"Eddie" wrote in message
...
Ok, this may be really dumb on my part, knowing that if I sell my
house and carry the note and it defaults, I know they can't take the
house somewhere. But I've been offered a monthly plan with 15% down
on my $17,000 Regal. Payments for 4 years with 6% interest.
The person is a professional with a good paying job and I have
everything from him to check such as personal references, work
references, and rent references. He claims he's been a victim of
identity fraud and thus unable to finance through a bank.
My gut feeling is the guy is ok, my daughter says no. She says let
him fix the current financial problem, wait 6 months or so and if I
still have the boat, get him to try financing with a bank.

Your daughter is right. People who have bad credit are one's who have
trouble disciplining themselves in most matters of their lives. Chances
are, he'll pay a couple of months and then flake for another toy.

I'd wait for another buyer.

-Greg

"Dene" wrote in message
...

"Eddie" wrote in message
...
Ok, this may be really dumb on my part, knowing that if I sell my
house and carry the note and it defaults, I know they can't take the
house somewhere. But I've been offered a monthly plan with 15% down
on my $17,000 Regal. Payments for 4 years with 6% interest.
The person is a professional with a good paying job and I have
everything from him to check such as personal references, work
references, and rent references. He claims he's been a victim of
identity fraud and thus unable to finance through a bank.
My gut feeling is the guy is ok, my daughter says no. She says let
him fix the current financial problem, wait 6 months or so and if I
still have the boat, get him to try financing with a bank.

Your daughter is right. People who have bad credit are one's who have
trouble disciplining themselves in most matters of their lives. Chances
are, he'll pay a couple of months and then flake for another toy.

I'd wait for another buyer.

-Greg



I would get more interest for the loan. Bad risks always pay more, and why
give a cheap loan on a boat? Also make the requirement that there is
insurance on the boat and you get a copy of the policy. Not liability, but
insurance that pays you if it is wrecked. Also do a credit check on the
guy.