Can't get financing!?
05-23-2006 | 10:51 AM
#12
Frank's Marine Service
Joined: Sep 2002
Posts: 11,959
Likes: 142
From: Elkton, MD
Re: Can't get financing!?
It all depends on what Bank does the financing. For instance Key Bank looks at credit history and not really credit score. Other banks like M&T look more at Credit Score.
Because I got my previous boat and 2 cars via. cash, and didn't have a mortgage at the time Key Bank didn't think I had sufficient credit history.
M&T looked at my credit score which was excellent and gave me the loan!
Because I got my previous boat and 2 cars via. cash, and didn't have a mortgage at the time Key Bank didn't think I had sufficient credit history.
M&T looked at my credit score which was excellent and gave me the loan!
05-23-2006 | 06:54 PM
#19
Registered
Joined: Mar 2006
Posts: 329
Likes: 0
From: Washington, DC
Re: Can't get financing!?
Originally Posted by Semper Fi
Keybank sucks. I had them for a boat loan once. Why wouldn't you want a home equity line of credit? You will be able to write off the payment on your taxes....that's a good thing 
LOC rate is tied to the prime rate. The Fed has raised the rate substantially over the past 2 years. It is 5% now. Variable rate on a long term purchase is not a good thing.
Kyle
05-23-2006 | 07:24 PM
#20
Registered
Joined: Oct 2000
Posts: 4,276
Likes: 8
From: SoCal
Re: Can't get financing!?
Originally Posted by kswest
LOC rate is tied to the prime rate. The Fed has raised the rate substantially over the past 2 years. It is 5% now. Variable rate on a long term purchase is not a good thing.
Kyle
Kyle
