Complicated answer for me
Great question but a complicated anwser for me. Many years ago, my uncle loaned me his Dyer Dink for the summer--I believe his motivation was for me to strip it down, re-cauk, and re-paint the boat for free. Much work as I remember it. But the summer of sailing out of Rye on Long Island Sound was pure pleasure. I hadn't the foggiest notion of how to sail but I learned.A few years later, married and drafted into the Army, I was assigned to the 25th Infantry Division in Hawaii. We didn't have any money so we would go down to the Ali Wai basin and look at the Transpac sailing fleet of gold platers. All wood with paid crews, I dreamed, maybe someday.Finally out of the service, we returned home and me back to being a grade school teacher which means no money and no bank would loan anything to a teacher in those days with a salary of $3600 a year. But we bought a Sabot, a small sailing dinghy and sailed on the local lakes. My wife fell in love with sailing--the quietness, the control and the beauty of sailing.Finally we bought a wood 16 ft Comet (a small Star) that we found to be a foot shorter than it was advertised. Apparently, it had dry rot and someone cut off a foot at the stern. No matter, we sailed all over Lake Washiington and thought we were rich. It leaked and had cotton sails but we had fun.Fibreglass boats were beginning to make their mark although most sailors were saying they wouldn't go to sea in a glass boat. But the situation changed when the Labworth designed Cal 40 won the Trans Pac race to Hawaii. I thought that forty footer was the most beautiful thing I ever saw. I had pure lust for that boat. Boeing engineers, doctors and lawyers were buying that boat, but school teachers weren't. One of Lapworth's next designes was the Cal 20, a fibreglas boat for San Fransico Bay. They was being sold at the dealership for $3500 on Lake Union in Seattle. When I could, I would go down and sit on one of them at the dealer's and dream. It was a beautiful boat, white with bright red trim. It had an interior, no cooking, no head, no nothing, but it still was a beautiful boat in my eyes. Bob, the dealer, said, "$500 down and you can have the boat." Yeah, right. We were lucky to have $10 left over at the end of the month on my salary. Lynn was working at Boeing but it didn't pay well either.I walked in to Cadrenels one day and there was a sign,"special, price reduced. $3000." I still didn't have $500 dollars. But necessity is the mother of something or other. I talked to Bob and said what if he were to sell me the boat for the original $3500 but only got his sale price. I would use the difference in the price for my down payment. I was dumb enough not to know that car dealers had been doing this sort of thing for years. Bob agreed to the idea. "Go get the rest of the money." Again, I tried my bank. No luck--they really saw school teachers as a bad risk and for a boat! That was even worse.I went back to Bob Cadrenel and told him I just couldn't put the deal together. My head was down, I was a beat man. My wife was worried about me but she wasn't feeling much better. For a few moments there we thought we might have the boat of our dreams. Then Bob suggested we try a Boat Broker across the lake. I was not excited about the prospects -- I suspected his rates would resemble Mafia rates where I would have to give him my first born and six virgins. But my wife said, what have we to lose, we can always say no if we don't like the deal. We drove around the lake and found the broker who also sold insurance. No a good sign as far as I was concerned.John's office was over the water, looking at boats moored and docked nearby. A sort of fartherly figure, no receptionist, no secretary, he was everything. We sat down and Lynn presented him with the brochure that Bob had given me which I had dogged eared totally. Lynn also was prepared to gave him our last income tax report, but he declines it. "How much is your yearly salary? Now, Bob, is going to give you the boat for $3000 and you will use the difference for the down payment, right?" My wife and I looked at each other. John had already figured out what we were doing and seemed acceptable to it. He did some calculating and said the payments would be--I don't remember but they were way under what we thought they would be from the bank. Lynn asked about the interest rate and it was also way lower than the bank. I'm afraid Lynn and I sat there we our mouths open. John explained that banks didn't know boats, didn't understand boats, and basically didn't understand boaters. He explained that most people with boats would sell the house first, the kids next, the mother-in-law (didn't care which side of the family) before they would lose their boat. Besides, John went on, he was loaning money on a boat that he knew that he could sell easily if I were to default on it. He went on, "teachers are a good risk."I still don't know whether he picked me up off the floor or my wife did. She and I were both blown away with the ease, the curtesey and the understanding of John. He also had added on some insurance but told us to pay that part separately. And don't forget to tell Bob that the boat is already insured. It all took less than an hour and I think we drove back to Cadrenel Boat Landing, but to be truefull with you I just don't remember. I had my boat. I had my boat, I HAD MY BOAT! It didn't have a compass, or PDFs, even an outboard motor--we borrowed my mother-in-laws kicker motor for that since we didn't have to use her for collateral.It didn't have cooking facilities or storage. But we had a boat. And we learned to really sail aboard her--we named her Wind Flower. Not too creative, but my wife liked plants. I race her and we cruised. Boy, did we cruise. We added a head and used camping gear to cook--had to join REI for that. And we loved our boat. That was 43 years ago and I still remember buying that boat with emotion. It was the start of of a great hobby for both my wife and I. Thanks to Bob for putting up with me and John who made it all possible.Since Wind Flower we've had eight other boats, but Wind Flower, our first Cal 20, will always have a special place in my heart.Les