call melanie Jolles at Scott financial..one of the problems they are having is "high performance" if your credit is good, she can get it done. but lots of lenders are staying away from the brand name Cigarette Racing Team.

If your credit score is over 800 you should have close to zero revolving credit card debt so 3% more should not affect you much.
Glad to make you feel better. :drink:

It really doesnt matter what your credit score is. They ARE NOT LENDING to anyone!!!! Until they get rid of the toxic assets off their books or change the mark to market accounting rules, no bank can loan money. With their assets on their books booked at worthless they have no lquidity!!! Until someone fixes that problem, no money will be available. No use complaining because it won't do any good....

:Whatever:

I guess we all should be happy we own a boat....no fun trying to get financing from what it sounds like!!!!!!

Funny thing those damn banks...if everyone who went to the bank and who were granted the loan they asked for actually paid the bank back...there wouldn't be any friggin' crisis.

Don't blame the banks...blame the azzhats who borrowed and now won't repay.

Yes give her a call, if it can be done, if she can do it!!!! But it is still tough, very tough to get a high performance loan!!! I have a 810 Fico score, good income(self imployed) very little debt and I have had a very hard time getting a loan!!! I used to get upset about it, I dont anymore, everyone is going thru this right now!!! Melanie is working on a loan for me right now, I should know in the morning!!! I will let everyone know if she can get me a loan!!!

Don't blame the banks...blame the azzhats who borrowed and now won't repay.[/QUOTE]

Yup and don't blame the banks for giving out loans to people who didn't have to prove what the make or what they had in the bank. Sure, I would loan $250 K to someone, I didn't know and just walked up to me!!!!

:ernaehrung004:

Yah, but it is the banks and their greed that approved them. They are just as guilty.

I agree, fault lies on both sides. Years ago, dealers couldn't put people in boats they couldn't afford fast enough. It was the times. It was how it was. I remember boat shows with ridiculous financing deals. I remember Formula advertising 12 months no payments in boating mags. You could buy a house or a boat that on paper there was no way you could afford and nobody seemed worried, the banks, the owners, nobody. Now people scratch their heads and try to place blame. No matter who you decide is to blame there's no way around what happened.I watch the news and they show people marching around homes to prevent foreclosure. People screaming that its not right for the bank to take their home. Why not? What did the bank do? they loaned you the money, and you couldn't pay it back. Now the bank wants it back cause maybe someone like me can come and buy it in cash and the bank can move one. Why are these people special? Why is the bank at fault for offering them something? They couldn't read the fineprint? Newscasters saying they need community support to stay in their homes. Why? Get the F' out. You can't afford it. Stop whining and move. You lost your job? oh well, so did alot of people, The smart ones, still have some money saved. This bleeding hear, help the poor folk is getting to me. Where is common sense? Does nobody see that many of these people created their problems? If they bought their homes and the values skyrocketed, would they be giving the bank more money back than they owed? They gambled and lost. Its like going to vegas, blowing all your money in the casino and saying "its not my fault, the flickering lights made me think it was ok" bad casino, bad bad casinos. For years, I've done all the responsible things, bought what I could afford, never over extended, etc. Now when I should be seeing those values appreciated, they are not. I'm treated by the lenders as the same person who bought his house years ago for 600K with a salary of 45K per year. Now I'm having to ask/beg for credit while people who can't afford their mortgages, get to refi??? How does that make any sense at all? I realize banks took a bath. But fact is, for years, they took interest payments and that money is/was somewhere. AIG gives out bonuses today with federal assistance funding? Seriously? I can't get a loan? The world is a different place for sure. I'm going right back to my original plan. Not asking anyone for anything, and if a 35 comes along that I can buy out of my wallet I will. If it doesn't, thats ok too. There is no way, i'm begging for money at this point. Not a chance. I know I'm all over the place and apologize for the ranting but as you can guess i'm fired up. This is a crazy world we live in.

The biggest problem you will have is you have to have at least the amount you want to borrow on the boat in the bank for a High Performance boat loan today!!!! Banks dont like High Performance boats!!!!

Credit unions do. They "don't know any better" and will treat them like any other boat, you just have find the CU that will do the terms you want, approve you etc, but they're out there.

Trust me, I have plenty of blame for all the clowns that bought stuff that they couldn't make the payment on, or didn't have fixed interest knowing they were on the edge, etc, but the damn banks THEN didn't care, but suddenly now those of us who are responsible have to beg and jump through hoops for 8+% loans on a boat!

It can be done, but it shouldn't be that rough for someone with A+ credit, or business owners, etc who have no indication they can't make the payments.

The problem is credit unions will only do 7 years on boat loans, on a 60K boat that is a large monthly payment!!

Not really, keep looking.:drink:

Plenty will do 15, and some even 20. I found a few that would do 20 years amortization with 7 yr balloon, etc. It takes some legwork on the internet to find 'em, but they are there. Some with rates as low as 5.75 for 15, but they still are pretty strict on who they'll approve, and you have to be able to join them too of course.

If you were in MI I have a list of them I found.

Its just not like it was. I realize times have changed and there are a whole new set of rules. I wouldn't want to be a lender right now for sure. I also wouldn't want to be someone who needs money in a bad way.
I know I have to make adjustments. I'm more than willing to wait till my bonds come due and I can then buy the whole thing in cash should I find one.

The reason these types of loans aren't as common anymore, is the same reason everyone is mad at the banks for loaning to people they shouldn't have.

The depreciation on a performance boat after 20 years is totally lopsided in comparison to the interest on these loans, and that's if the boat is still in even average condition. The original buyer rarely is the one that owns the boat for the full 20 years, and in many cases can't sell it for the remaining balance on the loan. Those that are ONLY concerned with if they can make the monthly payment, usually end up having to write a check for the balance, which isn't always possible. Throw in a serious mechanical problem, and the hole gets deeper.

I agree, I am going through this process now, granted my loan is alot less, $37,000, but I found a 15 yr, 6.75%, no money down loan. I had to go to a few to find but they are out there. The loan officer said if it was only $35K he could approve it himself anything over that had to go the next step higher but still am approved. I tried Essex and they said they would only give me 60% of what I wanted due to "High Performance" boat. I also called e-loans and he would shop it around but required 10% down and would end up between 8-10% interest. All this is based on a high 700 score like 780 or so, verifiable income and less than 15% debt to income ratio. Some banks/credit unions are all over the place no one is the same and you just have to be patiented and shop around the only unfortunately thing is some deals may fall through do to the time it takes to get the whole process approved. Mine has been ongoing for about 1 1/2 weeks now and still haven't closed. I have also lost out on two other boats due to not getting financing in time.

When shopping around I also gave Key Bank a try and they approved the $37K, $0 down but had interest rates at 8.75%. They did not even verify income either.

Interesting, I was under the impression that Key Bank has pulled out of marine lending altogether.

That was my understanding. Key bank was doing 0 boat loans as of the 1st of the year.

Unless things have changed from then till now. Was just on phone with Heather from Key Bank and they approved my loan, was a very pleasant experience and I would recommend to anyone. I started the process with an online application.

This alone could improve boat sales.
I have had several perople step up to the plate and offer asking price or very close to it for my boat but 3x now financing was the only issue.

Key Bank will do boat loans in States that they have a Bank in!!!! but that is it!!