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Boating Brad asked: "The loan did not secure any collateral other than itself. I owe about 10,000 more than the boat is worth, but I have been unable to sell it in our current economy. I have tried for a year to sell the boat and now with my current job loss I cannot make the payments."

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Savannah K replied: "Try and make a deal with the bank to extend your payments over time. They would end up repossessing the boat and then trying to sell it themselves, and you could be thrown into involuntary bankruptsy if you cannot meet your other obligations. Not likely but possible..That is a lot of work, and in this economy there is really no upside for them. If you have been a good payor, maybe they can work a deal with you were you can hold off until you get another job, or pay a small amount until you get a job....they want to make deals in this economy"

Almond replied: "The bank will repossess the boat and sell it and you will owe the remaining balance."

jkyongi replied: "People walk away from $100,000 boats all the time. To make the best of a bad situation, somebody from the yacht club will anchor the boat in the middle of the river and forget about it until it sinks."

Loveth Maxwell replied: "Hello Every One,I am Loveth Maxwell by name, i live in USA, just a few month ago i was in search for a loan of $ 30,000 Dollars, as my family was running out of money for feeding and my education. i was scammed about $4,500 Dollars and i decided not to involve my self in such business again , finally A colleague of my introduced me to a loan firm due to my appearance and doings. I made a trial and i am most grateful am i today, i was given a loan amount of 40,000 Dollars by this great firm Scott Micro finace managed by Mr.Scott Spencer.If you are in need of a ganuine or legit loan or financial assistance and you can be reliable and trusted of capable of paying back at the due time of the funds i will advice you to, contact him via email. and you will be free from scams in the internet."

chiser2332 asked: "I have two charge offs on my credit with a total of 3000 $. These items will be payed before applying for the new boat. I have a truck that was payed off and not late and I also have an active student loan that I have payed on time for the last 6 months. My Credit Scores range from 515 to 563. I know I cant get a loan alone but I have a family member to cosign for me with a credit score of 750+ He is retired with a 2500$ monthly pention and only has a 500$ mortgage payment and a few credit cards that are open but have low balances and have been payed on time for a long time. I was planning on taking 1000 for downpayment and him to cosign but I was just wondering if I take the payed in full letters for my 2 credit cards that were charged offs if I can get the loan. Those cards were from about 4 to 5 years ago but I am now just paying them back. What do you guys think. I really want this but i'm not sure if it's even possible or if I should even try. And any suggestions would be GREAT"

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Sigi H replied: "If I were you... in these troubled and uncertain times...... I would stay away from such an expense! There are very hard times as I have heard from many consultants and analysts. The only way to not lose one's shirt is to be and stay debt free. Do you really need that boat??? You can't eat it! If a partial collapse of the economy comes - you lose all including any down payment(s)."

Ads replied: "Sure. There are many providers who will meet your circumstances and even offer ways to help you out, such as one loan repayment. My profile has more under debt if you like."

farrell h replied: "Get more information about your loan at:"

sarani replied: "If you plan to pay back the money , you can ask for a loan at Prosper. More information at . You can also try your luck at online charities, people may send donations. More information at"

Expert replied: "http://www.webloaners.com/"

Brendan G asked: "assuming good past credit and a loan in the 50-70K range for a 1970s fiberglass sailboat with a good survey?Just a general sense would be helpful, as I have no specific boat in mind as yet."

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Hawk996 replied: "Well it of course depends on how good or bad your credit is...But all so plan on having at least 10% down and A survey is generally required for boats older than 5 model years.Most finical institutions only provide financing for boats of fiberglass or metal construction. Boat loan requests of less than $100,000.00 must be less than or equal to 10 years of age. Boat loan requests of more than $100,000.00 must have been manufactured after 1975. In addition, boats used as a primary residence, in commercial trade, or fleet service are not eligible for financing."

11mz replied: "You may sail her away and sell her off and claimed that she was lost at sea and get a bigger one..."

stewpid replied: "should be a piece of cake. you'll probably need 20% down, but you can get up to 12 years financing...assuming you're in the US."

captbryguy replied: "Very Hard to find financing on a vessel over ten years old.....so sorry"

mark t replied: "As already stated it depends on your credit rating and the age of the boat. There are plenty of companies that specialize in boat loans only, just type in "boat loans" on yahoo search. Another way you can get the money if you own a home and have equity in it is to take out a home equity loan. They don't ask what the money is for and you get to write off the interest payment at tax time!"

Will H asked: "when you borrow money, wether it is for a boat, car, or house, its all money, you can spend it on whatever you want, so what is the difference?"

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moonman replied: "Different assets that you are offering as collateral have different resale values and such. They also typically have different terms of useful life. The banks want to protect themselves in the case that you default on your loan. People are also more likely to default and let their boat go into repo than their house, as you can probably understand, so their are different risks. This is why the interest rates, terms and loan to value amounts vary based on what you are financing."

AB replied: "The boat and car loans, you basically lose money the moment you leave the dealership. In other words, depreciation. The Mortgage for the most part, you purchase a home, and you usually appreciate. Unless your completely foolish and buy above your means....like all those that chose the sub prime loans vs a fixed loan. If you cant afford it, dont do it."

smackas2000 replied: "no really you can't spend the money on what ever you want . Banks usually ask what you are using it for then they decide if its worth it. Also it depends on type of loan for a boat it could be a personal loan not secured then you could spend it on whatever ,or it could be secured and has to be approved by the bank on its value then it has to go for the boat and they hold the title until paid,a car is usually a secured loan with the title up for collateral , a mortgage is only to buy a house that the bank approves and holds the deed to until its paid.All of these loans have different percentage rates also.Its also depends on your credit ratting on which loan they may approve you for if any. So the only way to get a loan and spend it however you want would be a personal loan with no collateral just your signature(is also known as a signature loan)."

Debt Slayer replied: "The loans are all the same in my mind. They are all designed to make you poor and someone else rich."

Matthew T asked: "There is a boat I want for the cost above. I could easily give half the money, however, I do not want to pay for the whole thing outright if possible. Anyone know if it is possible to get a boat loan that small?Anyone know what companies could help me do so?"

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girlwhoknowsitstrue replied: "If the boat is valued at $1500, a credit union would loan you probably $1000, and you would put it in $500 equity - however, you know that the 2 happiest days of a boaters life is the day he buys a boat and the day he sells it!Other options would be a personal unsecured loan - again, credit unions are your best bets there."

Charles S replied: "I agree. A personal line of credit, or small personal loan is the way to go here. Most boat loans start at 15K minimum. You could also charge something like that on a credit card if you have that option, just make sure the card gets paid off within a couple of months or the interest will eat you up."

Sanmigsean replied: "Dude, for that amount of money you are wasting your time. If you are looking at a $3,000 boat and don't have the cash just forget about it. You could run the thing aground once and have a repair bill bigger than that.As another poster noted, the happiest two days ...I've owned many boats of various sizes over the past 12 years, and my advice for your budget should be 1.5 x the price of the boat in year 1, and 20% of the price of the boat in each subsiquent year for maintenance. If it's a bigger vessel that you live on this may look a bit different, but you are talking about a peanut shell here."

Unless you are incredibly well organised with your savings systems, or incredibly fortunate, you are probably going to have to borrow money at some stage for the things that you really want and need. Be these a house, a car, a boat or a holiday, getting a loan is a reality, and an accepted part of life, for most people.

Despite all of the reports of credit markets freezing up, sky-rocketing interest rates, and banks not even lending to other banks, boat loans are still widely available at reasonable rates. For the last several days BoatTEST.com has surveyed banks, boat loan brokers, boat dealers and boat builders and we found that boat loan money is still flowing.

Finance Calculator for Boat Loans in Australia. Boat Finance Calculator to calculate repayments

Secured Motorcycle Loans : Any type of secured finance, including one for a motorcycle, uses collateral that you have to secure the loan. The collateral may be a house, car, savings account, or even a boat that you own. You can then use the value of the collateral to secure a loan for a motorcycle.

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