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  1. #1

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    Can you get financing when buying on craigslist?

    I'm looking at getting a second jet ski, going for used to keep the price low. Does anyone have experience in finding decent financing for used PWCs not at a dealership? I've found nothing besides a credit card or personal loan so far.


  2. #2
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    Personal loan is probably the best bet.

  3. #3
    Captain Spalding's Avatar
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    The interest rate will be extremely high. When I was looking at used skis cheapest rate I found was 9%. On my new ski its 1.5% for a reference.

  4. #4
    SCHNORR12's Avatar
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    Quote Originally Posted by BryanP View Post
    Personal loan is probably the best bet.
    What he said.

  5. #5
    Click avatar for tech links/info, donation request K447's Avatar
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    Quote Originally Posted by SCHNORR12 View Post
    Quote Originally Posted by BryanP View Post
    Personal loan is probably the best bet.
    What he said.
    Equity based line of credit can be low interest, if you have the equity (house) and credit history.

    A loan from a family member can also be low (or no) interest percentage, but with the risk of messing with the relationship if you don't keep the repayment terms clearly understood and payments on time.

    Optimal approach may be no loan at all. Find another way to source/make the money, or look for another time (next year?) when you have the funds available.

  6. #6
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    I am not a fan of using home equity for anything but your home. Default on a loan for something you purchased with home equity and you lose your home. Not a risk I would ever take for a car or a toy.

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  8. #7
    r33pwrd's Avatar
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    Not all will agree but you can usually barrow against your 401k at little to no cost and you pay yourself interest. But not sure how i would feel about doing that for a toy...

  9. #8
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    Only drawback to a 401k loan is that it becomes due immediately if you lose your job.

  10. #9
    PWC Addict lilman573's Avatar
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    Quote Originally Posted by BryanP View Post
    Only drawback to a 401k loan is that it becomes due immediately if you lose your job.
    Only if you don't claim it as earned income and pay the taxes on the balance

  11. #10
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    Quote Originally Posted by lilman573 View Post
    Quote Originally Posted by BryanP View Post
    Only drawback to a 401k loan is that it becomes due immediately if you lose your job.
    Only if you don't claim it as earned income and pay the taxes on the balance

    Well if you don't mind getting nailed for income tax plus the 10% penalty......

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