I would imagine because a lot of people with great credit scores and good income are the same people that defaulted on loans when they were canned or downsized in past few years so banks are very gun shy on lending that much for toys. With that much income why not just put down a larger down payment to make it easier?

i feel your pain.4yrs ago i bought my fountain ,no mony down.excelent credit.i have more than enough money in the bank to pay-off note,but i want a bigger boat.now the banks tell me that same ole story that your hearing.will have to have at least 20% down and my ole lady on the note....blah,blah blah....i guess i will be in my small boat another year.

I would put down more money but I need to stay at 100000 to keep the 20 yr term.

Sick Nordic, I don't think it's only boats. I've got a friend I race with and he was turned down a $40K loan on a new CLS 65 Benz. He would trade in the year old one, and by buying the "new" one, his payment would go down from $1350 a mo. to about $900 ish. They told him that he could'nt qualify. He's NEVER been late on any payment of anything in his life, has a 800+ score, clearly owns a 2 mill $ home that's paid for, has (7) pro stock style race cars that ALL have dry sumped nitrous 632's in em. A new twin turbo'd Lingenfelter corvette, and a Cobra GT 500 with a twin turbo Lingenfelter engine in it, along with his collection of HD motorcycles, 2 40 ft enclosed race car trailers, new diesel dually and a 2500 suburban, and 2 AMG Merc Benz, one that still has a loan on it, and they told him "NO", sorry, you can't qualify. He told the dealer to stick the car in their azz, and he'll buy a used one from a private party for cash. He's got a real bad additude about this one, and it happened just last week. So, don't feel too bad, you're not the only one going through this BS.

Just for thought, maybe try calling Scott Shogren. I've seen him put through some loans that I never thought would fly. Seems like some dealers have a special way with certain loan agencys. I have a friend that needed to borrow $300K towards the purchase of a newer "big" Cigarette through a private party, and Scott got him hooked up. BUT, he DID buy a few boats from Shogren first, over the past few years, and is a very good customer of Shogren Performance marine.
Who knows, Shogren just might have what you're lookin for, and that makes the loan go that much easier.

Good luck.

If his house is paid for he should probably take a home equity loan for the car and deduct the interest...


That said, this is one of the biggest problems with the economy. Sure there are a number of people out of work, but there are still a number of people working that would like to buy things. A HUGE problem is that there are a number of people out of work that would like to sell their toys to the people that are working, but they can't sell their toys because the banks won't finance the new buyers... HELLO REPOSSESSION (or foreclosure) and devaluation of goods + the high probability of bankruptcy...

Gerald at Intercoastal. hes out of Fl.

Sick Nordic - sent you a pm

Thanks guys I will give your suggestions a try.

Back to post #7. Robin hooked me up on a 1997 31 Sonic. Easy and professional transaction none of those ridiculous questions alot of banks ask.

BC... If you went to a dealership, traded in your old boat, and put additional money down on a "new" boat (doesn't have to be brand new, but if you buy brand new it helps), you could probably get financing. There are a lot of dealerships that are in trouble, and they'll bend over backwards to get you into something...