Loan Questions

[TopSpin80]

I may be hitting up my local credit union, but wanted some info from you guys.

28 years old
credit score average of 3 bureaus 730's
the fishing boat i am looking at is $30,000.00
What kind of down payment am I looking at?
How long of a note should I be looking for 5 or 10 years, or more?

The boat is a '98 30' sportfish center console with newer twin outboards.

With 20% down what kind of interest rate and loan terms?

Thanks in advance

Ernie

[Gladhe8er]

Creidt unions have a bunch of rules. Some wont let you buy a hull more than 10 years old, in which case your is. The credit union is going to want to see at least 20% down and the rates arent going to be great. When I was looking my CU quoted me 10.9%. I got into the 7's with Newcoast Financial.

[seafordguy]

My initial loan was with a CU. It was in the 8% range for 15 years on my Cafe Racer and I didn't make ANY down payment.

They are all going to be different and the rules are going to be weird - you will most likely have to get pretty far in bed with them to see what they will really do for you..

If you are buying in the 30k range, and going to put down 10-20% than you are only borrowing 25 than the difference between 8% and 7% is only about 250 a year. In that case it would be more important to me to get the terms you want, and have the process go smoothly than killing yourself to find a cutthroat rate....

[rlj676]

I'm in a similar situation, and will summarize what I've seen.

You will find that the credit unions have hugely different terms, rates and requirements.

You will find from 0% down to 20, terms from 5 to 15 years, and rates of 5.99 to 13, seriously.

I'd say the average you should expect is 10 years around 8.

The keys are value, basically you need to be below NADA, some will accept surveys. Some don't care about year at all, others need very new.

Also, debt to income, and it can have a big range of what they're looking for. From 40% (or actually 50% of net at one place) to 50% at some.

I've also been getting turned down based on length of employment, as I've only been at this job for 9 months.

Basically, there are plenty of good rates and terms that will be exactly what you want, but they have 100's of ways to turn you down, and seems they are eager to (or perhaps its just because I'm in the auto industry).

[SmurfOnABoat]

The credit union I chose, will allow up to 120% NADA Average retail. I financed with zero down, qualified super preferred tier 1 @ 6.99%. My credit score is 740-750, debt to income 30% or so (which is the problem for most people, D/I ratio seems to be what the banks/CUs look at with a microscope should not be over 40%) No income verification, no previous powerboat history.