Boat finance

[nursegrowl]

I've looked into boat finance, and for the price of the boat i have my eye on, I need more than what I have in cash, I have looked into some bpat finace, but the interest rates are really high, and over such a short repayment term, the loans were not affordable. Does anybody have any ideas of anything else, family cannot help, and the boat I want is £70,000, and I have about a £12,00 to £14,00 deposit.

 

 

Thanks again for all your help and wisdom!!! xxxxxxxxxxxxxxxxxxx

[Machpoint005]

The boat you want is 70 grand...

The boat you can afford is considerably less.

 

Why not look for the boat you can afford?

[Lady Muck]

The boat you want is 70 grand...

The boat you can afford is considerably less.

 

Why not look for the boat you can afford?

 

My thoughts entirely - lower your standards I'd love a 70 grand boat, but the boat we could afford was 40 grand. I'd love a car,but I have a push bike, I could go on......

 

On the other hand, raise your income.......

 

Edited to add: please don't overstretch yourself. I'm really pleased that I didn't - be aware that moorings and fuel prices and licesnse and everything else boaty is rocketing in price. If I'd cut it fine budget-wise, I wouldn't be able to afford this anymore.

Edited June 25, 2008 by Lady Muck

[John Orentas]

No personal experience, but perhaps rather strangely I have been told more than once that the larger non-specialised companies are probably a better bet, many of them could not care less what you want the money for..

 

Ocean Finance gets mentioned often..

[Bones]

I've looked into boat finance, and for the price of the boat i have my eye on, I need more than what I have in cash, I have looked into some bpat finace, but the interest rates are really high, and over such a short repayment term, the loans were not affordable. Does anybody have any ideas of anything else, family cannot help, and the boat I want is £70,000, and I have about a £12,00 to £14,00 deposit.

 

 

Thanks again for all your help and wisdom!!! xxxxxxxxxxxxxxxxxxx

 

get a cheaper boat. There are plenty out there that will give you just as much joy without breaking the bank at the same time.

[grahoom]

as everyone else has said , get a boat that fits your budget.

Edited June 25, 2008 by grahoom

[WJM]

Why lower your standards? If you aspire to a £70k boat then go out and find a way to have one. That is called achieving, being one of life's winners!

 

 

I think you will struggle to raise £56k (80% of £70k) with lending as it is right now. While I dont know for for certain, I would expect lenders will want to lend 60 or 70 percent an the most. My suggestion; raise what you can, be it 60 or 70 percent and then fill the gap between this borrowing and your deposit with a 'hidden' loan, a simple term loan. Your high street bank may offer this if you have a good record.

[carlt]

Why lower your standards? If you aspire to a £70k boat then go out and find a way to have one. That is called achieving, being one of life's winners!

Or becoming one of life's repossessed, if you achieve but struggle to maintain.

[alan_fincher]

Like most of the others, I'm unsure why anybody who is on limited finance needs to spend anything approaching £70K on a canal boat.

 

There are many cracking offerings out there at the moment that could probably be bought for no more than half this.

 

You will not have time to enjoy your pride and joy if you are constantly trying to meet repayments on a large loan you can ill afford.

 

I don't think a doubly expensive boat typically gives it's owner double the pleasure, (even if they can afford it). In fact from the look on the faces of some owning the more expensive boats, you might be forgiven for thinking they get no pleasure from it at all....

[nursegrowl]

EEEK!!! I think you are all right!!1 I would love this boat, 70ft long, 8 a half ft wide, nearly new, and with a mooring.......bit of a dream really............Thanks for the reality check............I did need it xxxxxxxxxxx

[StoneHenge]

I would go for a cheaper boat, as then you can worry less about rising costs.

 

And there are some cracking bargains around too. I'd got for something slightly shorter as well, just to make life a touch easier.

 

You'll fall in love with the boat when you get it because you will make it yours, as long as its sound, and has a good set up, the rest will fall into place.

[Alastair]

Go cheaper.

 

I started with a 32ft narrowboat, for 10.5K. It was too small, but everything worked.

 

I moved on to a 50ft dutch barge, 10.5ft beam. sold that for under 40K.

 

70K is a lot of money.

[mayalld]

EEEK!!! I think you are all right!!1 I would love this boat, 70ft long, 8 a half ft wide, nearly new, and with a mooring.......bit of a dream really............Thanks for the reality check............I did need it xxxxxxxxxxx

 

8 and a half feet wide????!!!!

 

That's just silly!

 

If you are going to buy a boat that won't fit onto a narrow canal, then for pities sake, actually go for something that is appreciably wider.

 

IMHO anything over 7' but under 10' is just plain daft

[Lady Muck]

I reckon it's better to start off with a cheaper, 2nd hand boat because you really have to live on /use one constantly in order to decide whether the layout, style/ length works for you. Some nb owners swap for widebeams for thir second boat, for instance.

 

Start with a cheap one then once you are aboard you can begin to plan a posh one (and save the money!)

[parasal]

My widebeam is/was brand new sailaway for 40k, 20k to fit it exactly how I want it, so now have a home worth bout 100k that I`ve paid 60 for...cheap but a dream too!

[John Orentas]

You see this thing about 'starter boat', 'starter home', 'starter car', 'starter wife' quite a lot these days, I am not sure that is always good advice given that every transaction can cost an awful lot of money, there is something to be said for buying something that will last you for a good few years.

 

OK perhaps not the wife.

[Lady Muck]

You see this thing about 'starter boat', 'starter home', 'starter car', 'starter wife' quite a lot these days, I am not sure that is always good advice given that every transaction can cost an awful lot of money, there is something to be said for buying something that will last you for a good few years.

 

OK perhaps not the wife.

 

I had a starter marriage - well I now refer to it as that - following the divorce!

[alan_fincher]

Most of my first forrays into anything, (cars, boats, even marriage), have been NON-starter, rather than starter.

 

It can sometimes need a second attempt to get things right.

[Machpoint005]

I had a starter marriage - well I now refer to it as that - following the divorce!

 

I generally introduce the memsahib (I'm still married to her after 26 years) as 'my first wife'.

[Dekazer]

Aww, I feel you for - it's sooooo frustrating when you really fall in love with something. However, I would have thought that now of all times it should be clear that people who over-stretch themselves financially are extremely vulnerable to the vagaries of the economy, and can come a cropper very easily.

 

I reckon you have a few choices:

 

1. As many have said, choose a cheaper boat. You wouldn't expect your first stone dwelling to be a mid-range semi in a nice suburb - you'd more likely go for a small flat in a slightly less desirable area, and then work your way up. Take the same tack and have fun doing it!

 

2. Save more money. (I'm a big fan of Martin's Money Saving Expert website - it's straightforward to save yourself LOADS of money without really feeling the pinch). Saving for a bit longer, or a bit harder, will enable you to amass that larger deposit, thus entitling you to better finance deals.

 

3. Earn more money. If you're really keen on getting into expensive boats, maybe you could find a job that pays better! (That or a rich partner )

 

We're going for a mixture of 1. and 2. (both having failed to find a rich partner!!) and we're determined to get there by our chosen deadline - good luck getting afloat!

 

Deks xx

[Matthew Dowson]

Find something around 40K, you'll probably have an owner fit out if its a younger hull (say 1998-2000), and then improve stuff as you go along. We got a great boat for that money, but I think the layout put a lot of buyers off as it had a forward galley and a small bathroom. But it meant we got quite a deal, oh and it smelt of dogs. So you could look for a doggy boat thats been on he market for a long time, keep looking, patience can be profitable.

[ackdaw]

yes all good advice and as deck says , be cost effective , make every pound count and drive a bargin were you can , as for earning more money , i have a regular shift job which earns my crust , but i always like to earn a pound a day myself , and that gives me more enjoyment satisfaction than my wage .

help and advice is free ? , so get as much as you can , condense it and use the bits that add up , make sense for you .

think posative .

as in your boat , you may not start with much but it will probally be cost effective , if you buy your boat with your savings , then charge yr self 60 a wk rent , standing order to yr bank , this will help replace yr savings add to them ?, and build up a reserve that you may need for any maintinnance repair/ improvements on the boat .

oh and it helps to remember that lifes a challege though it often appears a chore ?

 

best regards in yr endever

[Beeno]

I have a £70k boat. It cost me £45k and was funded by a Unsecured Graduate Loan from my bank. I told them that it was for a recreational boat as they wouldn't lend me the same amount of money if I said I was going to live on it

 

It's called a sailaway + 2 and a half years of very hard work.

 

Mark

[Lingy]

For the deposit you have in hand i would say that you could probably get a decent boat to start off with ..

Im going for a sailaway thats going to take what i have in cash then build it up as and when cash allows me to

Theres absolutely no need to try to buy what you cant afford.

From looking around a bit lately theres lots of good usable boats around for less than 10 k

Go have a look around you will be pleasantly suprised but make sure some one who knows a bit

goes with you or pay for a competant person to check it over

 

forget the 70k boat its simply not worth the debt ..

[Dekazer]

Having accidentally allowed the other half to view and COMPLETELY FALL IN LOVE with a boat on Saturday, my advice (which I will be following myself) is keep buying the lottery tickets!