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Personal Loan

Discussion in 'General Motorcycling Discussion' started by Shadow200, May 15, 2006.

  1. Hey,
    In the process of getting a loan for our new home. It's a 38' Power Boat. I work and my mother in law is going guarantor because it's an 85000 loan. Had several loans before with the commonwealth, no problems with credit. Has anyone ever done this before??

  2. me personally i wouldn't get another family member involve.... can cause problems if something was to go wrong, but thats just me.

    Apart from that goodluck :)
  3. where's the garage for teh bike? :shock:
  4. The bike gets to be parked in the hardstand (Security monitored), better than at home now. My mother in law would do anything for us. Not the first time she's helped us out. Hope we get it. Can't wait!!
  5. hey shadow

    i totally understand what stewy is getting at - getting into financial arrangements with family has the potential to be very dangerous. BUT having said that i'm a firm believer in making the most of your opportunities and making use of everything and everyone you can. So if your settled down and your relationship with the MIL is good (which it obviously is) then go for it.

    Do you have to go with a personal loan? Is there any way of getting a better rate? like somewhere between home loan and personal rates?
  6. geez i hope you get a lot of pleasure out of the thing for 85k, then there's the rising price of fuel and maintenance costs that i'm sure you've factored in. big investment.

    ahhhh well nothing better than shiny new toys i guess :)
  7. ummm for my house my parents were used as a gaurantor - only way we could get the house without having to save a $40k deposit on top of pay rent. As soon as we get enough equity in the home we are taking them off.