You need at least 500,000 doubloons (not including loans) because you can only borrow as much cash as you currently have -- it does not have to be all in cash at the time. The only restriction on repaying loans is that you cannot buy a larger ship if a loan is overdue. This means that you actually never have to repay the 500,000 you borrow. But it would only take 1 or 2 trips in the Warbird to recover that amount: with the Cargo Master aboard, a Warbird can carry 9000 cargo with a gross value of up to 360,000 doubloons.
No, but it saves time, especially when you need the really big boat (Phoenix Warbird), because you can borrow 500,000 doubloons once you have that many.
You don't have to pay back your loans from the Golden Harbor bank, but you cannot get a larger one until you do, and you cannot buy a larger ship if you have an overdue loan. For the Phoenix Warbird, you can borrow whatever you have (up to 500,000 doubloons) and because you never need a larger ship, you don't have to repay the loan.
You buy your first ship at Dragon Cove when you have 3000 doubloons from salvage and trading. As you accumulate more wealth, buy larger ships and hire the skilled crewmen. In order to beat Captain Crawfish, you need the Phoenix warbird and two skilled crew: the cannoneer (to fire fast enough) and the shipwright (to repair your ship). You actually only need 500,000 doubloons to get the Warbird because the Golden Harbor Bank will loan you the other 500,000 and you really don't ever have to pay it back because you win the island. (see related solution)
You have to get a lot of doubloons to get the Phonix Warbird by beating other ships so you can get a lot of doubloons from them. When you have about 500,000 you can loan another 500,000 from the bank and buy the phonix Warbird and to beat him fast you chase him around skullduggery island and then when your on the side and captain crawfish is on the other and you are anchored then you have to shoot him repeatedly so you can beat him.
No, but a few pirate ships sunk would easily pay off the loan, which is normally around 500,000 doubloons and reaches 1,000,000 with maximum interest. The only penalty for having an overdue, unpaid loan is not being able to buy a larger ship, which you of course will not be doing anyway. For most players, the loan will never become overdue, since they beat Captain Crawfish less than 20 "days" after getting the Phoenix warbird.
Go to Golden Harbor, and far right to the bank. You can borrow up to your total worth (doubloons and cargo value). Once you have 1500 doubloons, go there, borrow an equal amount, and buy your first new ship (the Jimmy Rigger) at Dragon Cove. The bank charges 5% interest per day (each day being travel from one island to a different island) and the loan is only good for 20 days. If it is not repaid by then, you cannot buy a new ship until it is. Paying off a loan restores your good credit and you can then get a larger loan. This is especially time-saving if you amass 500,000 doubloons, as you can then borrow the rest to buy the Phoenix Warbird.
No, they do not.Most players will not repay their last loan, which can be up to 500,000 doubloons to buy a Phoenix Warbird. Since the only penalty for not repaying an overdue loan is that you cannot buy a larger ship, you would not be affected at all.You should always pay back a loan as soon as you can because you pay 5%interest for every "day" up to 20 days. However, since a "day" only passes when you leave one island and arrive at a different one, you can limit the number of days that pass as well (leave an island, collect salvage, and go back).
Normally, yes. If the loan goes past 20 days, it becomes overdue.The bank charges 5% interest per day (each day being travel from one island to a different island) and the loan is only good for 20 days. If it is not repaid by then, you cannot buy a new ship until it is repaid. Paying off a loan restores your good credit and you can then get a larger loan. This is especially time-saving if you amass 500,000 doubloons, as you can then borrow the rest to buy the Phoenix Warbird.Try to pay off loans as soon as you can, so you can borrow more later. Because you will not be buying larger ships after the Warbird, you are not required to pay off that final loan, although you will be earning more than enough to do so.
You do not loan it, you borrow it.Getting a Loan - Golden Harbor BankGo to Golden Harbor, and far right to the bank. You can borrow up to your total worth (doubloons and cargo value). Once you have 1500 doubloons, go there, borrow an equal amount, and buy your first new ship (the Jimmy Rigger) at Dragon Cove.The bank charges 5% interest per day (each day being travel from one island to a different island) and the loan is only good for 20 days. If it is not repaid by then, you cannot buy a new ship until it is repaid. Paying off a loan restores your good credit and you can then get a larger loan. This is especially time-saving if you amass 500,000 doubloons, as you can then borrow the rest to buy the Phoenix Warbird.
You repay the loan (in full only) at the same place you borrowed it. The loan officer is on the second floor of the bank, the far right at Golden Harbor.
Go to Golden Harbor, and far right to the bank. You can borrow up to your total worth (doubloons and cargo value). Once you have 1500 doubloons, go there, borrow an equal amount, and buy your first new ship (the Jimmy Rigger) at Dragon Cove.The bank charges 5% interest per day (each day being travel from one island to a different island) and the loan is only good for 20 days. If it is not repaid by then, you cannot buy a new ship until it is repaid. Paying off a loan restores your good credit and you can then get a larger loan. This is especially time-saving if you amass 500,000 doubloons, as you can then borrow the rest to buy the Phoenix Warbird.
You will buy other ships before you can afford the Phoenix Warbird. Each larger ship lets you sail faster, recover more salvage, sink more pirates and sea monsters, and carry more cargo to trade. Once you have the Koi or the Steaming Fury, save up 500,000 doubloons and borrow the rest from the Goden Harbor bank. (This final loan does not have to be paid back.)