if a credit union would finance this type of boat? Any input.
the age, if an older one will probably nix a loan, and insurance can be as tough as getting a cat insured, you may have to insure it like you would a "hot rod" car, maybe a declared set value, your premium would be based on that.......
You're not likely to get anyone to lend on this in a conventional fashion. If you have very good credit (+700+) you can do it with a credit card... Get a card with a $20k line and use one of their "superchecks". You have to really pay attention as lenders are getting smarter on fees for this stuff. Used to be you could get a bunch of $$ for a flat $75 fee. Now most want 3% of the $$ up front. Shop around. Usually you have to pay it off in a year or so, but interest rate is much better than a typical loan. Also, you have to be super disciplined about staying ahead of the payments and stuff... a screw up and you can find yourself paying 25%+ interest rates.
This may be a way to go if your very diligent about managing this type of play. I do it regularly in my small business and it's a much better deal than typical financing or a bank line of credit. Make a mistake though and it could get really expensive... Good luck.
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