Buying boat - bank loan/marine mortgage ?
Here's how I raised the money for Havana, complicated but cheap!
First, do you already have a house mortgage, or do your
parents/siblings/friends have one? If so read on:
My parents extended their mortage to the tune of £22,000, the value of
Havana. Their mortgage company, like any other, are not concerned about
where the money is going. I then took out life insurance to the tune of
£22,000 (£8.50 per month for a 28 year old) and wrote a will giving
them custody of the boat if I passed away. The only other insurance you
would need is possibly unemployment insurance to protect you from
defaulting on the repayments. I don't need to do this as I am a company
associate and therefore have to have at least 3months notice to quit my
job.
I now pay for part of my parents' mortgage. I cannot default so they
are safe, of course you could always take on the whole mortgage and get
the other party to pay you instead.
The advantage is massive: Much lower interest rates, you can borrow
more, and choose how much you pay off each month. Can't believe that
more people don't use this method of payment.
It is, for most people with reasonable credit ratings, simplicity itself to
raise a personal loan for up to 15k - you can even do it over the phone
I have no bad credit history and was refused. I checked out my credit
history and there was nothing bad on it. I have a steady job and have no
problem making the repayments of the loan I eventually got from my bank. I
presume I was refused because there is hardly any history there (I only
graduated a couple of years ago). My bank, with whom I have more history
(all good) and who want to retain my custom, had no problems giving me a
loan. They didn't do a credit history check. I don't really care why I was
refused - just wanted to point out that you may not be as eligible as you
think.