Trying To Finance A New Boat.......HELP!!!HELP!!!Help!!!
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Trying To Finance A New Boat.......HELP!!!HELP!!!Help!!!
I'm trying to finance a new boat through my dealer.
The dealer says that all my "ducks" are all line up;
debt to income ratio,pays bills on time ,no bankruptcies,
25% down,etc.etc.
The problem I'm running into is the fact that I've never financed that large of a sum of money that is needed to make the deal fly.
Dealer is telling me that the lending agencies will not give me the loan because of this.
Is the dealer being straight up or is he blowing smoke?
Does anyone out there have a financier that they would recommend?
Sure would appreciate it
The dealer says that all my "ducks" are all line up;
debt to income ratio,pays bills on time ,no bankruptcies,
25% down,etc.etc.
The problem I'm running into is the fact that I've never financed that large of a sum of money that is needed to make the deal fly.
Dealer is telling me that the lending agencies will not give me the loan because of this.
Is the dealer being straight up or is he blowing smoke?
Does anyone out there have a financier that they would recommend?
Sure would appreciate it
Last edited by StrikinLightnin; 05-24-2003 at 03:02 PM.
#2
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Try Russo Marine in Stevensville MD. They were great to work with and very honest. Or try Key Bank direct they specialize in boat loans and understand performance boats, some lenders charge higher rates on HP boats.
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Re: Trying To Finance A New Boat.......HELP!!!HELP!!!Help!!!
Originally posted by 35lightning
Is the dealer being straight up or is he blowing smoke?
Is the dealer being straight up or is he blowing smoke?
Try alternative channels, but do not tell your dealer and do not let him off the hook.
Also, get your credit score from one of the rating agencies.
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sounds right, I have seen others run into this before, they most of the time will not lend you,say 150000.00 if the most you ever borowed for was say 90000.00[your house] they want to see something you have got a loan for with about the same dollar amount. I have seen people with very high credit scores still get turned down because of this. good luck
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Payton,
I don't know if local banks go twenty years
on financing but I'll check.
When I start adding things up and talk to
OTHER Fountain dealers I'm getting the idea
that I'm a victom of fun and games.....
Maybe that's why a certain dealer on the West Coast
can't get rid there leftover boats
I don't know if local banks go twenty years
on financing but I'll check.
When I start adding things up and talk to
OTHER Fountain dealers I'm getting the idea
that I'm a victom of fun and games.....
Maybe that's why a certain dealer on the West Coast
can't get rid there leftover boats
Last edited by StrikinLightnin; 05-25-2003 at 10:07 AM.
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RED FLAG: Don't use Keybank.
You'd be better off if you sat on the offramp of your local freeway with a sign begging for money from passers-by than if you became a Keybank customer.
I'm surprised at the conundrum here. Good credit score, good payment history, no loan? If your debt/equity ratios are working, and you've got the income to show ability to pay, I wouldn't think this would be an issue.
I2D
You'd be better off if you sat on the offramp of your local freeway with a sign begging for money from passers-by than if you became a Keybank customer.
I'm surprised at the conundrum here. Good credit score, good payment history, no loan? If your debt/equity ratios are working, and you've got the income to show ability to pay, I wouldn't think this would be an issue.
I2D