Trying to buy boat
After getting my third denial I figured I would ask if anyone is getting loans on performance boats? I am not going to get to into my personal info too much but I never thought this would have been an issue. I am 40 with an 800 credit score a good business money in the bank and in my opinion agood person to lend money to. I have paid off at least 5 $100000 boat loans over the last 8 years and never missed a payment on anything in my life. I have 2 deals for my existing boat 1 is a trade 1 is a purchase. Either way,. my loan of 100000 gets paid and I make up the difference in cash so I am looking @ another 100000 loan. The boats I am interested in are 38-40 ft twin 525 boats on trailers 2004 or newer. First bank says income to debt is too high @ 46%. This is not exactly accurite because some of my companies debt carries over to me. Second bank says we cant give the loan because the boat is over 1000 hp so they cant do it. Last bank who has my existing loan says no problem will give you 250000 for boat loan as long as it is a fishing or cruising boat cause they dont do high performance boats any more. The guys I had on this were in my opinion good brokers including Kyle @ Newcoast. At this point I dont know what else to do. I realize the banks had to tighten up but they are screwing people who should be able to get loans. Anyone else experience this?
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Have you tried any credit unions? I know mine will loan 130% of retail book.
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Originally Posted by Sick Nordic
(Post 3038224)
After getting my third denial I figured I would ask if anyone is getting loans on performance boats? I am not going to get to into my personal info too much but I never thought this would have been an issue. I am 40 with an 800 credit score a good business money in the bank and in my opinion agood person to lend money to. I have paid off at least 5 $100000 boat loans over the last 8 years and never missed a payment on anything in my life. I have 2 deals for my existing boat 1 is a trade 1 is a purchase. Either way,. my loan of 100000 gets paid and I make up the difference in cash so I am looking @ another 100000 loan. The boats I am interested in are 38-40 ft twin 525 boats on trailers 2004 or newer. First bank says income to debt is too high @ 46%. This is not exactly accurite because some of my companies debt carries over to me. Second bank says we cant give the loan because the boat is over 1000 hp so they cant do it. Last bank who has my existing loan says no problem will give you 250000 for boat loan as long as it is a fishing or cruising boat cause they dont do high performance boats any more. The guys I had on this were in my opinion good brokers including Kyle @ Newcoast. At this point I dont know what else to do. I realize the banks had to tighten up but they are screwing people who should be able to get loans. Anyone else experience this?
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boat loans
call Donna at Essex Credit or Kyle at suncoast
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something doesn't seem right????? 200k income,800 credit score, 100k loan? I make just above 100k,780 credit, have a 130k boat loan now, and just bought another boat with a loan!!!!!Now I have 2 boat loans. Good luck guys....keep shopping around. You'll find the right finace company.
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Originally Posted by tcuda499
(Post 3038293)
something doesn't seem right????? 200k income,800 credit score, 100k loan? I make just above 100k,780 credit, have a 130k boat loan now, and just bought another boat with a loan!!!!!Now I have 2 boat loans. Good luck guys....keep shopping around. You'll find the right finace company.
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Talk to Robin:
www.thedonedeal.com She has not let me down in many years. Tell her Brian Tillett referred you. |
Originally Posted by Sydwayz
(Post 3038356)
Talk to Robin:
www.thedonedeal.com She has not let me down in many years. Tell her Brian Tillett referred you. MIKE |
Originally Posted by Sydwayz
(Post 3038356)
Talk to Robin:
www.thedonedeal.com She has not let me down in many years. Tell her Brian Tillett referred you. Dean |
Essex credit...i have a similar credit situation...high score, good income, above average DTI
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