? on Financing 2003 boat for 43k

[NOLA]

I am interested in a 2003 elite cat and am wondering if i am going to have a problem financing this boat. 43k asking price. i have a lil bit for downpayment. My credits great. and am wondering how many years i can go for. Considering the economy i heard i may have a problem with financing thanks. i am in the southern region, louisiana.

[SmurfOnABoat]

Lending is tricky right now. From what I have been reading, and what has been posted on here, you will need to have a 42% or lower Debt to Income, a credit score probably pushing 750 or higher, and anywhere from 10-25% down payment.

I am sure others will chime in.

Contact "Dave P" or "Loan Ranger" on here. Both are great guys, and can probably help you out, or at least point you in a direction.

Dave P works for Essex Credit
Loan Ranger (Kyle) works for Newcoast Financial

Hope this helps.

[rlj676]

Originally Posted by NOLA

I am interested in a 2003 elite cat and am wondering if i am going to have a problem financing this boat. 43k asking price. i have a lil bit for downpayment. My credits great. and am wondering how many years i can go for. Considering the economy i heard i may have a problem with financing thanks. i am in the southern region, louisiana.

What he said is all pretty accurate.

That is a new enough boat you shouldn't have any problem if you meet all the criteria.

That is of course assuming you are borrowing under book value by a bit. I'd check the local CU's, as they are lending if you meet their criteria, which are about what was listed above usually.