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Home >> Lending
Wants a Loan for a Boat: Options?
I am 20 years old and have never taken a loan out of the bank. I am in college and haven't taken any student loans. I have a summer job working 40 hours a week and I work while in school also. I really have no idea how the whole loan process works, but I am interested in buying a boat that is going to cost me probably somewhere between $7,000-$11,000. What do you think are my best options?
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 Hopefully you have an established bank account. Go to that bank first, others after that, and apply. They'll be interested in the value of the boat, your down payment, your continued employment probability and potential debts coming. If you're graduating, your income will hopefully rise, as your debts will, for food, rent, travel, etc.
Many banks have some of their loan qualification and collateral requirements online. Absent a credit history and strong down payment, you may be asked for a cosigner. Keep this in mind.
Published on BankingQuestions.com 5/18/09
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