financing woes
01-17-2002, 02:21 PM
#1
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financing woes
Kind of embarassing but here is the deal. I want to buy a boat that costs about $150,000. I got half of that in cash. I have less than stellar (BAD!!!!)credit. Plus I am self employed. Is it hopeless for me to get financing? Or do I have to buy a $75,000 boat? Help a guy out....Please? 
01-17-2002, 04:22 PM
#3
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Check out this website. Lists virtually every boat financing company out there:
http://www.iboats.com/cgi-bin/search...tegory=Finance
http://www.iboats.com/cgi-bin/search...tegory=Finance
01-17-2002, 08:59 PM
#4
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That's a tough one:
Since it's a luxury item it wont be easy, the best thing you have going is your down payment. If you know what your credit scores are it will help. Over 700 Scores are usually A to A+ type, in the 650-630 range you would probably still get by because of your Down. If you are under 630 or have a bunch of unpaid credit, like a judgements, charge offs or past due accounts reciently you might have a pretty tough time. If you have a forclosure or reposesssion in the last few years you can figure on paying cash.
My suggestions are:
1) don't apply a bunch of places it only hurts your scores
2) get a copy of your credit report and see what your scores are.
3) clean up anything you can, if you have a small judgement or small charge offs get them paid
Talk to a few lenders, do you have a local bank that you have been doing business with? If not know what your scores are, what late pays how long ago and so on, also know what your tax return shows for adjusted gross income and add to it any depreciation that you have and that is what most lenders are going to use for self employment income. Talk to the lender and don't blow smoke if they know thier business they will be able to give you a good indication if they could help you. A credit union also might be your best bet.
If you had high credit scores and a big down payment, most lenders would take you on stated earnings, but that sounds like it might be out.
Are you married? If so maybe you apply in your wife's name and leave your credit history out of the picture.
That is the best advice I can give you with out seeing your credit report. There are B, C and D lenders for boats, just try to have a small pre payment penality so you can get your credit cleaned up and then refinance it to a better deal when you can.
One other thing you need to consider, most insurance companies are now using credit scores to rate your policy. Credit scores are as important as your driving record to the insurance industry now a days. You can figure on paying more for insurance the worse your credit is.
Since it's a luxury item it wont be easy, the best thing you have going is your down payment. If you know what your credit scores are it will help. Over 700 Scores are usually A to A+ type, in the 650-630 range you would probably still get by because of your Down. If you are under 630 or have a bunch of unpaid credit, like a judgements, charge offs or past due accounts reciently you might have a pretty tough time. If you have a forclosure or reposesssion in the last few years you can figure on paying cash.
My suggestions are:
1) don't apply a bunch of places it only hurts your scores
2) get a copy of your credit report and see what your scores are.
3) clean up anything you can, if you have a small judgement or small charge offs get them paid
Talk to a few lenders, do you have a local bank that you have been doing business with? If not know what your scores are, what late pays how long ago and so on, also know what your tax return shows for adjusted gross income and add to it any depreciation that you have and that is what most lenders are going to use for self employment income. Talk to the lender and don't blow smoke if they know thier business they will be able to give you a good indication if they could help you. A credit union also might be your best bet.
If you had high credit scores and a big down payment, most lenders would take you on stated earnings, but that sounds like it might be out.
Are you married? If so maybe you apply in your wife's name and leave your credit history out of the picture.
That is the best advice I can give you with out seeing your credit report. There are B, C and D lenders for boats, just try to have a small pre payment penality so you can get your credit cleaned up and then refinance it to a better deal when you can.
One other thing you need to consider, most insurance companies are now using credit scores to rate your policy. Credit scores are as important as your driving record to the insurance industry now a days. You can figure on paying more for insurance the worse your credit is.
anyone have any ideas? 
