Finance ins and outs

[jostalli]

I guess what I was looking for was something related to you being in marine financing or having relevant experience to validate your strong opinion. I'm not challenging you. It's just that this forum lacks current financing success stories.

[denverd0n]

I prefer not to get into a lot of personal details on a public forum, but I spent 5 years working for one of the United States largest banks. I worked in the division that handled credit cards, mortgage lending, and personal lending.

[VERTIGO]

denverd0n;
Thanks for the input, to be honest the USAA issue is really a none issue for me, it is not the first time they have said no or had a rate that was too high. Sometimes they are good and sometimes they are not, I was merely shocked at the amount more so because they did not even ask about the boat I wanted at all. Seemed to be more of a personal loan application that a boat loan.
I see your #'s for your argument but not sure they completely apply, I am sure they do for many banks however,is that not why you save up for a down payment 20%, must have a beacon over ...760, must have the boat hauled and inspected, carry the proper Insurance. When I spoke with Trident and a bit to Excel, both "sounded" pretty positive about the loan. I do not think I am all that concerned about getting the loan as I am about getting the right loan.
And yes as stated already, this is far from new, 2004-2006 Model. I do have other options as well, buy a 4 bed charter, and we may very well do that if the right one is available, I think you should be set on a boat and have done the research. Not walk down the dock with a sack of cash looking for the "one that you can pay cash for" I may have to work and save for another... 1-2 years, I don't know I am in the middle of it now so checking around and seeing what I need to do.
I thank everyone for their inputs, both encouragement and face slaps. This is a really great forum with a ton of information. I will continue to post on my situation as it develops as well.

[jostalli]

Originally Posted by denverd0n

I prefer not to get into a lot of personal details on a public forum, but I spent 5 years working for one of the United States largest banks. I worked in the division that handled credit cards, mortgage lending, and personal lending.

That's interesting as I spent 6 years in wholesale banking so we have similar experience.

I prefer to encourage more folks shop their scenarios because in the end the results will help the forum.

[deluxe68]

To the OP, I would think that if you have a contract with the renter the bank should consider that income in the equation. Good luck with your quest. Thanks for your service from a retired USAF E7.

[LakeSuperior]

Why get yourself in a position where you have no backup and you a strapped to the max? One glitch...motored seized and you are screwed. A 2004 boat will want new sails.

Have you estimated the cost per year of owning something like this? I wouldn't want to be this hung out because you end up doing everything on the cheap. Just my opinion.

[VERTIGO]

Delux, yes the rent is now considered income. Thank you for your service as well.

Lake: Motor seized, I have 2. I hear what you are saying but to me you have to ignore some of those voices in your head called reason or one would never have this lifestyle. I think shopping and making a good purchase and not just taking whatever is the cheapest. Cost of ownership: I have or at least as much as possible anyway, so many variables that it is almost impossible to do with any type of accuracy.
I lived on a 28' Morgan for 3 years, while not trying to compare a 440 with this boat, it really did not cost me a nickel. Fully understanding that if everything went to ****, and continued to do so it would not be a very good time. I do believe that I have the ability to maintain and fix with the emphasis on maintain a boat without it costing 50k a year. At retirement the wife and I will be on a fixed income of around 2k a month but the boat will be paid off and we have no debt and some savings.
Really do not think I am putting myself in a corner, have income, own a house, savings etc.. Wanting to buy it earlier than retirement is really my only "dilemma." The whole loan issue is more of a buy now thing and does not come into play when we shove off.
As for an update on the loan, one said yes and another said no. but it is just a prequal so it is really hard to get some lenders to run a prequal when you let them know you are still 6 months out and currently in Afghanistan.
We are stuck on a cat and will be full time liveaboards, when doing a search I find that you can buy in the 200K range and get a decent 380 Lagoon or Leopard but it just seems to be a bit small for our particular plans. With that it is still an option for us but it is not our first option.
Thanks for all the feedback.

[ikold]

Try Scott Loans in Fort Lauderdale

They seem to be better then most. Has been my experience though that the banks want to confirm that you don't need the loan. Then make the experience so painful that you don't want it. Only then do they approve the loan.