Used boat loan for little money???

Ok guys I'm trying to buy my first wakeboat, I have a few boats I like but here is my problem.....I have an I/O rite know 1990 that I think I can sell for around $4000 the boat I want is around $10000 and its a private party sale, so that leaves a loan for $6000 or maybe even a little less....I cann't seem to find anywhere that will finance only $6000 for a boat! Any advise on where I can or what else I can do about this?

Take out a personal loan from your bank. Interest rate will be alittle higher but it will be high anyway just for that amount.

Won't I have to put up some sort of collateral then? I don't own my truck yet, I don't own a house yet...not sure how all that works? Thanks for the response Big E!

I recently took out a $3500 personal loan for a motorcycle I bought and I didn't have to put up any type of collateral for it. Just had to get approved, signed the papers and they cut me a check.

Was it threw your regular bank Ryan? Was in a Credit Union or anything like that? How many years and at what APR? Thanks for the info!

If they wont give you a loan for only $6000, get a bigger loan ($10000), hold the extra money for a month, then make a $4000 payment.
Problem solved.

Thats obserd. Try a different bank. Any local bank should give you a loan for that. They make car loans for less.

I understand what your saying Ben but then I'm paying intrest that I dont need to be paying and my monthly payment will be higher than I'd be hoping. But as a last resort I might have to do that.

Online my bank has auto loan payment tables and they don't have anything for older than a 2000 on an auto loan

The min. amount for a loan is ushaly $5000 or less if you are trying to extend it out for more than 60 months. Go to a credit union. You'll have to have at least 2 yrs on the job, have a stable redsiency ushally at least 1 yr and a Fico score of over 680. If you dont have any of these your done. Than take the loan out for the full NADA value of the boat or put a little down payment down to make the monthly payment make sence. Than when your first payment is do send in your extra cash that you got from the sale of your boat.

Get a 10,000 dollar loan and pimp it out!!!!

To bad you live in Ill. I would loan you the $ if you were closer.

haha, thanks Paul! Well i think I found one. For 9.49% for $6000, so know I need to sell my I/O...who wants to buy it!?haha

you can get alot cheaper money off a credit card...

Dennis,

you're taking into account the extra expenses that go along with this transaction?

In WA state, If I bought a $10k boat, I'd have $830 of sales tax. Then I'd have licensing fees for the boat and trailer. Probably about $100.

So all said and done, $10000 minus $4000 does not equal $6000 in washington state, it equals $7000.

-$10k
+$4k
-$1k Tax/License
= -$7k

To continue what others had been saying, even if you did take out a loan for $10k and paid $4k back the following month, you'd only pay interest on the $4k for one month. Auto/boat loans calculate interest at the end of the month based on the average monthly balance. So, in month two, they would calculate the interest on $6k and charge you only that.

$4k for one month at 9.49% is only $31.63.

Dennis,

Well it looks like you found what you need, but mine was through my bank and the rate was 7.4% (around there) for 3 years. Good luck selling your boat.